{"F": {"ts_code": "605056.SH", "name": "咸亨国际", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "通用设备", "sw3": "仪器仪表", "ind": "通用设备", "fin_source": "tushare", "market": "主板", "list_date": "20210720", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 13.68, "pe_ttm": 21.4333, "pb": 3.1937, "dv_ttm": 2.8521, "total_mv": 560049.8976, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [40.5, 41.8, 39.6, 32.2, 29.7, 24.2], "rev_series": [19.9, 19.9, 21.2, 29.3, 36.1, 45.6], "np_series": [2.4, 2.0, 2.1, 1.0, 2.2, 2.6], "roe_series": [26.9, 16.4, 13.6, 6.2, 13.6, 14.8], "period": "20260630", "rev_ttm": 49.9, "np_ttm": 2.6, "ocf_ttm": 5.5, "fcf_ttm": 4.8, "fcf_yield": 8.6, "ocf_yield": 9.8, "gm_median": 32.2, "gm_std": 6.5, "gm_stab": 0.8, "gm_chg_2022": -0.9, "npm_median": 6.6, "roe_median": 13.6, "commodity": false, "hard_ratio": 11.1, "fix_assets": 3.9, "goodwill_ratio": 0.0, "pb_calc": 3.19, "capex_dep": 3.11, "interest_debt": 0.9, "debt_ebitda": 0.2, "debt_ratio": 48.9, "debt_mv": 1.7, "payout": 62.5, "div_years": 5, "rev_cagr3": 29.0, "np_cagr3": 7.9, "rev_yoy": 27.2, "np_yoy": 2.8, "np_vol": 61.9, "loss_years": 0, "far_share": 77.0, "earn_yield": 4.7, "consensus_n": 5, "fwd_pe": 18.5, "fwd_pe2": 15.9, "fwd_g1": 16.0, "fwd_g2": 16.0, "peg": 1.16, "consensus_disp": null, "mainbz": [["产品", 33.0], ["工器具类", 25.0], ["工具", 25.0], ["仪器仪表类", 7.0]], "ret_prev_year": 37.2, "ret_prev2_year": -20.1, "ret_ytd": -15.1, "ret_pivot": 54.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": -9.8, "ret_60": -24.9, "ret_120": -42.7, "ret_250": -7.8, "mdd_250": -56.8, "vol_250": 47.4, "pos_52w": 47.2}, "S": {"duration": 41, "pricing": 51, "hard": 18, "bondness": 40}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 21.4 倍、股息率 2.9%、毛利率近 5 年中位 32.2%、固定资产占比 11%、有息负债/EBITDA 0.2 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 11%,毛利率近 5 年中位 32.2%。", "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 8.6%(经营现金流/市值 9.8%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 32.2%,稳定度 80%,2020→2022 成本通胀期毛利率变化 -0.9 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 11%,资本开支/折旧 3.11 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 21.4 倍 粗算,约 77%(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 -8%,最大回撤 -57%,年化波动 47%,现价在 52 周高点的 47%;近 20 / 60 / 120 日 -10% / -25% / -43%。", "行业对照": ["同申万二级「通用设备」248 家中位:PE 50.6 / 股息率 0.8% / 毛利率 28.5% / 固定资产占比 21% / 分红率 45%。", "咸亨国际:PE 比行业中位低 29.2倍;股息率 比行业中位高 2.1个百分点;毛利率 比行业中位高 3.7个百分点;固定资产占比 比行业中位低 9.7个百分点。"]}}