{"F": {"ts_code": "920211.BJ", "name": "新睿电子", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "自动化设备", "sw3": "工控设备", "ind": "自动化设备", "fin_source": "tushare", "market": "北交所", "list_date": "20260605", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 97.59, "pe_ttm": 61.1766, "pb": 7.7986, "dv_ttm": null, "total_mv": 335709.6, "trade_date": "20260904", "years": ["20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [34.3, 33.7, 36.4, 36.0], "rev_series": [1.7, 2.0, 3.0, 3.2], "np_series": [0.3, 0.3, 0.6, 0.6], "roe_series": [26.2, 24.1, 32.2, 25.7], "period": "20260630", "rev_ttm": 3.2, "np_ttm": 0.5, "ocf_ttm": 0.5, "fcf_ttm": 0.5, "fcf_yield": 1.4, "ocf_yield": 1.4, "gm_median": 35.2, "gm_std": 1.1, "gm_stab": 0.97, "gm_chg_2022": null, "npm_median": 18.0, "roe_median": 26.0, "commodity": false, "hard_ratio": 4.4, "fix_assets": 0.3, "goodwill_ratio": 0.5, "pb_calc": 7.8, "capex_dep": 0.78, "interest_debt": 0.1, "debt_ebitda": 0.2, "debt_ratio": 25.3, "debt_mv": 0.4, "payout": null, "div_years": 0, "rev_cagr3": 23.5, "np_cagr3": 25.9, "rev_yoy": 3.3, "np_yoy": -12.0, "np_vol": 34.3, "loss_years": 0, "far_share": 92.0, "earn_yield": 1.6, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 33.0], ["工业机器人控制系统及部件", 24.0], ["工业机器人控制系统及部件：驱控一体控制系统", 21.0], ["伺服系统类", 6.0]], "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": 78, "pricing": 59, "hard": 7, "bondness": 1}, "label": "纯久期", "tags": [], "text": {"像什么": ["PE TTM 61.2 倍,估值里约 92% 来自 5 年后的假设;固定资产占比 4%,几乎没有重置成本可言。", "贴现率每升 1 个百分点,杀伤按 PE 线性放大;这是纯数学,与基本面好坏无关。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 35.2%),硬资产占比 4%。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": "加息期第一个被砸的就是它;拥挤龙头先被砸,那正是建仓窗口,但要等放水信号,别用最贵的票坐车。", "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 1.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 35.2%,稳定度 97%。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 4%,资本开支/折旧 0.78 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 61.2 倍 粗算,约 92%(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%。", "新睿电子:PE 比行业中位低 16.2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 9.4个百分点。"]}}