{"F": {"ts_code": "920080.BJ", "name": "奥美森", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "专用设备", "sw3": "其他专用设备", "ind": "专用设备", "fin_source": "tushare", "market": "北交所", "list_date": "20251010", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 22.53, "pe_ttm": 23.1333, "pb": 3.3403, "dv_ttm": 4.4385, "total_mv": 186999.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [46.1, 42.2, 38.2, 43.4, 45.1, 46.5], "rev_series": [null, null, 2.8, 3.2, 3.6, 3.9], "np_series": [null, null, 0.2, 0.5, 0.6, 0.7], "roe_series": [31.4, 21.2, 7.9, 17.2, 16.7, 16.1], "period": "20260630", "rev_ttm": 4.1, "np_ttm": 0.8, "ocf_ttm": 0.9, "fcf_ttm": 0.5, "fcf_yield": 2.8, "ocf_yield": 4.8, "gm_median": 43.4, "gm_std": 2.9, "gm_stab": 0.93, "gm_chg_2022": -8.0, "npm_median": 15.3, "roe_median": 16.7, "commodity": false, "hard_ratio": 20.4, "fix_assets": 2.0, "goodwill_ratio": 0.2, "pb_calc": 3.34, "capex_dep": 2.63, "interest_debt": 1.1, "debt_ebitda": 1.0, "debt_ratio": 43.0, "debt_mv": 5.9, "payout": 131.6, "div_years": 1, "rev_cagr3": 12.2, "np_cagr3": 56.7, "rev_yoy": 9.0, "np_yoy": 19.2, "np_vol": 69.3, "loss_years": 0, "far_share": 78.0, "earn_yield": 4.3, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["换热器生产智能设备", 66.0], ["管路加工智能设备", 19.0], ["零部件及其他", 11.0], ["其他定制智能设备", 3.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": -16.5, "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": 44, "pricing": 58, "hard": 33, "bondness": 72}, "label": "现金流红利", "tags": ["资本开支扩张期", "股息率≥4%"], "text": {"像什么": ["分红率 132%、股息率 4.4%、营收 3 年复合 12.2%、有息负债/EBITDA 1.0 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 43.4%),硬资产占比 20%。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": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 2.8%(经营现金流/市值 4.8%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 43.4%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -8.0 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 20%,资本开支/折旧 2.63 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 23.1 倍 粗算,约 78%(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「专用设备」205 家中位:PE 42.3 / 股息率 1.1% / 毛利率 26.3% / 固定资产占比 18% / 分红率 44%。", "奥美森:PE 比行业中位低 19.2倍;股息率 比行业中位高 3.3个百分点;毛利率 比行业中位高 17.1个百分点;固定资产占比 比行业中位高 2.4个百分点。"]}}