{"F": {"ts_code": "688308.SH", "name": "欧科亿", "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": "20201210", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 84.18, "pe_ttm": 28.2155, "pb": 4.4539, "dv_ttm": 0.2946, "total_mv": 1336624.3506, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [31.4, 34.4, 36.7, 29.3, 22.7, 21.7], "rev_series": [7.0, 9.9, 10.6, 10.3, 11.3, 14.6], "np_series": [1.1, 2.2, 2.4, 1.7, 0.6, 1.0], "roe_series": [10.8, 15.9, 12.2, 6.6, 2.2, 4.0], "period": "20260630", "rev_ttm": 20.6, "np_ttm": 4.7, "ocf_ttm": -2.3, "fcf_ttm": -3.7, "fcf_yield": -2.7, "ocf_yield": -1.7, "gm_median": 29.3, "gm_std": 6.0, "gm_stab": 0.79, "gm_chg_2022": 5.3, "npm_median": 16.2, "roe_median": 6.6, "commodity": false, "hard_ratio": 34.0, "fix_assets": 16.2, "goodwill_ratio": 0.0, "pb_calc": 4.45, "capex_dep": 0.81, "interest_debt": 9.7, "debt_ebitda": 1.3, "debt_ratio": 36.9, "debt_mv": 7.3, "payout": 38.5, "div_years": 5, "rev_cagr3": 11.4, "np_cagr3": -24.6, "rev_yoy": 100.0, "np_yoy": 47734.2, "np_vol": 65.3, "loss_years": 0, "far_share": 82.0, "earn_yield": 3.5, "consensus_n": 9, "fwd_pe": 22.5, "fwd_pe2": 19.6, "fwd_g1": 25.0, "fwd_g2": 15.0, "peg": 1.5, "consensus_disp": null, "mainbz": [["产品", 33.0], ["数控刀具产品", 17.0], ["数控刀具", 17.0], ["硬质合金制品", 16.0]], "ret_prev_year": 77.8, "ret_prev2_year": -35.0, "ret_ytd": 168.2, "ret_pivot": 513.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -17.9, "ret_60": -40.6, "ret_120": -9.6, "ret_250": 294.7, "mdd_250": -61.1, "vol_250": 93.1, "pos_52w": 42.0}, "S": {"duration": 51, "pricing": 54, "hard": 54, "bondness": 28}, "label": "中性", "tags": [], "text": {"像什么": ["PE 28.2 倍、股息率 0.3%、毛利率近 5 年中位 29.3%、固定资产占比 34%、有息负债/EBITDA 1.3 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 34%),没有定价权:毛利率近 5 年中位 29.3%,稳定度 79%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 -2.7%(经营现金流/市值 -1.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 29.3%,稳定度 79%,2020→2022 成本通胀期毛利率变化 5.3 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 34%,资本开支/折旧 0.81 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 28.2 倍 粗算,约 82%(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 295%,最大回撤 -61%,年化波动 93%,现价在 52 周高点的 42%;近 20 / 60 / 120 日 -18% / -41% / -10%。", "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%。", "欧科亿:PE 比行业中位低 22.4倍;股息率 比行业中位低 0.5个百分点;毛利率 比行业中位高 0.8个百分点;固定资产占比 比行业中位高 13.2个百分点。"]}}