{"F": {"ts_code": "688257.SH", "name": "新锐股份", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "通用设备", "sw3": "金属制品", "ind": "通用设备", "fin_source": "tushare", "market": "科创板", "list_date": "20211027", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 51.11, "pe_ttm": 26.2972, "pb": 6.3266, "dv_ttm": 0.404, "total_mv": 1815750.7263, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [39.6, 36.8, 29.9, 32.5, 31.8, 33.5], "rev_series": [7.3, 8.9, 11.8, 15.5, 18.6, 24.9], "np_series": [1.1, 1.4, 1.5, 1.6, 1.8, 2.3], "roe_series": [25.6, 10.9, 7.3, 7.8, 8.4, 9.9], "period": "20260630", "rev_ttm": 34.1, "np_ttm": 6.9, "ocf_ttm": 2.3, "fcf_ttm": -1.1, "fcf_yield": -0.6, "ocf_yield": 1.3, "gm_median": 32.5, "gm_std": 2.3, "gm_stab": 0.93, "gm_chg_2022": -9.7, "npm_median": 12.1, "roe_median": 8.4, "commodity": false, "hard_ratio": 16.6, "fix_assets": 10.3, "goodwill_ratio": 5.3, "pb_calc": 6.33, "capex_dep": 3.14, "interest_debt": 11.6, "debt_ebitda": 1.1, "debt_ratio": 49.2, "debt_mv": 6.4, "payout": 35.5, "div_years": 5, "rev_cagr3": 28.2, "np_cagr3": 15.5, "rev_yoy": 80.4, "np_yoy": 460.5, "np_vol": 6.5, "loss_years": 0, "far_share": 81.0, "earn_yield": 3.8, "consensus_n": 2, "fwd_pe": 19.7, "fwd_pe2": 16.5, "fwd_g1": 34.0, "fwd_g2": 19.0, "peg": 1.04, "consensus_disp": null, "mainbz": [["产品", 50.0], ["硬质合金", 23.0], ["凿岩工具及配套服务", 16.0], ["切削工具", 7.0]], "ret_prev_year": 172.2, "ret_prev2_year": 4.0, "ret_ytd": 110.3, "ret_pivot": 679.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": -18.9, "ret_60": -34.1, "ret_120": -5.5, "ret_250": 329.0, "mdd_250": -57.6, "vol_250": 78.8, "pos_52w": 45.7}, "S": {"duration": 48, "pricing": 53, "hard": 27, "bondness": 18}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 26.3 倍、股息率 0.4%、毛利率近 5 年中位 32.5%、固定资产占比 17%、有息负债/EBITDA 1.1 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 32.5%),硬资产占比 17%。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 -0.6%(经营现金流/市值 1.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 32.5%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -9.7 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 17%,资本开支/折旧 3.14 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 26.3 倍 粗算,约 81%(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 329%,最大回撤 -58%,年化波动 79%,现价在 52 周高点的 46%;近 20 / 60 / 120 日 -19% / -34% / -6%。", "行业对照": ["同申万二级「通用设备」248 家中位:PE 50.6 / 股息率 0.8% / 毛利率 28.5% / 固定资产占比 21% / 分红率 45%。", "新锐股份:PE 比行业中位低 24.3倍;股息率 比行业中位低 0.4个百分点;毛利率 比行业中位高 4.0个百分点;固定资产占比 比行业中位低 4.2个百分点。"]}}