{"F": {"ts_code": "920476.BJ", "name": "海能技术", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "通用设备", "sw3": "仪器仪表", "ind": "通用设备", "fin_source": "tushare", "market": "北交所", "list_date": "20221014", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 23.01, "pe_ttm": 42.9448, "pb": 4.5722, "dv_ttm": 0.3885, "total_mv": 206136.7877, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [67.7, 66.9, 69.3, 68.1, 64.6, 65.0], "rev_series": [2.1, 2.5, 2.9, 3.4, 3.1, 3.6], "np_series": [0.3, 0.5, 0.4, 0.5, 0.1, 0.4], "roe_series": [10.7, 16.0, 10.5, 9.1, 2.7, 9.2], "period": "20260630", "rev_ttm": 3.8, "np_ttm": 0.5, "ocf_ttm": 0.8, "fcf_ttm": 0.6, "fcf_yield": 2.9, "ocf_yield": 3.8, "gm_median": 66.9, "gm_std": 1.8, "gm_stab": 0.97, "gm_chg_2022": 1.5, "npm_median": 11.2, "roe_median": 9.2, "commodity": false, "hard_ratio": 22.0, "fix_assets": 1.3, "goodwill_ratio": 13.8, "pb_calc": 4.57, "capex_dep": 1.03, "interest_debt": 0.6, "debt_ebitda": 0.7, "debt_ratio": 23.6, "debt_mv": 2.9, "payout": 37.0, "div_years": 4, "rev_cagr3": 8.0, "np_cagr3": -1.8, "rev_yoy": 16.5, "np_yoy": 107.3, "np_vol": 101.0, "loss_years": 0, "far_share": 88.0, "earn_yield": 2.3, "consensus_n": 6, "fwd_pe": 36.0, "fwd_pe2": 29.4, "fwd_g1": 19.0, "fwd_g2": 22.0, "peg": 1.64, "consensus_disp": null, "mainbz": [["科学仪器-有机元素分析系列产品", 16.0], ["元素分析系列", 16.0], ["色谱光谱系列产品", 14.0], ["科学仪器-色谱光谱系列产品", 14.0]], "ret_prev_year": 114.9, "ret_prev2_year": -34.4, "ret_ytd": 11.7, "ret_pivot": 281.1, "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": 66, "pricing": 76, "hard": 35, "bondness": 29}, "label": "中性", "tags": [], "text": {"像什么": ["PE 42.9 倍、股息率 0.4%、毛利率近 5 年中位 66.9%、固定资产占比 22%、有息负债/EBITDA 0.7 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 66.9%),硬资产占比 22%。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 2.9%(经营现金流/市值 3.8%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 66.9%,稳定度 97%,2020→2022 成本通胀期毛利率变化 1.5 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 22%,资本开支/折旧 1.03 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 42.9 倍 粗算,约 88%(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%。", "海能技术:PE 比行业中位低 7.7倍;股息率 比行业中位低 0.4个百分点;毛利率 比行业中位高 38.4个百分点;固定资产占比 比行业中位高 1.2个百分点。"]}}