{"F": {"ts_code": "603277.SH", "name": "银都股份", "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": "20170911", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 11.35, "pe_ttm": 21.9877, "pb": 2.5335, "dv_ttm": 6.1874, "total_mv": 694295.2765, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [42.7, 39.0, 37.8, 43.5, 43.0, 42.5], "rev_series": [16.1, 24.6, 26.6, 26.5, 27.5, 27.3], "np_series": [3.1, 4.1, 4.5, 5.1, 5.4, 4.9], "roe_series": [14.4, 18.1, 18.6, 19.1, 19.3, 17.3], "period": "20260630", "rev_ttm": 26.7, "np_ttm": 3.2, "ocf_ttm": 5.4, "fcf_ttm": 4.8, "fcf_yield": 6.9, "ocf_yield": 7.7, "gm_median": 42.5, "gm_std": 2.3, "gm_stab": 0.95, "gm_chg_2022": -4.9, "npm_median": 17.8, "roe_median": 18.6, "commodity": false, "hard_ratio": 23.5, "fix_assets": 10.1, "goodwill_ratio": 0.0, "pb_calc": 2.53, "capex_dep": 0.7, "interest_debt": 7.3, "debt_ebitda": 1.1, "debt_ratio": 36.4, "debt_mv": 10.5, "payout": 82.0, "div_years": 5, "rev_cagr3": 0.8, "np_cagr3": 2.7, "rev_yoy": -4.5, "np_yoy": -49.3, "np_vol": 13.8, "loss_years": 0, "far_share": 77.0, "earn_yield": 4.5, "consensus_n": 3, "fwd_pe": 12.7, "fwd_pe2": 10.1, "fwd_g1": 73.0, "fwd_g2": 26.0, "peg": 0.49, "consensus_disp": null, "mainbz": [["产品", 49.0], ["商用餐饮制冷设备", 37.0], ["西厨设备", 9.0], ["自助餐设备", 2.0]], "ret_prev_year": 10.3, "ret_prev2_year": -9.0, "ret_ytd": -31.1, "ret_pivot": -25.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 8.2, "ret_60": 3.5, "ret_120": -23.6, "ret_250": -33.2, "mdd_250": -46.7, "vol_250": 30.9, "pos_52w": 60.6}, "S": {"duration": 42, "pricing": 58, "hard": 38, "bondness": 81}, "label": "现金流红利", "tags": ["股息率≥4%", "PEG<0.8"], "text": {"像什么": ["分红率 82%、股息率 6.2%、营收 3 年复合 0.8%、有息负债/EBITDA 1.1 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 42.5%),硬资产占比 24%。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": "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 6.9%(经营现金流/市值 7.7%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 42.5%,稳定度 95%,2020→2022 成本通胀期毛利率变化 -4.9 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 24%,资本开支/折旧 0.70 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 22.0 倍 粗算,约 77%(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 -47%,年化波动 31%,现价在 52 周高点的 61%;近 20 / 60 / 120 日 8% / 4% / -24%。", "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%。", "银都股份:PE 比行业中位低 28.6倍;股息率 比行业中位高 5.4个百分点;毛利率 比行业中位高 14.0个百分点;固定资产占比 比行业中位高 2.7个百分点。"]}}