{"F": {"ts_code": "603370.SH", "name": "华新精科", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "电机Ⅱ", "sw3": "电机Ⅲ", "ind": "电机Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20250905", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 32.11, "pe_ttm": 41.943, "pb": 2.8772, "dv_ttm": 0.8876, "total_mv": 561764.45, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [21.6, 17.7, 16.9, 21.9, 20.4, 19.4], "rev_series": [null, null, 11.9, 11.9, 14.2, 15.8], "np_series": [null, null, 1.1, 1.6, 1.5, 1.7], "roe_series": [18.9, 17.4, 18.1, 19.4, 15.9, 11.1], "period": "20260630", "rev_ttm": 15.4, "np_ttm": 1.3, "ocf_ttm": 0.8, "fcf_ttm": 0.3, "fcf_yield": 0.5, "ocf_yield": 1.4, "gm_median": 19.4, "gm_std": 1.8, "gm_stab": 0.91, "gm_chg_2022": -4.7, "npm_median": 10.2, "roe_median": 17.4, "commodity": false, "hard_ratio": 24.8, "fix_assets": 6.6, "goodwill_ratio": 0.0, "pb_calc": 2.88, "capex_dep": 0.89, "interest_debt": 0.4, "debt_ebitda": 0.1, "debt_ratio": 24.7, "debt_mv": 0.7, "payout": 25.2, "div_years": 1, "rev_cagr3": 9.9, "np_cagr3": 13.3, "rev_yoy": -5.1, "np_yoy": -32.0, "np_vol": 23.3, "loss_years": 0, "far_share": 88.0, "earn_yield": 2.4, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 35.0], ["精密冲压铁芯", 30.0], ["精密冲压件", 30.0], ["其他业务", 4.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": -31.7, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.2, "ret_60": -24.0, "ret_120": -31.5, "ret_250": null, "mdd_250": -54.8, "vol_250": 37.8, "pos_52w": 46.5}, "S": {"duration": 65, "pricing": 46, "hard": 40, "bondness": 25}, "label": "中性", "tags": [], "text": {"像什么": ["PE 41.9 倍、股息率 0.9%、毛利率近 5 年中位 19.4%、固定资产占比 25%、有息负债/EBITDA 0.1 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 25%,毛利率近 5 年中位 19.4%。", "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 0.5%(经营现金流/市值 1.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 19.4%,稳定度 91%,2020→2022 成本通胀期毛利率变化 -4.7 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 25%,资本开支/折旧 0.89 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 41.9 倍 粗算,约 88%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "行业对照": ["同申万二级「电机Ⅱ」28 家中位:PE 46.1 / 股息率 0.6% / 毛利率 20.8% / 固定资产占比 20% / 分红率 38%。", "华新精科:PE 比行业中位低 4.2倍;股息率 比行业中位高 0.3个百分点;毛利率 比行业中位低 1.4个百分点;固定资产占比 比行业中位高 5.0个百分点。"]}}