{"F": {"ts_code": "605259.SH", "name": "绿田机械", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "专用设备", "sw3": "其他专用设备", "ind": "专用设备", "fin_source": "tushare", "market": "主板", "list_date": "20210615", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 17.73, "pe_ttm": 15.8019, "pb": 1.6642, "dv_ttm": 1.692, "total_mv": 305807.04, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [20.0, 19.7, 21.2, 22.0, 18.0, 20.3], "rev_series": [12.3, 16.1, 16.2, 16.3, 22.5, 25.2], "np_series": [1.2, 1.6, 2.2, 1.8, 1.9, 2.5], "roe_series": [19.1, 15.8, 15.2, 11.8, 11.4, 13.9], "period": "20260630", "rev_ttm": 25.6, "np_ttm": 1.9, "ocf_ttm": 1.6, "fcf_ttm": -0.3, "fcf_yield": -0.8, "ocf_yield": 5.2, "gm_median": 20.3, "gm_std": 1.3, "gm_stab": 0.93, "gm_chg_2022": 1.2, "npm_median": 9.9, "roe_median": 13.9, "commodity": false, "hard_ratio": 22.7, "fix_assets": 6.3, "goodwill_ratio": 0.0, "pb_calc": 1.66, "capex_dep": 3.84, "interest_debt": 0.1, "debt_ebitda": 0.0, "debt_ratio": 34.3, "debt_mv": 0.4, "payout": 34.2, "div_years": 5, "rev_cagr3": 15.9, "np_cagr3": 4.5, "rev_yoy": 2.7, "np_yoy": -37.0, "np_vol": 21.2, "loss_years": 0, "far_share": 68.0, "earn_yield": 6.3, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["高压清洗机产品", 33.0], ["高压清洗机", 33.0], ["通用动力机械产品", 30.0], ["材料销售等", 3.0]], "ret_prev_year": 54.9, "ret_prev2_year": -4.7, "ret_ytd": -19.7, "ret_pivot": 55.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -2.3, "ret_60": 0.2, "ret_120": -22.2, "ret_250": -35.4, "mdd_250": -38.4, "vol_250": 30.8, "pos_52w": 65.4}, "S": {"duration": 33, "pricing": 51, "hard": 36, "bondness": 26}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 15.8 倍、股息率 1.7%、毛利率近 5 年中位 20.3%、固定资产占比 23%、有息负债/EBITDA 0.0 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 23%,毛利率近 5 年中位 20.3%。", "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 -0.8%(经营现金流/市值 5.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 20.3%,稳定度 93%,2020→2022 成本通胀期毛利率变化 1.2 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 23%,资本开支/折旧 3.84 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 15.8 倍 粗算,约 68%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -35%,最大回撤 -38%,年化波动 31%,现价在 52 周高点的 65%;近 20 / 60 / 120 日 -2% / 0% / -22%。", "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%。", "绿田机械:PE 比行业中位低 26.5倍;股息率 比行业中位高 0.6个百分点;毛利率 比行业中位低 6.0个百分点;固定资产占比 比行业中位高 4.7个百分点。"]}}