{"F": {"ts_code": "688092.SH", "name": "爱科科技", "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": "科创板", "list_date": "20210319", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 22.78, "pe_ttm": 59.0612, "pb": 2.8817, "dv_ttm": 1.1853, "total_mv": 188307.9086, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [48.8, 43.9, 43.7, 43.8, 42.3, 41.8], "rev_series": [2.2, 3.2, 3.0, 3.8, 4.5, 4.5], "np_series": [0.5, 0.5, 0.5, 0.8, 0.7, 0.5], "roe_series": [22.0, 13.9, 8.6, 13.3, 10.9, 7.9], "period": "20260630", "rev_ttm": 4.6, "np_ttm": 0.3, "ocf_ttm": 0.9, "fcf_ttm": 0.6, "fcf_yield": 3.3, "ocf_yield": 4.5, "gm_median": 43.7, "gm_std": 0.9, "gm_stab": 0.98, "gm_chg_2022": -5.1, "npm_median": 15.3, "roe_median": 10.9, "commodity": false, "hard_ratio": 8.8, "fix_assets": 1.0, "goodwill_ratio": 0.4, "pb_calc": 2.83, "capex_dep": 4.04, "interest_debt": 2.9, "debt_ebitda": 4.7, "debt_ratio": 40.1, "debt_mv": 15.3, "payout": 43.9, "div_years": 5, "rev_cagr3": 14.7, "np_cagr3": 3.8, "rev_yoy": 6.4, "np_yoy": -72.0, "np_vol": 32.3, "loss_years": 0, "far_share": 92.0, "earn_yield": 1.7, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["销售商品", 50.0], ["产品", 50.0]], "ret_prev_year": 24.5, "ret_prev2_year": -4.4, "ret_ytd": -8.8, "ret_pivot": 37.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.5, "ret_60": -1.8, "ret_120": -25.4, "ret_250": -11.8, "mdd_250": -39.4, "vol_250": 37.1, "pos_52w": 71.1}, "S": {"duration": 77, "pricing": 60, "hard": 14, "bondness": 42}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 59.1 倍、股息率 1.2%、毛利率近 5 年中位 43.7%、固定资产占比 9%、有息负债/EBITDA 4.7 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 43.7%),硬资产占比 9%。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 3.3%(经营现金流/市值 4.5%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 43.7%,稳定度 98%,2020→2022 成本通胀期毛利率变化 -5.1 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 9%,资本开支/折旧 4.04 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 59.1 倍 粗算,约 92%(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 -12%,最大回撤 -39%,年化波动 37%,现价在 52 周高点的 71%;近 20 / 60 / 120 日 2% / -2% / -25%。", "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%。", "爱科科技:PE 比行业中位高 16.8倍;股息率 比行业中位高 0.1个百分点;毛利率 比行业中位高 17.4个百分点;固定资产占比 比行业中位低 9.2个百分点。"]}}