{"F": {"ts_code": "603173.SH", "name": "福斯达", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "专用设备", "sw3": "能源及重型设备", "ind": "专用设备", "fin_source": "tushare", "market": "主板", "list_date": "20230130", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 30.09, "pe_ttm": 14.9828, "pb": 2.4092, "dv_ttm": 2.6982, "total_mv": 481440.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [28.8, 23.0, 20.1, 22.5, 23.4, 26.3], "rev_series": [10.8, 14.5, 18.9, 21.6, 24.2, 30.0], "np_series": [1.4, 1.6, 1.4, 1.9, 2.6, 4.2], "roe_series": [53.6, 38.2, 25.3, 18.4, 17.0, 23.4], "period": "20260630", "rev_ttm": 27.0, "np_ttm": 3.2, "ocf_ttm": 3.8, "fcf_ttm": 2.5, "fcf_yield": 5.2, "ocf_yield": 7.8, "gm_median": 23.0, "gm_std": 2.0, "gm_stab": 0.91, "gm_chg_2022": -8.7, "npm_median": 10.8, "roe_median": 23.4, "commodity": false, "hard_ratio": 8.5, "fix_assets": 5.1, "goodwill_ratio": 0.0, "pb_calc": 2.41, "capex_dep": 2.32, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 66.3, "debt_mv": null, "payout": 30.7, "div_years": 4, "rev_cagr3": 16.8, "np_cagr3": 43.7, "rev_yoy": -20.5, "np_yoy": -39.8, "np_vol": 24.8, "loss_years": 0, "far_share": 67.0, "earn_yield": 6.7, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 49.0], ["空分设备", 47.0], ["液化天然气装置", 1.0], ["天然气处理及液化装置", 1.0]], "ret_prev_year": 93.3, "ret_prev2_year": 4.3, "ret_ytd": -28.4, "ret_pivot": 90.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -4.9, "ret_60": -10.5, "ret_120": -28.2, "ret_250": -35.4, "mdd_250": -43.7, "vol_250": 38.5, "pos_52w": 56.7}, "S": {"duration": 31, "pricing": 47, "hard": 14, "bondness": 33}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 15.0 倍、股息率 2.7%、毛利率近 5 年中位 23.0%、固定资产占比 8%、资产负债率 66%: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 8%,毛利率近 5 年中位 23.0%。", "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 5.2%(经营现金流/市值 7.8%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 23.0%,稳定度 91%,2020→2022 成本通胀期毛利率变化 -8.7 个百分点。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 8%,资本开支/折旧 2.32 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 15.0 倍 粗算,约 67%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -35%,最大回撤 -44%,年化波动 38%,现价在 52 周高点的 57%;近 20 / 60 / 120 日 -5% / -10% / -28%。", "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%。", "福斯达:PE 比行业中位低 27.3倍;股息率 比行业中位高 1.6个百分点;毛利率 比行业中位低 3.3个百分点;固定资产占比 比行业中位低 9.5个百分点。"]}}