{"F": {"ts_code": "688395.SH", "name": "正弦电气", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "自动化设备", "sw3": "工控设备", "ind": "自动化设备", "fin_source": "tushare", "market": "科创板", "list_date": "20210429", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 22.93, "pe_ttm": 45.6722, "pb": 2.508, "dv_ttm": 0.785, "total_mv": 198568.5261, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [35.9, 31.1, 28.6, 32.9, 34.4, 33.3], "rev_series": [4.0, 4.5, 3.5, 3.7, 3.7, 4.4], "np_series": [0.7, 0.7, 0.5, 0.5, 0.4, 0.4], "roe_series": [26.0, 15.2, 6.8, 7.3, 5.1, 5.2], "period": "20260630", "rev_ttm": 4.8, "np_ttm": 0.4, "ocf_ttm": 0.5, "fcf_ttm": 0.3, "fcf_yield": 1.7, "ocf_yield": 2.3, "gm_median": 32.9, "gm_std": 2.0, "gm_stab": 0.94, "gm_chg_2022": -7.3, "npm_median": 13.2, "roe_median": 6.8, "commodity": false, "hard_ratio": 15.8, "fix_assets": 1.6, "goodwill_ratio": 0.2, "pb_calc": 2.51, "capex_dep": 1.18, "interest_debt": 0.1, "debt_ebitda": 0.1, "debt_ratio": 22.3, "debt_mv": 0.3, "payout": 34.1, "div_years": 5, "rev_cagr3": 8.3, "np_cagr3": -4.4, "rev_yoy": 17.0, "np_yoy": 15.6, "np_vol": 19.5, "loss_years": 0, "far_share": 89.0, "earn_yield": 2.2, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 48.0], ["其他业务", 2.0]], "ret_prev_year": 44.9, "ret_prev2_year": -25.8, "ret_ytd": -5.0, "ret_pivot": 81.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.3, "ret_60": -5.2, "ret_120": -15.2, "ret_250": -11.8, "mdd_250": -43.2, "vol_250": 37.6, "pos_52w": 71.2}, "S": {"duration": 68, "pricing": 53, "hard": 25, "bondness": 29}, "label": "中性", "tags": [], "text": {"像什么": ["PE 45.7 倍、股息率 0.8%、毛利率近 5 年中位 32.9%、固定资产占比 16%、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 32.9%),硬资产占比 16%。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 1.7%(经营现金流/市值 2.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 32.9%,稳定度 94%,2020→2022 成本通胀期毛利率变化 -7.3 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 16%,资本开支/折旧 1.18 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 45.7 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 -12%,最大回撤 -43%,年化波动 38%,现价在 52 周高点的 71%;近 20 / 60 / 120 日 5% / -5% / -15%。", "行业对照": ["同申万二级「自动化设备」93 家中位:PE 77.4 / 股息率 0.7% / 毛利率 33.9% / 固定资产占比 14% / 分红率 42%。", "正弦电气:PE 比行业中位低 31.7倍;股息率 比行业中位高 0.1个百分点;毛利率 比行业中位低 1.0个百分点;固定资产占比 比行业中位高 2.0个百分点。"]}}