{"F": {"ts_code": "688097.SH", "name": "博众精工", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "自动化设备", "sw3": "其他自动化设备", "ind": "自动化设备", "fin_source": "tushare", "market": "科创板", "list_date": "20210512", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 44.38, "pe_ttm": 28.8165, "pb": 3.9038, "dv_ttm": 0.5418, "total_mv": 1982222.9364, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [42.9, 33.6, 32.3, 33.8, 34.4, 28.3], "rev_series": [26.0, 38.3, 48.1, 48.4, 49.5, 65.7], "np_series": [2.4, 1.9, 3.3, 3.9, 4.0, 5.9], "roe_series": [14.7, 9.3, 10.8, 9.8, 9.2, 12.8], "period": "20260630", "rev_ttm": 79.3, "np_ttm": 6.9, "ocf_ttm": -2.2, "fcf_ttm": -5.9, "fcf_yield": -3.0, "ocf_yield": -1.1, "gm_median": 33.6, "gm_std": 2.2, "gm_stab": 0.93, "gm_chg_2022": -10.6, "npm_median": 7.8, "roe_median": 9.8, "commodity": false, "hard_ratio": 7.7, "fix_assets": 12.2, "goodwill_ratio": 4.7, "pb_calc": 3.9, "capex_dep": 4.03, "interest_debt": 29.0, "debt_ebitda": 4.1, "debt_ratio": 67.0, "debt_mv": 14.6, "payout": 18.1, "div_years": 3, "rev_cagr3": 10.9, "np_cagr3": 21.4, "rev_yoy": 72.4, "np_yoy": 58.2, "np_vol": 32.4, "loss_years": 0, "far_share": 83.0, "earn_yield": 3.5, "consensus_n": 18, "fwd_pe": 24.8, "fwd_pe2": 19.0, "fwd_g1": 16.0, "fwd_g2": 31.0, "peg": 0.8, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 50.0], ["其他业务", 0.0]], "ret_prev_year": 45.4, "ret_prev2_year": -21.6, "ret_ytd": 18.0, "ret_pivot": 136.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.6, "ret_60": -30.0, "ret_120": -32.6, "ret_250": 31.9, "mdd_250": -46.8, "vol_250": 57.7, "pos_52w": 61.2}, "S": {"duration": 51, "pricing": 53, "hard": 12, "bondness": 31}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 28.8 倍、股息率 0.5%、毛利率近 5 年中位 33.6%、固定资产占比 8%、有息负债/EBITDA 4.1 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 33.6%),硬资产占比 8%。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 -3.0%(经营现金流/市值 -1.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 33.6%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -10.6 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 8%,资本开支/折旧 4.03 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 28.8 倍 粗算,约 83%(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 32%,最大回撤 -47%,年化波动 58%,现价在 52 周高点的 61%;近 20 / 60 / 120 日 1% / -30% / -33%。", "行业对照": ["同申万二级「自动化设备」93 家中位:PE 77.4 / 股息率 0.7% / 毛利率 33.9% / 固定资产占比 14% / 分红率 42%。", "博众精工:PE 比行业中位低 48.6倍;股息率 比行业中位低 0.2个百分点;毛利率 比行业中位低 0.3个百分点;固定资产占比 比行业中位低 6.1个百分点。"]}}