{"F": {"ts_code": "920093.BJ", "name": "信胜科技", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "专用设备", "sw3": "纺织服装设备", "ind": "专用设备", "fin_source": "tushare", "market": "北交所", "list_date": "20260821", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 19.94, "pe_ttm": 12.6225, "pb": 4.3227, "dv_ttm": null, "total_mv": 281154.0, "trade_date": "20260904", "years": ["20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [20.3, 20.3, 23.2, 28.1], "rev_series": [6.0, 7.0, 10.3, 14.8], "np_series": [0.5, 0.6, 1.2, 2.2], "roe_series": [18.4, 18.9, 31.4, 41.4], "period": "20260630", "rev_ttm": 16.5, "np_ttm": 2.6, "ocf_ttm": 3.5, "fcf_ttm": 2.6, "fcf_yield": 9.2, "ocf_yield": 12.4, "gm_median": 21.8, "gm_std": 3.2, "gm_stab": 0.85, "gm_chg_2022": null, "npm_median": 10.7, "roe_median": 25.2, "commodity": false, "hard_ratio": 10.2, "fix_assets": 1.6, "goodwill_ratio": 0.0, "pb_calc": 3.69, "capex_dep": 5.44, "interest_debt": 0.5, "debt_ebitda": 0.2, "debt_ratio": 47.0, "debt_mv": 1.8, "payout": null, "div_years": 0, "rev_cagr3": 35.2, "np_cagr3": 61.8, "rev_yoy": 25.4, "np_yoy": 39.6, "np_vol": 39.7, "loss_years": 0, "far_share": 60.0, "earn_yield": 7.9, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["刺绣机", 97.0], ["其他业务", 2.0], ["其他部件", 1.0]], "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": 27, "pricing": 48, "hard": 16, "bondness": 1}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 12.6 倍、股息率 —、毛利率近 5 年中位 21.8%、固定资产占比 10%、有息负债/EBITDA 0.2 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 10%,毛利率近 5 年中位 21.8%。", "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 9.2%(经营现金流/市值 12.4%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 21.8%,稳定度 85%。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 10%,资本开支/折旧 5.44 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 12.6 倍 粗算,约 60%(1 − 5/PE)。中等。"]], "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%。", "信胜科技:PE 比行业中位低 29.7倍;股息率 ;毛利率 比行业中位低 4.5个百分点;固定资产占比 比行业中位低 7.8个百分点。"]}}