{"F": {"ts_code": "920178.BJ", "name": "锐翔智能", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "自动化设备", "sw3": "其他自动化设备", "ind": "自动化设备", "fin_source": "tushare", "market": "北交所", "list_date": "20260515", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 86.34, "pe_ttm": 41.2905, "pb": 5.6947, "dv_ttm": null, "total_mv": 569309.3223, "trade_date": "20260904", "years": ["20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [43.0, 48.8, 48.1, 46.6], "rev_series": [3.1, 4.1, 5.5, 6.0], "np_series": [0.5, 0.9, 1.2, 1.3], "roe_series": [29.4, 38.1, 32.0, 25.7], "period": "20260630", "rev_ttm": 6.6, "np_ttm": 1.4, "ocf_ttm": 0.9, "fcf_ttm": 0.8, "fcf_yield": 1.4, "ocf_yield": 1.6, "gm_median": 47.4, "gm_std": 2.2, "gm_stab": 0.95, "gm_chg_2022": null, "npm_median": 21.7, "roe_median": 30.7, "commodity": false, "hard_ratio": 2.7, "fix_assets": 0.3, "goodwill_ratio": 0.0, "pb_calc": 5.69, "capex_dep": 2.48, "interest_debt": 0.5, "debt_ebitda": 0.3, "debt_ratio": 22.8, "debt_mv": 1.0, "payout": null, "div_years": 0, "rev_cagr3": 24.4, "np_cagr3": 36.3, "rev_yoy": 23.0, "np_yoy": 12.5, "np_vol": 30.5, "loss_years": 0, "far_share": 88.0, "earn_yield": 2.4, "consensus_n": 3, "fwd_pe": 35.7, "fwd_pe2": 24.7, "fwd_g1": 16.0, "fwd_g2": 45.0, "peg": 0.79, "consensus_disp": null, "mainbz": [["产品", 35.0], ["装备及备件销售", 29.0], ["智能制造装备销售", 29.0], ["配件销售", 3.0]], "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": 64, "pricing": 64, "hard": 4, "bondness": 1}, "label": "中性", "tags": ["资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["PE 41.3 倍、股息率 —、毛利率近 5 年中位 47.4%、固定资产占比 3%、有息负债/EBITDA 0.3 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 47.4%),硬资产占比 3%。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 1.4%(经营现金流/市值 1.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 47.4%,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 3%,资本开支/折旧 2.48 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 41.3 倍 粗算,约 88%(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「自动化设备」93 家中位:PE 77.4 / 股息率 0.7% / 毛利率 33.9% / 固定资产占比 14% / 分红率 42%。", "锐翔智能:PE 比行业中位低 36.1倍;股息率 ;毛利率 比行业中位高 13.5个百分点;固定资产占比 比行业中位低 11.1个百分点。"]}}