{"F": {"ts_code": "603289.SH", "name": "泰瑞机器", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "专用设备", "sw3": "其他专用设备", "ind": "专用设备", "fin_source": "tushare", "market": "主板", "list_date": "20171031", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 9.02, "pe_ttm": 60.671, "pb": 1.8262, "dv_ttm": 1.663, "total_mv": 264644.9058, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [27.4, 29.4, 26.3, 32.0, 29.8, 32.8], "rev_series": [8.7, 11.0, 11.9, 10.0, 11.5, 12.1], "np_series": [0.9, 1.4, 1.0, 0.9, 0.8, 0.9], "roe_series": [8.3, 11.9, 7.2, 6.3, 5.8, 6.2], "period": "20260630", "rev_ttm": 11.6, "np_ttm": 0.4, "ocf_ttm": -0.3, "fcf_ttm": -0.4, "fcf_yield": -1.6, "ocf_yield": -1.1, "gm_median": 29.8, "gm_std": 2.3, "gm_stab": 0.92, "gm_chg_2022": -1.1, "npm_median": 8.1, "roe_median": 6.3, "commodity": false, "hard_ratio": 28.4, "fix_assets": 8.3, "goodwill_ratio": 0.0, "pb_calc": 1.81, "capex_dep": 0.21, "interest_debt": 9.2, "debt_ebitda": 5.8, "debt_ratio": 50.0, "debt_mv": 34.8, "payout": 51.7, "div_years": 5, "rev_cagr3": 0.6, "np_cagr3": -2.0, "rev_yoy": -8.0, "np_yoy": -83.9, "np_vol": 32.4, "loss_years": 0, "far_share": 92.0, "earn_yield": 1.6, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["注塑机", 47.0], ["配件及劳务", 2.0], ["其他业务", 1.0]], "ret_prev_year": 25.4, "ret_prev2_year": -24.9, "ret_ytd": -9.5, "ret_pivot": 31.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 9.1, "ret_60": -0.3, "ret_120": -19.5, "ret_250": -9.8, "mdd_250": -39.9, "vol_250": 41.1, "pos_52w": 73.2}, "S": {"duration": 78, "pricing": 54, "hard": 45, "bondness": 62}, "label": "中性", "tags": [], "text": {"像什么": ["PE 60.7 倍、股息率 1.7%、毛利率近 5 年中位 29.8%、固定资产占比 28%、有息负债/EBITDA 5.8 倍: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 28%,毛利率近 5 年中位 29.8%。", "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 -1.6%(经营现金流/市值 -1.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 29.8%,稳定度 92%,2020→2022 成本通胀期毛利率变化 -1.1 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 0.21 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 60.7 倍 粗算,约 92%(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 -10%,最大回撤 -40%,年化波动 41%,现价在 52 周高点的 73%;近 20 / 60 / 120 日 9% / -0% / -20%。", "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%。", "泰瑞机器:PE 比行业中位高 18.4倍;股息率 比行业中位高 0.6个百分点;毛利率 比行业中位高 3.5个百分点;固定资产占比 比行业中位高 10.4个百分点。"]}}