{"F": {"ts_code": "688698.SH", "name": "伟创电气", "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": "20201229", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 41.02, "pe_ttm": 38.002, "pb": 3.661, "dv_ttm": 1.208, "total_mv": 882066.1864, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [38.0, 33.1, 35.9, 38.1, 39.2, 37.6], "rev_series": [5.7, 8.2, 9.1, 13.0, 16.4, 19.5], "np_series": [0.9, 1.3, 1.4, 1.9, 2.5, 2.6], "roe_series": [17.0, 15.6, 15.1, 13.1, 12.2, 11.8], "period": "20260630", "rev_ttm": 21.2, "np_ttm": 2.3, "ocf_ttm": -0.5, "fcf_ttm": -1.7, "fcf_yield": -1.9, "ocf_yield": -0.5, "gm_median": 37.6, "gm_std": 2.1, "gm_stab": 0.94, "gm_chg_2022": -2.1, "npm_median": 14.7, "roe_median": 13.1, "commodity": false, "hard_ratio": 24.3, "fix_assets": 9.4, "goodwill_ratio": 0.0, "pb_calc": 3.66, "capex_dep": 2.53, "interest_debt": 1.0, "debt_ebitda": 0.3, "debt_ratio": 36.7, "debt_mv": 1.1, "payout": 35.5, "div_years": 5, "rev_cagr3": 29.0, "np_cagr3": 23.4, "rev_yoy": 18.8, "np_yoy": -21.8, "np_vol": 14.6, "loss_years": 0, "far_share": 87.0, "earn_yield": 2.6, "consensus_n": 11, "fwd_pe": 28.9, "fwd_pe2": 23.5, "fwd_g1": 32.0, "fwd_g2": 23.0, "peg": 1.26, "consensus_disp": null, "mainbz": [["产品", 41.0], ["变频器", 21.0], ["伺服系统及运动控制器", 15.0], ["伺服系统及控制系统", 15.0]], "ret_prev_year": 127.9, "ret_prev2_year": 23.0, "ret_ytd": -58.4, "ret_pivot": 94.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -18.1, "ret_60": -28.9, "ret_120": -42.2, "ret_250": -29.9, "mdd_250": -62.9, "vol_250": 64.1, "pos_52w": 37.1}, "S": {"duration": 61, "pricing": 58, "hard": 39, "bondness": 21}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 38.0 倍、股息率 1.2%、毛利率近 5 年中位 37.6%、固定资产占比 24%、有息负债/EBITDA 0.3 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 37.6%),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 -1.9%(经营现金流/市值 -0.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 37.6%,稳定度 94%,2020→2022 成本通胀期毛利率变化 -2.1 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 2.53 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 38.0 倍 粗算,约 87%(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 -30%,最大回撤 -63%,年化波动 64%,现价在 52 周高点的 37%;近 20 / 60 / 120 日 -18% / -29% / -42%。", "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%。", "伟创电气:PE 比行业中位低 39.4倍;股息率 比行业中位高 0.5个百分点;毛利率 比行业中位高 3.7个百分点;固定资产占比 比行业中位高 10.5个百分点。"]}}