{"F": {"ts_code": "920186.BJ", "name": "中科仪", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "半导体", "sw3": "半导体设备", "ind": "半导体", "fin_source": "tushare", "market": "北交所", "list_date": "20260429", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 74.18, "pe_ttm": 6.526, "pb": 3.2597, "dv_ttm": null, "total_mv": 1660438.4438, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [9.4, 22.2, 28.7, 33.0, 29.4, 26.8], "rev_series": [null, null, 7.0, 8.5, 10.8, 12.9], "np_series": [null, null, 5.0, 6.0, 1.9, 8.4], "roe_series": [-10.1, 12.2, 60.8, 46.1, 12.1, 40.8], "period": "20260630", "rev_ttm": 13.4, "np_ttm": 25.4, "ocf_ttm": 1.5, "fcf_ttm": 0.9, "fcf_yield": 0.5, "ocf_yield": 0.9, "gm_median": 28.7, "gm_std": 3.5, "gm_stab": 0.88, "gm_chg_2022": 19.2, "npm_median": 65.4, "roe_median": 40.8, "commodity": false, "hard_ratio": 6.9, "fix_assets": 4.6, "goodwill_ratio": 0.0, "pb_calc": 3.26, "capex_dep": 1.5, "interest_debt": 2.3, "debt_ebitda": 0.9, "debt_ratio": 24.1, "debt_mv": 1.4, "payout": null, "div_years": 0, "rev_cagr3": 22.8, "np_cagr3": 19.2, "rev_yoy": 8.5, "np_yoy": 1230.0, "np_vol": 255.5, "loss_years": 0, "far_share": 23.0, "earn_yield": 15.3, "consensus_n": 3, "fwd_pe": 31.7, "fwd_pe2": 61.8, "fwd_g1": -79.0, "fwd_g2": -49.0, "peg": null, "consensus_disp": null, "mainbz": [["产品", 33.0], ["真空干泵及技术服务", 23.0], ["干式真空泵类产品", 23.0], ["真空应用设备", 7.0]], "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": 15, "pricing": 56, "hard": 11, "bondness": 3}, "label": "中性", "tags": [], "text": {"像什么": ["PE 6.5 倍、股息率 —、毛利率近 5 年中位 28.7%、固定资产占比 7%、有息负债/EBITDA 0.9 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 7%,毛利率近 5 年中位 28.7%。", "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 0.5%(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 28.7%,稳定度 88%,2020→2022 成本通胀期毛利率变化 19.2 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 7%,资本开支/折旧 1.50 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 6.5 倍 粗算,约 23%(1 − 5/PE)。<40%,估值靠当期。"]], "行业对照": ["同申万二级「半导体」186 家中位:PE 81.5 / 股息率 0.3% / 毛利率 35.0% / 固定资产占比 11% / 分红率 32%。", "中科仪:PE 比行业中位低 75.0倍;股息率 ;毛利率 比行业中位低 6.3个百分点;固定资产占比 比行业中位低 4.5个百分点。"]}}