{"F": {"ts_code": "603100.SH", "name": "川仪股份", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "通用设备", "sw3": "仪器仪表", "ind": "通用设备", "fin_source": "tushare", "market": "主板", "list_date": "20140805", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 18.91, "pe_ttm": 16.1289, "pb": 1.9999, "dv_ttm": 2.697, "total_mv": 970410.5212, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [34.6, 34.9, 34.8, 34.2, 33.1, 34.3], "rev_series": [42.5, 54.9, 63.7, 74.1, 75.9, 68.0], "np_series": [3.8, 5.4, 5.8, 7.4, 7.8, 6.4], "roe_series": [14.8, 18.3, 17.6, 20.2, 18.8, 14.3], "period": "20260630", "rev_ttm": 69.4, "np_ttm": 6.0, "ocf_ttm": 3.6, "fcf_ttm": 2.0, "fcf_yield": 2.1, "ocf_yield": 3.7, "gm_median": 34.3, "gm_std": 0.7, "gm_stab": 0.98, "gm_chg_2022": 0.2, "npm_median": 9.8, "roe_median": 18.3, "commodity": false, "hard_ratio": 9.2, "fix_assets": 8.8, "goodwill_ratio": 0.0, "pb_calc": 2.0, "capex_dep": 2.09, "interest_debt": 0.9, "debt_ebitda": 0.1, "debt_ratio": 48.1, "debt_mv": 0.9, "payout": 39.5, "div_years": 5, "rev_cagr3": 2.2, "np_cagr3": 3.5, "rev_yoy": 4.2, "np_yoy": -12.6, "np_vol": 20.3, "loss_years": 0, "far_share": 69.0, "earn_yield": 6.2, "consensus_n": 6, "fwd_pe": 14.6, "fwd_pe2": 12.9, "fwd_g1": 10.0, "fwd_g2": 13.0, "peg": 1.12, "consensus_disp": null, "mainbz": [["产品", 33.0], ["工业自动控制系统装置及工程成套", 26.0], ["工业自动化仪表及装置", 26.0], ["电子器件", 7.0]], "ret_prev_year": 9.9, "ret_prev2_year": 4.1, "ret_ytd": -15.9, "ret_pivot": 26.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.1, "ret_60": 4.8, "ret_120": -14.9, "ret_250": -9.4, "mdd_250": -37.2, "vol_250": 36.2, "pos_52w": 71.7}, "S": {"duration": 33, "pricing": 59, "hard": 15, "bondness": 48}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 16.1 倍、股息率 2.7%、毛利率近 5 年中位 34.3%、固定资产占比 9%、有息负债/EBITDA 0.1 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 34.3%),硬资产占比 9%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "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 2.1%(经营现金流/市值 3.7%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 34.3%,稳定度 98%,2020→2022 成本通胀期毛利率变化 0.2 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 9%,资本开支/折旧 2.09 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 16.1 倍 粗算,约 69%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -9%,最大回撤 -37%,年化波动 36%,现价在 52 周高点的 72%;近 20 / 60 / 120 日 3% / 5% / -15%。", "行业对照": ["同申万二级「通用设备」248 家中位:PE 50.6 / 股息率 0.8% / 毛利率 28.5% / 固定资产占比 21% / 分红率 45%。", "川仪股份:PE 比行业中位低 34.5倍;股息率 比行业中位高 1.9个百分点;毛利率 比行业中位高 5.8个百分点;固定资产占比 比行业中位低 11.6个百分点。"]}}