{"F": {"ts_code": "688600.SH", "name": "皖仪科技", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "通用设备", "sw3": "仪器仪表", "ind": "通用设备", "fin_source": "tushare", "market": "科创板", "list_date": "20200703", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 33.1, "pe_ttm": 52.445, "pb": 5.5897, "dv_ttm": 0.5621, "total_mv": 445885.135, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [51.9, 50.6, 48.0, 49.0, 46.5, 49.7], "rev_series": [4.2, 5.6, 6.8, 7.9, 7.4, 7.1], "np_series": [0.6, 0.5, 0.5, 0.4, 0.1, 0.6], "roe_series": [10.2, 5.6, 5.5, 5.0, 1.7, 7.0], "period": "20260630", "rev_ttm": 7.9, "np_ttm": 0.9, "ocf_ttm": 1.3, "fcf_ttm": 0.4, "fcf_yield": 1.0, "ocf_yield": 2.9, "gm_median": 49.0, "gm_std": 1.4, "gm_stab": 0.97, "gm_chg_2022": -3.9, "npm_median": 7.5, "roe_median": 5.5, "commodity": false, "hard_ratio": 25.9, "fix_assets": 3.6, "goodwill_ratio": 0.0, "pb_calc": 5.59, "capex_dep": 3.13, "interest_debt": 0.5, "debt_ebitda": 0.4, "debt_ratio": 42.4, "debt_mv": 1.1, "payout": 60.6, "div_years": 5, "rev_cagr3": 1.6, "np_cagr3": 4.8, "rev_yoy": 26.8, "np_yoy": 2863.1, "np_vol": 124.4, "loss_years": 0, "far_share": 90.0, "earn_yield": 1.9, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["工业过程检漏仪器", 34.0], ["工业检测仪器及解决方案", 34.0], ["环保在线监测仪器", 8.0], ["在线监测仪器及解决方案", 8.0]], "ret_prev_year": 89.0, "ret_prev2_year": -33.2, "ret_ytd": 33.2, "ret_pivot": 179.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 15.3, "ret_60": 25.4, "ret_120": 25.6, "ret_250": 34.8, "mdd_250": -34.7, "vol_250": 55.4, "pos_52w": 98.1}, "S": {"duration": 73, "pricing": 63, "hard": 41, "bondness": 44}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 52.4 倍、股息率 0.6%、毛利率近 5 年中位 49.0%、固定资产占比 26%、有息负债/EBITDA 0.4 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 49.0%),硬资产占比 26%。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 1.0%(经营现金流/市值 2.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 49.0%,稳定度 97%,2020→2022 成本通胀期毛利率变化 -3.9 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 26%,资本开支/折旧 3.13 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 52.4 倍 粗算,约 90%(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 35%,最大回撤 -35%,年化波动 55%,现价在 52 周高点的 98%;近 20 / 60 / 120 日 15% / 25% / 26%。", "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%。", "皖仪科技:PE 比行业中位高 1.8倍;股息率 比行业中位低 0.2个百分点;毛利率 比行业中位高 20.5个百分点;固定资产占比 比行业中位高 5.1个百分点。"]}}