{"F": {"ts_code": "603298.SH", "name": "杭叉集团", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "工程机械", "sw3": "工程机械整机", "ind": "工程机械", "fin_source": "tushare", "market": "主板", "list_date": "20161227", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 25.64, "pe_ttm": 14.6624, "pb": 2.7542, "dv_ttm": 2.3401, "total_mv": 3358357.968, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [20.3, 15.5, 17.8, 20.8, 23.6, 24.8], "rev_series": [114.5, 144.9, 144.1, 162.7, 164.9, 177.4], "np_series": [8.4, 9.1, 9.9, 17.2, 20.2, 21.9], "roe_series": [18.1, 17.3, 16.6, 23.1, 21.5, 20.1], "period": "20260630", "rev_ttm": 185.4, "np_ttm": 22.8, "ocf_ttm": 17.2, "fcf_ttm": 12.3, "fcf_yield": 3.7, "ocf_yield": 5.1, "gm_median": 20.8, "gm_std": 3.5, "gm_stab": 0.83, "gm_chg_2022": -2.6, "npm_median": 11.3, "roe_median": 20.1, "commodity": false, "hard_ratio": 17.2, "fix_assets": 36.2, "goodwill_ratio": 0.1, "pb_calc": 2.75, "capex_dep": 1.1, "interest_debt": 13.7, "debt_ebitda": 0.5, "debt_ratio": 38.7, "debt_mv": 4.1, "payout": 32.5, "div_years": 5, "rev_cagr3": 7.2, "np_cagr3": 30.4, "rev_yoy": 8.6, "np_yoy": 8.9, "np_vol": 25.6, "loss_years": 0, "far_share": 66.0, "earn_yield": 6.8, "consensus_n": 21, "fwd_pe": 13.9, "fwd_pe2": 12.3, "fwd_g1": 6.0, "fwd_g2": 13.0, "peg": 1.07, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 49.0], ["其他业务", 1.0]], "ret_prev_year": 55.9, "ret_prev2_year": 2.9, "ret_ytd": -2.0, "ret_pivot": 50.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.9, "ret_60": 10.9, "ret_120": 1.3, "ret_250": 16.5, "mdd_250": -24.8, "vol_250": 38.5, "pos_52w": 83.4}, "S": {"duration": 31, "pricing": 45, "hard": 28, "bondness": 40}, "label": "中性", "tags": [], "text": {"像什么": ["PE 14.7 倍、股息率 2.3%、毛利率近 5 年中位 20.8%、固定资产占比 17%、有息负债/EBITDA 0.5 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 17%,毛利率近 5 年中位 20.8%。", "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 3.7%(经营现金流/市值 5.1%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 20.8%,稳定度 83%,2020→2022 成本通胀期毛利率变化 -2.6 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 17%,资本开支/折旧 1.10 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 14.7 倍 粗算,约 66%(1 − 5/PE)。中等。"]], "价格行为": "近一年 16%,最大回撤 -25%,年化波动 38%,现价在 52 周高点的 83%;近 20 / 60 / 120 日 -2% / 11% / 1%。", "行业对照": ["同申万二级「工程机械」35 家中位:PE 28.3 / 股息率 1.0% / 毛利率 26.1% / 固定资产占比 17% / 分红率 33%。", "杭叉集团:PE 比行业中位低 13.6倍;股息率 比行业中位高 1.3个百分点;毛利率 比行业中位低 5.3个百分点;固定资产占比 与行业中位持平。"]}}