{"F": {"ts_code": "920475.BJ", "name": "三友科技", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "专用设备", "sw3": "其他专用设备", "ind": "专用设备", "fin_source": "tushare", "market": "北交所", "list_date": "20200727", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 12.6, "pe_ttm": null, "pb": 3.5905, "dv_ttm": null, "total_mv": 127335.6, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [26.3, 22.4, 20.5, 20.9, 16.7, 15.9], "rev_series": [2.7, 2.9, 3.6, 3.9, 4.4, 1.8], "np_series": [0.4, 0.3, 0.5, 0.3, 0.2, -0.1], "roe_series": [15.6, 9.1, 15.3, 8.9, 4.3, -3.2], "period": "20260630", "rev_ttm": 2.8, "np_ttm": -0.0, "ocf_ttm": -0.5, "fcf_ttm": -1.0, "fcf_yield": -7.9, "ocf_yield": -4.0, "gm_median": 20.5, "gm_std": 2.5, "gm_stab": 0.88, "gm_chg_2022": -5.8, "npm_median": 8.2, "roe_median": 8.9, "commodity": false, "hard_ratio": 29.2, "fix_assets": 1.9, "goodwill_ratio": 0.0, "pb_calc": 3.59, "capex_dep": 4.83, "interest_debt": 1.6, "debt_ebitda": 16.2, "debt_ratio": 46.4, "debt_mv": 12.4, "payout": 35.0, "div_years": 4, "rev_cagr3": -20.8, "np_cagr3": null, "rev_yoy": 122.6, "np_yoy": 187.5, "np_vol": 79.7, "loss_years": 1, "far_share": 100, "earn_yield": null, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["阴极板", 67.0], ["机组设备", 22.0], ["其他业务", 5.0], ["其他产品", 3.0]], "ret_prev_year": 6.9, "ret_prev2_year": 57.2, "ret_ytd": -26.7, "ret_pivot": 98.3, "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": 100, "pricing": 45, "hard": 47, "bondness": 47}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE —、股息率 —、毛利率近 5 年中位 20.5%、固定资产占比 29%、有息负债/EBITDA 16.2 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 29%,毛利率近 5 年中位 20.5%。", "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 -7.9%(经营现金流/市值 -4.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 20.5%,稳定度 88%,2020→2022 成本通胀期毛利率变化 -5.8 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 29%,资本开支/折旧 4.83 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 为负 粗算,约 100%(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「专用设备」205 家中位:PE 42.3 / 股息率 1.1% / 毛利率 26.3% / 固定资产占比 18% / 分红率 44%。", "三友科技:PE ;股息率 ;毛利率 比行业中位低 5.8个百分点;固定资产占比 比行业中位高 11.2个百分点。"]}}