{"F": {"ts_code": "688377.SH", "name": "迪威尔", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "专用设备", "sw3": "能源及重型设备", "ind": "专用设备", "fin_source": "tushare", "market": "科创板", "list_date": "20200708", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 19.0, "pe_ttm": 44.0146, "pb": 2.3536, "dv_ttm": 0.8772, "total_mv": 443785.47, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [27.9, 20.7, 23.2, 22.0, 18.8, 22.1], "rev_series": [7.1, 5.3, 9.8, 12.1, 11.2, 12.1], "np_series": [0.8, 0.3, 1.2, 1.4, 0.9, 1.2], "roe_series": [7.2, 2.1, 7.8, 8.5, 4.8, 6.5], "period": "20260630", "rev_ttm": 12.2, "np_ttm": 1.0, "ocf_ttm": 2.7, "fcf_ttm": 1.5, "fcf_yield": 3.3, "ocf_yield": 6.2, "gm_median": 22.0, "gm_std": 1.5, "gm_stab": 0.93, "gm_chg_2022": -4.7, "npm_median": 9.9, "roe_median": 6.5, "commodity": false, "hard_ratio": 35.2, "fix_assets": 12.6, "goodwill_ratio": 1.9, "pb_calc": 2.32, "capex_dep": 1.15, "interest_debt": 11.6, "debt_ebitda": 4.5, "debt_ratio": 46.2, "debt_mv": 26.2, "payout": 31.8, "div_years": 4, "rev_cagr3": 7.1, "np_cagr3": -0.6, "rev_yoy": 2.0, "np_yoy": -36.0, "np_vol": 120.8, "loss_years": 0, "far_share": 89.0, "earn_yield": 2.3, "consensus_n": 3, "fwd_pe": 25.8, "fwd_pe2": 16.5, "fwd_g1": 71.0, "fwd_g2": 56.0, "peg": 0.46, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 48.0], ["其他业务", 2.0]], "ret_prev_year": 92.7, "ret_prev2_year": -27.8, "ret_ytd": -37.5, "ret_pivot": 119.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -7.3, "ret_60": -24.3, "ret_120": -47.9, "ret_250": -26.8, "mdd_250": -56.9, "vol_250": 54.8, "pos_52w": 44.8}, "S": {"duration": 67, "pricing": 48, "hard": 56, "bondness": 43}, "label": "中性", "tags": ["PEG<0.8"], "text": {"像什么": ["PE 44.0 倍、股息率 0.9%、毛利率近 5 年中位 22.0%、固定资产占比 35%、有息负债/EBITDA 4.5 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 35%),没有定价权:毛利率近 5 年中位 22.0%,稳定度 93%。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 3.3%(经营现金流/市值 6.2%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 22.0%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -4.7 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 35%,资本开支/折旧 1.15 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 44.0 倍 粗算,约 89%(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 -27%,最大回撤 -57%,年化波动 55%,现价在 52 周高点的 45%;近 20 / 60 / 120 日 -7% / -24% / -48%。", "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%。", "迪威尔:PE 比行业中位高 1.7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 4.3个百分点;固定资产占比 比行业中位高 17.2个百分点。"]}}