{"F": {"ts_code": "603095.SH", "name": "越剑智能", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "专用设备", "sw3": "纺织服装设备", "ind": "专用设备", "fin_source": "tushare", "market": "主板", "list_date": "20200415", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 15.28, "pe_ttm": 74.9786, "pb": 1.6771, "dv_ttm": 1.9548, "total_mv": 394635.3376, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [24.2, 21.3, 20.9, 15.4, 13.5, 14.6], "rev_series": [7.4, 15.5, 12.6, 7.1, 13.0, 10.6], "np_series": [1.2, 3.2, 4.5, 0.5, 1.0, 0.9], "roe_series": [8.3, 15.5, 18.8, 1.9, 4.0, 3.6], "period": "20260630", "rev_ttm": 9.5, "np_ttm": 0.5, "ocf_ttm": 0.7, "fcf_ttm": 0.6, "fcf_yield": 1.4, "ocf_yield": 1.7, "gm_median": 15.4, "gm_std": 3.3, "gm_stab": 0.79, "gm_chg_2022": -3.3, "npm_median": 8.0, "roe_median": 4.0, "commodity": false, "hard_ratio": 20.5, "fix_assets": 6.3, "goodwill_ratio": 0.0, "pb_calc": 1.68, "capex_dep": 0.26, "interest_debt": 0.3, "debt_ebitda": 0.4, "debt_ratio": 22.8, "debt_mv": 0.8, "payout": 207.5, "div_years": 5, "rev_cagr3": -5.6, "np_cagr3": -42.5, "rev_yoy": -17.1, "np_yoy": -52.3, "np_vol": 87.8, "loss_years": 0, "far_share": 93.0, "earn_yield": 1.3, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["大加弹机", 27.0], ["大加弹", 27.0], ["小加弹机", 20.0], ["小加弹", 20.0]], "ret_prev_year": 20.1, "ret_prev2_year": 43.9, "ret_ytd": -14.3, "ret_pivot": 71.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 17.1, "ret_60": -13.3, "ret_120": -20.7, "ret_250": 0.1, "mdd_250": -57.1, "vol_250": 56.6, "pos_52w": 57.4}, "S": {"duration": 85, "pricing": 40, "hard": 33, "bondness": 68}, "label": "中性", "tags": [], "text": {"像什么": ["PE 75.0 倍、股息率 2.0%、毛利率近 5 年中位 15.4%、固定资产占比 20%、有息负债/EBITDA 0.4 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 20%,毛利率近 5 年中位 15.4%。", "加息期怎么走": "按行业与估值常规看,没有明确的利率方向性。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 1.4%(经营现金流/市值 1.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 15.4%,稳定度 79%,2020→2022 成本通胀期毛利率变化 -3.3 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 20%,资本开支/折旧 0.26 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 75.0 倍 粗算,约 93%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "价格行为": "近一年 0%,最大回撤 -57%,年化波动 57%,现价在 52 周高点的 57%;近 20 / 60 / 120 日 17% / -13% / -21%。", "行业对照": ["同申万二级「专用设备」205 家中位:PE 42.3 / 股息率 1.1% / 毛利率 26.3% / 固定资产占比 18% / 分红率 44%。", "越剑智能:PE 比行业中位高 32.7倍;股息率 比行业中位高 0.9个百分点;毛利率 比行业中位低 10.9个百分点;固定资产占比 比行业中位高 2.5个百分点。"]}}