{"F": {"ts_code": "603187.SH", "name": "海容冷链", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "通用设备", "sw3": "制冷空调设备", "ind": "通用设备", "fin_source": "tushare", "market": "主板", "list_date": "20181129", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 11.0, "pe_ttm": 13.0901, "pb": 1.0012, "dv_ttm": 5.0002, "total_mv": 425037.36, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [28.1, 20.8, 23.6, 29.7, 27.8, 27.6], "rev_series": [18.9, 26.6, 29.0, 32.0, 28.3, 33.5], "np_series": [2.7, 2.3, 2.9, 4.1, 3.5, 3.9], "roe_series": [16.3, 10.8, 9.7, 10.8, 8.7, 9.2], "period": "20260630", "rev_ttm": 34.0, "np_ttm": 3.2, "ocf_ttm": 4.2, "fcf_ttm": 1.8, "fcf_yield": 4.3, "ocf_yield": 10.0, "gm_median": 27.6, "gm_std": 3.2, "gm_stab": 0.88, "gm_chg_2022": -4.4, "npm_median": 11.6, "roe_median": 9.7, "commodity": false, "hard_ratio": 20.4, "fix_assets": 12.7, "goodwill_ratio": 0.0, "pb_calc": 1.0, "capex_dep": 2.2, "interest_debt": 0.3, "debt_ebitda": 0.1, "debt_ratio": 31.8, "debt_mv": 0.7, "payout": 53.9, "div_years": 5, "rev_cagr3": 4.9, "np_cagr3": 10.0, "rev_yoy": 2.6, "np_yoy": -28.9, "np_vol": 23.0, "loss_years": 0, "far_share": 62.0, "earn_yield": 7.6, "consensus_n": 7, "fwd_pe": 10.8, "fwd_pe2": 8.8, "fwd_g1": 21.0, "fwd_g2": 22.0, "peg": 0.49, "consensus_disp": null, "mainbz": [["商用展示柜", 90.0], ["其他收入", 5.0], ["其他", 5.0]], "ret_prev_year": 49.3, "ret_prev2_year": -25.2, "ret_ytd": -27.3, "ret_pivot": 36.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -9.5, "ret_60": -9.3, "ret_120": -31.9, "ret_250": -23.5, "mdd_250": -35.3, "vol_250": 31.5, "pos_52w": 65.0}, "S": {"duration": 28, "pricing": 49, "hard": 33, "bondness": 64}, "label": "现金流红利", "tags": ["资本开支扩张期", "股息率≥4%", "PEG<0.8"], "text": {"像什么": ["分红率 54%、股息率 5.0%、营收 3 年复合 4.9%、有息负债/EBITDA 0.1 倍:红利底仓,但不靠杠杆。"], "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 27.6%。", "加息期怎么走": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 4.3%(经营现金流/市值 10.0%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 27.6%,稳定度 88%,2020→2022 成本通胀期毛利率变化 -4.4 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 20%,资本开支/折旧 2.20 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 13.1 倍 粗算,约 62%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -24%,最大回撤 -35%,年化波动 32%,现价在 52 周高点的 65%;近 20 / 60 / 120 日 -10% / -9% / -32%。", "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%。", "海容冷链:PE 比行业中位低 37.5倍;股息率 比行业中位高 4.2个百分点;毛利率 比行业中位低 0.9个百分点;固定资产占比 比行业中位低 0.4个百分点。"]}}