{"F": {"ts_code": "920011.BJ", "name": "晨光电机", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "电机Ⅱ", "sw3": "电机Ⅲ", "ind": "电机Ⅱ", "fin_source": "tushare", "market": "北交所", "list_date": "20260408", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 18.64, "pe_ttm": 19.3533, "pb": 1.7873, "dv_ttm": null, "total_mv": 154090.6673, "trade_date": "20260904", "years": ["20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [23.2, 22.8, 19.7, 19.3], "rev_series": [4.9, 7.1, 8.3, 9.2], "np_series": [0.6, 1.0, 0.8, 0.9], "roe_series": [21.6, 31.3, 19.1, 18.5], "period": "20260630", "rev_ttm": 9.5, "np_ttm": 0.8, "ocf_ttm": 0.7, "fcf_ttm": -0.7, "fcf_yield": -4.5, "ocf_yield": 4.6, "gm_median": 21.3, "gm_std": 1.8, "gm_stab": 0.92, "gm_chg_2022": null, "npm_median": 11.0, "roe_median": 20.3, "commodity": false, "hard_ratio": 23.9, "fix_assets": 3.1, "goodwill_ratio": 0.0, "pb_calc": 1.79, "capex_dep": 9.83, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 34.6, "debt_mv": 0.3, "payout": null, "div_years": 0, "rev_cagr3": 23.0, "np_cagr3": 17.1, "rev_yoy": 6.1, "np_yoy": -32.1, "np_vol": 37.4, "loss_years": 0, "far_share": 74.0, "earn_yield": 5.2, "consensus_n": 1, "fwd_pe": 16.1, "fwd_pe2": 14.6, "fwd_g1": 20.0, "fwd_g2": 10.0, "peg": 1.61, "consensus_disp": null, "mainbz": [["产品", 38.0], ["交流电机", 24.0], ["交流串激电机", 24.0], ["直流无刷电机", 11.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": null, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": null, "ret_60": null, "ret_120": null, "ret_250": null, "mdd_250": null, "vol_250": null, "pos_52w": null}, "S": {"duration": 38, "pricing": 50, "hard": 38, "bondness": 0}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 19.4 倍、股息率 —、毛利率近 5 年中位 21.3%、固定资产占比 24%、有息负债/EBITDA 0.0 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 24%,毛利率近 5 年中位 21.3%。", "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 -4.5%(经营现金流/市值 4.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 21.3%,稳定度 92%。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 9.83 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 19.4 倍 粗算,约 74%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "行业对照": ["同申万二级「电机Ⅱ」28 家中位:PE 46.1 / 股息率 0.6% / 毛利率 20.8% / 固定资产占比 20% / 分红率 38%。", "晨光电机:PE 比行业中位低 26.7倍;股息率 ;毛利率 比行业中位高 0.5个百分点;固定资产占比 比行业中位高 4.1个百分点。"]}}