{"F": {"ts_code": "603966.SH", "name": "法兰泰克", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "专用设备", "sw3": "能源及重型设备", "ind": "专用设备", "fin_source": "tushare", "market": "主板", "list_date": "20170125", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 7.39, "pe_ttm": 16.3709, "pb": 1.8451, "dv_ttm": 2.9146, "total_mv": 384571.8311, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [28.2, 27.7, 23.9, 24.0, 26.1, 24.0], "rev_series": [12.6, 15.9, 18.7, 19.9, 21.3, 24.3], "np_series": [1.5, 1.9, 2.0, 1.6, 1.7, 2.3], "roe_series": [14.2, 15.0, 14.9, 11.0, 10.6, 12.7], "period": "20260630", "rev_ttm": 24.8, "np_ttm": 2.3, "ocf_ttm": 3.0, "fcf_ttm": 2.0, "fcf_yield": 5.2, "ocf_yield": 7.9, "gm_median": 24.0, "gm_std": 1.5, "gm_stab": 0.94, "gm_chg_2022": -4.4, "npm_median": 9.9, "roe_median": 12.7, "commodity": false, "hard_ratio": 13.5, "fix_assets": 6.5, "goodwill_ratio": 9.3, "pb_calc": 1.85, "capex_dep": 1.72, "interest_debt": 3.7, "debt_ebitda": 1.0, "debt_ratio": 56.4, "debt_mv": 9.5, "payout": 50.0, "div_years": 5, "rev_cagr3": 9.1, "np_cagr3": 4.9, "rev_yoy": 4.7, "np_yoy": 0.2, "np_vol": 19.8, "loss_years": 0, "far_share": 69.0, "earn_yield": 6.1, "consensus_n": 2, "fwd_pe": 9.5, "fwd_pe2": 7.5, "fwd_g1": 73.0, "fwd_g2": 27.0, "peg": 0.35, "consensus_disp": null, "mainbz": [["产品", 33.0], ["起重机相关产品和服务", 30.0], ["物料搬运设备及服务", 30.0], ["工程机械部件", 3.0]], "ret_prev_year": 61.2, "ret_prev2_year": -3.1, "ret_ytd": -17.3, "ret_pivot": 59.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.7, "ret_60": -17.2, "ret_120": -18.9, "ret_250": -14.5, "mdd_250": -34.9, "vol_250": 39.3, "pos_52w": 67.7}, "S": {"duration": 34, "pricing": 49, "hard": 22, "bondness": 49}, "label": "中性", "tags": ["PEG<0.8"], "text": {"像什么": ["PE 16.4 倍、股息率 2.9%、毛利率近 5 年中位 24.0%、固定资产占比 14%、有息负债/EBITDA 1.0 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 14%,毛利率近 5 年中位 24.0%。", "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 5.2%(经营现金流/市值 7.9%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 24.0%,稳定度 94%,2020→2022 成本通胀期毛利率变化 -4.4 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 14%,资本开支/折旧 1.72 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 16.4 倍 粗算,约 69%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -14%,最大回撤 -35%,年化波动 39%,现价在 52 周高点的 68%;近 20 / 60 / 120 日 -7% / -17% / -19%。", "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%。", "法兰泰克:PE 比行业中位低 25.9倍;股息率 比行业中位高 1.8个百分点;毛利率 比行业中位低 2.3个百分点;固定资产占比 比行业中位低 4.5个百分点。"]}}