{"F": {"ts_code": "920035.BJ", "name": "精创电气", "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": "北交所", "list_date": "20251202", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 25.05, "pe_ttm": 27.6423, "pb": 2.9798, "dv_ttm": 1.6633, "total_mv": 173897.1, "trade_date": "20260904", "years": ["20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [39.0, 41.3, 42.4, 45.4, 47.1], "rev_series": [null, 4.0, 4.3, 5.0, 5.5], "np_series": [null, 0.5, 0.6, 0.6, 0.6], "roe_series": [13.1, 20.0, 18.9, 17.0, 12.3], "period": "20260630", "rev_ttm": 6.2, "np_ttm": 0.6, "ocf_ttm": 0.7, "fcf_ttm": 0.5, "fcf_yield": 2.6, "ocf_yield": 3.9, "gm_median": 42.4, "gm_std": 2.9, "gm_stab": 0.93, "gm_chg_2022": null, "npm_median": 11.8, "roe_median": 17.0, "commodity": false, "hard_ratio": 19.4, "fix_assets": 1.5, "goodwill_ratio": 0.0, "pb_calc": 2.98, "capex_dep": 1.07, "interest_debt": 0.1, "debt_ebitda": 0.1, "debt_ratio": 25.9, "debt_mv": 0.3, "payout": 37.6, "div_years": 1, "rev_cagr3": 11.6, "np_cagr3": 6.8, "rev_yoy": 26.3, "np_yoy": 12.6, "np_vol": 28.0, "loss_years": 0, "far_share": 82.0, "earn_yield": 3.6, "consensus_n": 1, "fwd_pe": 23.4, "fwd_pe2": 18.6, "fwd_g1": 18.0, "fwd_g2": 26.0, "peg": 0.9, "consensus_disp": null, "mainbz": [["智能控制", 45.0], ["冷链智能控制及监测记录类产品", 45.0], ["环境质量检测产品", 4.0], ["环境及质量检测", 4.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": -24.5, "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": 50, "pricing": 61, "hard": 31, "bondness": 32}, "label": "中性", "tags": [], "text": {"像什么": ["PE 27.6 倍、股息率 1.7%、毛利率近 5 年中位 42.4%、固定资产占比 19%、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 42.4%),硬资产占比 19%。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 2.6%(经营现金流/市值 3.9%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 42.4%,稳定度 93%。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 19%,资本开支/折旧 1.07 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 27.6 倍 粗算,约 82%(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「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%。", "精创电气:PE 比行业中位低 23.0倍;股息率 比行业中位高 0.9个百分点;毛利率 比行业中位高 13.9个百分点;固定资产占比 比行业中位低 1.4个百分点。"]}}