{"F": {"ts_code": "603279.SH", "name": "景津装备", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "通用设备", "sw3": "其他通用设备", "ind": "通用设备", "fin_source": "tushare", "market": "主板", "list_date": "20190729", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 11.36, "pe_ttm": 16.0869, "pb": 1.4361, "dv_ttm": 7.0423, "total_mv": 654759.728, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [32.0, 30.0, 30.7, 31.7, 29.1, 22.2], "rev_series": [33.3, 46.5, 56.8, 62.5, 61.3, 58.2], "np_series": [5.1, 6.5, 8.3, 10.1, 8.5, 5.2], "roe_series": [18.2, 20.4, 22.6, 23.6, 18.8, 11.6], "period": "20260630", "rev_ttm": 57.5, "np_ttm": 4.1, "ocf_ttm": 7.1, "fcf_ttm": 6.3, "fcf_yield": 9.6, "ocf_yield": 10.8, "gm_median": 30.0, "gm_std": 3.4, "gm_stab": 0.89, "gm_chg_2022": -1.3, "npm_median": 13.9, "roe_median": 20.4, "commodity": false, "hard_ratio": 27.5, "fix_assets": 24.6, "goodwill_ratio": 0.0, "pb_calc": 1.44, "capex_dep": 0.34, "interest_debt": 2.0, "debt_ebitda": 0.3, "debt_ratio": 49.0, "debt_mv": 3.1, "payout": 71.1, "div_years": 5, "rev_cagr3": 0.8, "np_cagr3": -14.5, "rev_yoy": -2.4, "np_yoy": -34.6, "np_vol": 26.8, "loss_years": 0, "far_share": 69.0, "earn_yield": 6.2, "consensus_n": 6, "fwd_pe": 9.8, "fwd_pe2": 8.2, "fwd_g1": 64.0, "fwd_g2": 20.0, "peg": 0.49, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 49.0], ["其他业务", 1.0]], "ret_prev_year": -0.7, "ret_prev2_year": -13.1, "ret_ytd": -31.4, "ret_pivot": -19.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -11.3, "ret_60": -15.5, "ret_120": -40.4, "ret_250": -26.1, "mdd_250": -45.7, "vol_250": 36.0, "pos_52w": 54.8}, "S": {"duration": 33, "pricing": 53, "hard": 44, "bondness": 75}, "label": "现金流红利", "tags": ["股息率≥4%", "PEG<0.8"], "text": {"像什么": ["分红率 71%、股息率 7.0%、营收 3 年复合 0.8%、有息负债/EBITDA 0.3 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 30.0%),硬资产占比 28%。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 9.6%(经营现金流/市值 10.8%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 30.0%,稳定度 89%,2020→2022 成本通胀期毛利率变化 -1.3 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 28%,资本开支/折旧 0.34 倍。有一些。"], ["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 -26%,最大回撤 -46%,年化波动 36%,现价在 52 周高点的 55%;近 20 / 60 / 120 日 -11% / -16% / -40%。", "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%。", "景津装备:PE 比行业中位低 34.5倍;股息率 比行业中位高 6.2个百分点;毛利率 比行业中位高 1.5个百分点;固定资产占比 比行业中位高 6.7个百分点。"]}}