{"F": {"ts_code": "603275.SH", "name": "众辰科技", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "自动化设备", "sw3": "工控设备", "ind": "自动化设备", "fin_source": "tushare", "market": "主板", "list_date": "20230823", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 36.26, "pe_ttm": 28.9955, "pb": 1.7643, "dv_ttm": 0.3331, "total_mv": 539022.6674, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [45.5, 43.8, 41.4, 42.6, 41.2, 37.8], "rev_series": [6.3, 6.2, 5.4, 6.2, 6.8, 7.3], "np_series": [1.8, 2.0, 1.5, 1.9, 2.1, 1.8], "roe_series": [54.7, 39.8, 23.1, 11.4, 7.9, 6.2], "period": "20260630", "rev_ttm": 8.4, "np_ttm": 1.9, "ocf_ttm": 0.7, "fcf_ttm": -0.2, "fcf_yield": -0.4, "ocf_yield": 1.3, "gm_median": 41.4, "gm_std": 2.0, "gm_stab": 0.95, "gm_chg_2022": -4.2, "npm_median": 31.2, "roe_median": 11.4, "commodity": false, "hard_ratio": 10.4, "fix_assets": 3.7, "goodwill_ratio": 0.5, "pb_calc": 1.76, "capex_dep": 10.03, "interest_debt": 0.6, "debt_ebitda": 0.3, "debt_ratio": 13.9, "debt_mv": 1.1, "payout": 10.0, "div_years": 3, "rev_cagr3": 10.8, "np_cagr3": 6.1, "rev_yoy": 32.7, "np_yoy": 7.1, "np_vol": 19.0, "loss_years": 0, "far_share": 83.0, "earn_yield": 3.4, "consensus_n": 1, "fwd_pe": 27.5, "fwd_pe2": 25.4, "fwd_g1": 6.0, "fwd_g2": 8.0, "peg": 3.44, "consensus_disp": null, "mainbz": [["产品", 28.0], ["变频器", 21.0], ["通用变频器", 16.0], ["变频器：通用变频器", 16.0]], "ret_prev_year": 34.7, "ret_prev2_year": -15.6, "ret_ytd": -20.2, "ret_pivot": 48.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.6, "ret_60": -6.9, "ret_120": -18.9, "ret_250": -32.8, "mdd_250": -42.9, "vol_250": 42.0, "pos_52w": 62.5}, "S": {"duration": 52, "pricing": 58, "hard": 17, "bondness": 16}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 29.0 倍、股息率 0.3%、毛利率近 5 年中位 41.4%、固定资产占比 10%、有息负债/EBITDA 0.3 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 41.4%),硬资产占比 10%。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 -0.4%(经营现金流/市值 1.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 41.4%,稳定度 95%,2020→2022 成本通胀期毛利率变化 -4.2 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 10%,资本开支/折旧 10.03 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 29.0 倍 粗算,约 83%(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 -33%,最大回撤 -43%,年化波动 42%,现价在 52 周高点的 62%;近 20 / 60 / 120 日 -1% / -7% / -19%。", "行业对照": ["同申万二级「自动化设备」93 家中位:PE 77.4 / 股息率 0.7% / 毛利率 33.9% / 固定资产占比 14% / 分红率 42%。", "众辰科技:PE 比行业中位低 48.4倍;股息率 比行业中位低 0.4个百分点;毛利率 比行业中位高 7.5个百分点;固定资产占比 比行业中位低 3.4个百分点。"]}}