{"F": {"ts_code": "920156.BJ", "name": "海昌智能", "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": "20260427", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 37.24, "pe_ttm": 17.4506, "pb": 3.115, "dv_ttm": null, "total_mv": 387742.88, "trade_date": "20260904", "years": ["20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [37.7, 37.3, 34.2, 33.9], "rev_series": [5.2, 6.5, 8.0, 10.6], "np_series": [1.1, 1.2, 1.1, 1.5], "roe_series": [39.4, 36.3, 25.4, 26.2], "period": "20260630", "rev_ttm": 13.3, "np_ttm": 2.2, "ocf_ttm": -0.3, "fcf_ttm": -0.9, "fcf_yield": -2.3, "ocf_yield": -0.9, "gm_median": 35.8, "gm_std": 1.7, "gm_stab": 0.95, "gm_chg_2022": null, "npm_median": 16.5, "roe_median": 31.2, "commodity": false, "hard_ratio": 10.9, "fix_assets": 2.2, "goodwill_ratio": 0.0, "pb_calc": 3.11, "capex_dep": 5.6, "interest_debt": 1.7, "debt_ebitda": 0.6, "debt_ratio": 39.3, "debt_mv": 4.4, "payout": null, "div_years": 0, "rev_cagr3": 26.9, "np_cagr3": 12.6, "rev_yoy": 59.5, "np_yoy": 112.4, "np_vol": 16.1, "loss_years": 0, "far_share": 71.0, "earn_yield": 5.7, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["设备及设备备件", 87.0], ["模具及模具备件", 9.0], ["信息系统", 1.0], ["其他主营业务", 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": 35, "pricing": 59, "hard": 17, "bondness": 2}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 17.5 倍、股息率 —、毛利率近 5 年中位 35.8%、固定资产占比 11%、有息负债/EBITDA 0.6 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 35.8%),硬资产占比 11%。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 -2.3%(经营现金流/市值 -0.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 35.8%,稳定度 95%。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 11%,资本开支/折旧 5.60 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 17.5 倍 粗算,约 71%(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%。", "海昌智能:PE 比行业中位低 24.8倍;股息率 ;毛利率 比行业中位高 9.5个百分点;固定资产占比 比行业中位低 7.1个百分点。"]}}