{"F": {"ts_code": "920425.BJ", "name": "乐创技术", "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": "20230130", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 14.82, "pe_ttm": 29.0079, "pb": 5.1957, "dv_ttm": 1.2049, "total_mv": 149253.9495, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [57.9, 64.8, 70.8, 65.6, 63.6, 67.3], "rev_series": [0.7, 1.0, 0.8, 0.8, 0.8, 1.1], "np_series": [0.2, 0.3, 0.3, 0.3, 0.2, 0.3], "roe_series": [22.4, 36.7, 25.1, 15.2, 6.9, 12.6], "period": "20260630", "rev_ttm": 1.6, "np_ttm": 0.5, "ocf_ttm": -0.0, "fcf_ttm": -0.0, "fcf_yield": -0.3, "ocf_yield": -0.2, "gm_median": 65.6, "gm_std": 2.5, "gm_stab": 0.96, "gm_chg_2022": 12.9, "npm_median": 32.3, "roe_median": 15.2, "commodity": false, "hard_ratio": 9.2, "fix_assets": 0.3, "goodwill_ratio": 0.0, "pb_calc": 5.2, "capex_dep": 0.56, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 16.2, "debt_mv": 0.0, "payout": 55.6, "div_years": 4, "rev_cagr3": 12.1, "np_cagr3": 5.0, "rev_yoy": 80.1, "np_yoy": 105.9, "np_vol": 59.8, "loss_years": 0, "far_share": 83.0, "earn_yield": 3.4, "consensus_n": 1, "fwd_pe": 26.0, "fwd_pe2": 22.1, "fwd_g1": 12.0, "fwd_g2": 18.0, "peg": 1.44, "consensus_disp": null, "mainbz": [["点胶控制系统", 44.0], ["其他产品", 22.0], ["其他主营业务", 22.0], ["通用运动控制器", 4.0]], "ret_prev_year": 60.0, "ret_prev2_year": -10.8, "ret_ytd": 1.0, "ret_pivot": 233.7, "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": 52, "pricing": 78, "hard": 15, "bondness": 35}, "label": "中性", "tags": [], "text": {"像什么": ["PE 29.0 倍、股息率 1.2%、毛利率近 5 年中位 65.6%、固定资产占比 9%、有息负债/EBITDA 0.0 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 65.6%),硬资产占比 9%。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 -0.3%(经营现金流/市值 -0.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 65.6%,稳定度 96%,2020→2022 成本通胀期毛利率变化 12.9 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 9%,资本开支/折旧 0.56 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 29.0 倍 粗算,约 83%(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%。", "乐创技术:PE 比行业中位低 48.4倍;股息率 比行业中位高 0.5个百分点;毛利率 比行业中位高 31.7个百分点;固定资产占比 比行业中位低 4.6个百分点。"]}}