{"F": {"ts_code": "605305.SH", "name": "中际联合", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "工程机械", "sw3": "工程机械整机", "ind": "工程机械", "fin_source": "tushare", "market": "主板", "list_date": "20210506", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 31.19, "pe_ttm": 12.4667, "pb": 2.1297, "dv_ttm": 2.4046, "total_mv": 662849.88, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [58.4, 47.7, 43.7, 46.1, 45.5, 47.3], "rev_series": [6.8, 8.8, 8.0, 11.0, 13.0, 18.8], "np_series": [1.9, 2.3, 1.6, 2.1, 3.1, 5.3], "roe_series": [21.9, 15.6, 7.3, 9.3, 12.9, 19.2], "period": "20260630", "rev_ttm": 20.2, "np_ttm": 5.3, "ocf_ttm": 2.3, "fcf_ttm": 2.1, "fcf_yield": 3.2, "ocf_yield": 3.4, "gm_median": 46.1, "gm_std": 1.4, "gm_stab": 0.97, "gm_chg_2022": -14.7, "npm_median": 24.2, "roe_median": 12.9, "commodity": false, "hard_ratio": 3.4, "fix_assets": 1.3, "goodwill_ratio": 0.0, "pb_calc": 2.13, "capex_dep": 0.92, "interest_debt": 0.7, "debt_ebitda": 0.1, "debt_ratio": 18.5, "debt_mv": 1.1, "payout": 30.1, "div_years": 5, "rev_cagr3": 32.9, "np_cagr3": 50.6, "rev_yoy": 17.5, "np_yoy": 0.5, "np_vol": 34.6, "loss_years": 0, "far_share": 60.0, "earn_yield": 8.0, "consensus_n": 6, "fwd_pe": 10.2, "fwd_pe2": 8.4, "fwd_g1": 22.0, "fwd_g2": 22.0, "peg": 0.46, "consensus_disp": null, "mainbz": [["产品", 50.0], ["高空安全升降设备", 33.0], ["高空安全防护设备", 13.0], ["高空安全作业服务", 4.0]], "ret_prev_year": 52.2, "ret_prev2_year": 25.1, "ret_ytd": -24.4, "ret_pivot": 46.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": -21.9, "ret_60": -13.8, "ret_120": -28.7, "ret_250": -18.8, "mdd_250": -36.8, "vol_250": 45.9, "pos_52w": 63.2}, "S": {"duration": 27, "pricing": 61, "hard": 5, "bondness": 25}, "label": "中性", "tags": ["PEG<0.8"], "text": {"像什么": ["PE 12.5 倍、股息率 2.4%、毛利率近 5 年中位 46.1%、固定资产占比 3%、有息负债/EBITDA 0.1 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 46.1%),硬资产占比 3%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "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 3.2%(经营现金流/市值 3.4%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 46.1%,稳定度 97%,2020→2022 成本通胀期毛利率变化 -14.7 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 3%,资本开支/折旧 0.92 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 12.5 倍 粗算,约 60%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -19%,最大回撤 -37%,年化波动 46%,现价在 52 周高点的 63%;近 20 / 60 / 120 日 -22% / -14% / -29%。", "行业对照": ["同申万二级「工程机械」35 家中位:PE 28.3 / 股息率 1.0% / 毛利率 26.1% / 固定资产占比 17% / 分红率 33%。", "中际联合:PE 比行业中位低 15.8倍;股息率 比行业中位高 1.4个百分点;毛利率 比行业中位高 20.0个百分点;固定资产占比 比行业中位低 13.8个百分点。"]}}