{"F": {"ts_code": "688448.SH", "name": "磁谷科技", "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": "20220921", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 69.0, "pe_ttm": 1007.8332, "pb": 6.5588, "dv_ttm": null, "total_mv": 672880.41, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [44.7, 39.7, 36.3, 33.9, 32.1, 31.8], "rev_series": [2.5, 3.1, 3.4, 4.1, 4.8, 3.7], "np_series": [0.5, 0.6, 0.5, 0.5, 0.5, 0.1], "roe_series": [19.1, 18.1, 7.3, 5.1, 5.2, 1.0], "period": "20260630", "rev_ttm": 3.8, "np_ttm": 0.1, "ocf_ttm": 0.9, "fcf_ttm": 0.1, "fcf_yield": 0.1, "ocf_yield": 1.3, "gm_median": 33.9, "gm_std": 2.9, "gm_stab": 0.91, "gm_chg_2022": -8.4, "npm_median": 11.6, "roe_median": 5.2, "commodity": false, "hard_ratio": 24.5, "fix_assets": 3.6, "goodwill_ratio": 0.0, "pb_calc": 6.56, "capex_dep": 3.6, "interest_debt": 0.1, "debt_ebitda": 0.2, "debt_ratio": 27.9, "debt_mv": 0.1, "payout": 41.7, "div_years": 2, "rev_cagr3": 2.3, "np_cagr3": -40.7, "rev_yoy": 5.7, "np_yoy": -73.0, "np_vol": 36.3, "loss_years": 0, "far_share": 100.0, "earn_yield": 0.1, "consensus_n": 2, "fwd_pe": 181.6, "fwd_pe2": 35.6, "fwd_g1": 455.0, "fwd_g2": 411.0, "peg": 0.44, "consensus_disp": null, "mainbz": [["磁悬浮空气产品", 84.0], ["其他业务", 12.0], ["磁悬浮特殊介质产品", 4.0], ["合同能源管理", 1.0]], "ret_prev_year": 74.2, "ret_prev2_year": -27.8, "ret_ytd": 92.2, "ret_pivot": 516.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 37.2, "ret_60": 33.4, "ret_120": 55.0, "ret_250": 47.0, "mdd_250": -40.2, "vol_250": 64.5, "pos_52w": 96.6}, "S": {"duration": 100, "pricing": 53, "hard": 39, "bondness": 33}, "label": "中性", "tags": ["资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["PE 1007.8 倍、股息率 —、毛利率近 5 年中位 33.9%、固定资产占比 24%、有息负债/EBITDA 0.2 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 33.9%),硬资产占比 24%。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 0.1%(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 33.9%,稳定度 91%,2020→2022 成本通胀期毛利率变化 -8.4 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 24%,资本开支/折旧 3.60 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 1007.8 倍 粗算,约 100%(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 47%,最大回撤 -40%,年化波动 64%,现价在 52 周高点的 97%;近 20 / 60 / 120 日 37% / 33% / 55%。", "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%。", "磁谷科技:PE 比行业中位高 957.2倍;股息率 ;毛利率 比行业中位高 5.4个百分点;固定资产占比 比行业中位高 3.7个百分点。"]}}