{"F": {"ts_code": "605001.SH", "name": "威奥股份", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "轨交设备Ⅱ", "sw3": "轨交设备Ⅲ", "ind": "轨交设备Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20200522", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 6.33, "pe_ttm": 1529.6516, "pb": 0.9432, "dv_ttm": 3.1596, "total_mv": 248696.838, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [31.6, 11.7, 17.0, 33.1, 28.8, 29.8], "rev_series": [11.6, 6.1, 8.0, 11.8, 15.3, 17.8], "np_series": [1.7, -2.1, -1.1, 2.6, 0.6, 0.9], "roe_series": [7.4, -7.5, -4.5, 9.8, 2.0, 3.2], "period": "20260630", "rev_ttm": 18.2, "np_ttm": 0.0, "ocf_ttm": -0.4, "fcf_ttm": -1.5, "fcf_yield": -6.0, "ocf_yield": -1.8, "gm_median": 28.8, "gm_std": 8.3, "gm_stab": 0.71, "gm_chg_2022": -14.6, "npm_median": 3.6, "roe_median": 2.0, "commodity": false, "hard_ratio": 16.1, "fix_assets": 8.3, "goodwill_ratio": 8.5, "pb_calc": 0.94, "capex_dep": 1.03, "interest_debt": 16.0, "debt_ebitda": 6.6, "debt_ratio": 48.8, "debt_mv": 64.4, "payout": 71.4, "div_years": 3, "rev_cagr3": 30.8, "np_cagr3": null, "rev_yoy": 3.9, "np_yoy": -191.7, "np_vol": 181.5, "loss_years": 2, "far_share": 100.0, "earn_yield": 0.1, "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], ["主营业务", 50.0], ["其他业务", 0.0]], "ret_prev_year": 21.1, "ret_prev2_year": 0.5, "ret_ytd": -15.9, "ret_pivot": 33.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 15.9, "ret_60": 5.7, "ret_120": -21.3, "ret_250": -16.3, "mdd_250": -42.0, "vol_250": 32.7, "pos_52w": 76.8}, "S": {"duration": 100, "pricing": 43, "hard": 26, "bondness": 59}, "label": "现金流红利", "tags": ["亏损或困境", "近5年≥2年亏损"], "text": {"像什么": ["分红率 71%、股息率 3.2%、营收 3 年复合 30.8%、有息负债/EBITDA 6.6 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 16%,毛利率近 5 年中位 28.8%。", "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 -6.0%(经营现金流/市值 -1.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 28.8%,稳定度 71%,2020→2022 成本通胀期毛利率变化 -14.6 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 16%,资本开支/折旧 1.03 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 1529.7 倍 粗算,约 100%(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 -16%,最大回撤 -42%,年化波动 33%,现价在 52 周高点的 77%;近 20 / 60 / 120 日 16% / 6% / -21%。", "行业对照": ["同申万二级「轨交设备Ⅱ」32 家中位:PE 26.2 / 股息率 1.8% / 毛利率 30.0% / 固定资产占比 13% / 分红率 49%。", "威奥股份:PE 比行业中位高 1503.5倍;股息率 比行业中位高 1.4个百分点;毛利率 比行业中位低 1.2个百分点;固定资产占比 比行业中位高 3.1个百分点。"]}}