{"F": {"ts_code": "920126.BJ", "name": "永大股份", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "专用设备", "sw3": "能源及重型设备", "ind": "专用设备", "fin_source": "tushare", "market": "北交所", "list_date": "20260615", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 10.72, "pe_ttm": 19.2646, "pb": 1.7097, "dv_ttm": null, "total_mv": 199477.76, "trade_date": "20260904", "years": ["20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [27.9, 27.3, 28.7, 25.1], "rev_series": [7.0, 7.1, 8.2, 7.3], "np_series": [1.1, 1.3, 1.1, 1.1], "roe_series": [24.9, 25.2, 17.1, 15.2], "period": "20260630", "rev_ttm": 8.3, "np_ttm": 1.0, "ocf_ttm": 0.4, "fcf_ttm": -1.2, "fcf_yield": -5.8, "ocf_yield": 2.0, "gm_median": 27.6, "gm_std": 1.3, "gm_stab": 0.95, "gm_chg_2022": null, "npm_median": 15.6, "roe_median": 21.0, "commodity": false, "hard_ratio": 0.0, "fix_assets": 0.0, "goodwill_ratio": 0.0, "pb_calc": 1.71, "capex_dep": 14.08, "interest_debt": 0.8, "debt_ebitda": 0.6, "debt_ratio": 34.4, "debt_mv": 4.0, "payout": null, "div_years": 0, "rev_cagr3": 1.5, "np_cagr3": -0.9, "rev_yoy": 31.3, "np_yoy": -8.2, "np_vol": 14.2, "loss_years": 0, "far_share": 74.0, "earn_yield": 5.2, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["压力容器", 49.0], ["零部件销售及其他", 1.0], ["其他业务", 0.0]], "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": 55, "hard": 0, "bondness": 20}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 19.3 倍、股息率 —、毛利率近 5 年中位 27.6%、固定资产占比 0%、有息负债/EBITDA 0.6 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 0%,毛利率近 5 年中位 27.6%。", "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 -5.8%(经营现金流/市值 2.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 27.6%,稳定度 95%。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 0%,资本开支/折旧 14.08 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 19.3 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「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%。", "永大股份:PE 比行业中位低 23.0倍;股息率 ;毛利率 比行业中位高 1.3个百分点;固定资产占比 比行业中位低 18.0个百分点。"]}}