{"F": {"ts_code": "688113.SH", "name": "联测科技", "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": "20210506", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 36.08, "pe_ttm": 24.497, "pb": 2.2532, "dv_ttm": 1.1833, "total_mv": 232346.5408, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [39.7, 40.5, 43.0, 39.1, 36.6, 41.5], "rev_series": [3.6, 3.4, 3.7, 5.0, 4.9, 5.0], "np_series": [0.7, 0.8, 0.8, 0.9, 0.8, 0.9], "roe_series": [22.8, 14.7, 11.1, 11.0, 9.2, 9.4], "period": "20260630", "rev_ttm": 5.5, "np_ttm": 0.9, "ocf_ttm": 1.4, "fcf_ttm": 1.1, "fcf_yield": 4.9, "ocf_yield": 6.1, "gm_median": 40.5, "gm_std": 2.2, "gm_stab": 0.95, "gm_chg_2022": 3.2, "npm_median": 18.6, "roe_median": 11.0, "commodity": false, "hard_ratio": 19.2, "fix_assets": 2.9, "goodwill_ratio": 1.1, "pb_calc": 2.25, "capex_dep": 0.83, "interest_debt": 0.1, "debt_ebitda": 0.1, "debt_ratio": 30.0, "debt_mv": 0.6, "payout": 30.6, "div_years": 5, "rev_cagr3": 10.0, "np_cagr3": 3.5, "rev_yoy": 19.2, "np_yoy": 8.9, "np_vol": 7.2, "loss_years": 0, "far_share": 80.0, "earn_yield": 4.1, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 49.0], ["智能测试装备", 33.0], ["测试验证服务", 7.0], ["平衡机及相关振动检测设备", 4.0]], "ret_prev_year": 42.3, "ret_prev2_year": -38.9, "ret_ytd": -8.3, "ret_pivot": 56.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.8, "ret_60": -3.1, "ret_120": -13.1, "ret_250": -15.2, "mdd_250": -34.9, "vol_250": 37.4, "pos_52w": 76.7}, "S": {"duration": 46, "pricing": 63, "hard": 31, "bondness": 28}, "label": "中性", "tags": [], "text": {"像什么": ["PE 24.5 倍、股息率 1.2%、毛利率近 5 年中位 40.5%、固定资产占比 19%、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 40.5%),硬资产占比 19%。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 4.9%(经营现金流/市值 6.1%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 40.5%,稳定度 95%,2020→2022 成本通胀期毛利率变化 3.2 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 19%,资本开支/折旧 0.83 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 24.5 倍 粗算,约 80%(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 -15%,最大回撤 -35%,年化波动 37%,现价在 52 周高点的 77%;近 20 / 60 / 120 日 1% / -3% / -13%。", "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%。", "联测科技:PE 比行业中位低 17.8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 14.2个百分点;固定资产占比 比行业中位高 1.2个百分点。"]}}