{"F": {"ts_code": "688333.SH", "name": "铂力特", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "通用设备", "sw3": "其他通用设备", "ind": "通用设备", "fin_source": "tushare", "market": "科创板", "list_date": "20190722", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 109.09, "pe_ttm": 167.539, "pb": 5.7077, "dv_ttm": 0.0745, "total_mv": 2992580.8798, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [52.7, 48.2, 54.5, 47.2, 37.4, 37.7], "rev_series": [4.1, 5.5, 9.2, 11.5, 13.3, 18.5], "np_series": [0.9, -0.5, 0.8, 1.1, 1.0, 2.0], "roe_series": [7.8, -4.4, 5.6, 3.5, 2.2, 4.2], "period": "20260630", "rev_ttm": 19.5, "np_ttm": 1.8, "ocf_ttm": 3.7, "fcf_ttm": -10.0, "fcf_yield": -3.3, "ocf_yield": 1.2, "gm_median": 47.2, "gm_std": 6.6, "gm_stab": 0.86, "gm_chg_2022": 1.8, "npm_median": 8.7, "roe_median": 3.5, "commodity": false, "hard_ratio": 41.1, "fix_assets": 37.8, "goodwill_ratio": 0.0, "pb_calc": 5.71, "capex_dep": 6.2, "interest_debt": 20.0, "debt_ebitda": 4.4, "debt_ratio": 43.0, "debt_mv": 6.7, "payout": 21.6, "div_years": 4, "rev_cagr3": 26.3, "np_cagr3": 36.9, "rev_yoy": 15.5, "np_yoy": -33.0, "np_vol": 133.7, "loss_years": 1, "far_share": 97.0, "earn_yield": 0.6, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 34.0], ["3D打印定制化产品及技术服务", 20.0], ["3D打印定制化产品", 20.0], ["3D打印设备及配件(自研)", 11.0]], "ret_prev_year": 184.0, "ret_prev2_year": -52.4, "ret_ytd": -2.1, "ret_pivot": 184.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.1, "ret_60": 47.3, "ret_120": 13.9, "ret_250": 37.2, "mdd_250": -47.2, "vol_250": 81.3, "pos_52w": 77.8}, "S": {"duration": 98, "pricing": 63, "hard": 66, "bondness": 21}, "label": "钱的替代品", "tags": ["资本开支扩张期"], "text": {"像什么": ["硬资产:固定资产 + 在建 38 亿,占总资产 41%,重置成本随通胀上升。", "定价权:毛利率近 5 年中位 47.2%,稳定度 86%,2020→2022 成本通胀期毛利率变化 1.8 个百分点。", "当期现金流:自由现金流/市值 -3.3%,股息率 0.1%,估值里 5 年后的故事约占 97%。"], "为什么(不)算钱的替代品": "两个条件都占:硬资产(占比 41%)和定价权(毛利率 47.2% 且稳定)。", "加息期怎么走": "信用体制切换时一阶受益,但它是切换的 β:2025 随黄金跑过一轮的,2026 随黄金退潮。加仓看 dollar-credit 面板信号,不预判。", "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 1.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 47.2%,稳定度 86%,2020→2022 成本通胀期毛利率变化 1.8 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 41%,资本开支/折旧 6.20 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 167.5 倍 粗算,约 97%(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 37%,最大回撤 -47%,年化波动 81%,现价在 52 周高点的 78%;近 20 / 60 / 120 日 -1% / 47% / 14%。 钱的替代品是体制切换的 β:过去一年没动,若信号亮起弹性在这。", "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%。", "铂力特:PE 比行业中位高 116.9倍;股息率 比行业中位低 0.7个百分点;毛利率 比行业中位高 18.7个百分点;固定资产占比 比行业中位高 20.3个百分点。"]}}