{"F": {"ts_code": "920260.BJ", "name": "中寰股份", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "通用设备", "sw3": "金属制品", "ind": "通用设备", "fin_source": "tushare", "market": "北交所", "list_date": "20211115", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 8.56, "pe_ttm": 23.1443, "pb": 2.014, "dv_ttm": 2.3364, "total_mv": 88638.8, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [49.4, 40.5, 32.8, 34.2, 32.8, 31.2], "rev_series": [1.9, 2.1, 2.7, 2.8, 2.9, 3.1], "np_series": [0.4, 0.5, 0.4, 0.4, 0.4, 0.4], "roe_series": [19.7, 14.8, 11.4, 10.6, 10.6, 9.6], "period": "20260630", "rev_ttm": 3.0, "np_ttm": 0.4, "ocf_ttm": 0.8, "fcf_ttm": 0.6, "fcf_yield": 7.3, "ocf_yield": 8.5, "gm_median": 32.8, "gm_std": 3.2, "gm_stab": 0.9, "gm_chg_2022": -16.6, "npm_median": 15.4, "roe_median": 10.6, "commodity": false, "hard_ratio": 12.0, "fix_assets": 0.7, "goodwill_ratio": 0.0, "pb_calc": 2.01, "capex_dep": 1.47, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 22.2, "debt_mv": null, "payout": 48.8, "div_years": 5, "rev_cagr3": 4.5, "np_cagr3": -2.0, "rev_yoy": -10.0, "np_yoy": -23.5, "np_vol": 3.7, "loss_years": 0, "far_share": 78.0, "earn_yield": 4.3, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 48.0], ["阀门执行机构", 19.0], ["井口安全控制系统", 18.0], ["零部件销售", 6.0]], "ret_prev_year": 8.5, "ret_prev2_year": 11.5, "ret_ytd": -20.2, "ret_pivot": 66.4, "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": 44, "pricing": 52, "hard": 19, "bondness": 50}, "label": "中性", "tags": [], "text": {"像什么": ["PE 23.1 倍、股息率 2.3%、毛利率近 5 年中位 32.8%、固定资产占比 12%、资产负债率 22%: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 32.8%),硬资产占比 12%。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 7.3%(经营现金流/市值 8.5%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 32.8%,稳定度 90%,2020→2022 成本通胀期毛利率变化 -16.6 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 12%,资本开支/折旧 1.47 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 23.1 倍 粗算,约 78%(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「通用设备」248 家中位:PE 50.6 / 股息率 0.8% / 毛利率 28.5% / 固定资产占比 21% / 分红率 45%。", "中寰股份:PE 比行业中位低 27.5倍;股息率 比行业中位高 1.5个百分点;毛利率 比行业中位高 4.3个百分点;固定资产占比 比行业中位低 8.8个百分点。"]}}