{"F": {"ts_code": "920593.BJ", "name": "鼎智科技", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "自动化设备", "sw3": "机器人", "ind": "自动化设备", "fin_source": "tushare", "market": "北交所", "list_date": "20230413", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 24.22, "pe_ttm": 166.9725, "pb": 6.2693, "dv_ttm": 0.3303, "total_mv": 460775.502, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [52.1, 52.9, 55.4, 52.4, 52.7, 49.2], "rev_series": [1.3, 1.9, 3.2, 2.8, 2.2, 2.7], "np_series": [0.3, 0.5, 1.0, 0.8, 0.4, 0.3], "roe_series": [52.1, 53.9, 53.1, 17.3, 5.8, 4.3], "period": "20260630", "rev_ttm": 3.4, "np_ttm": 0.3, "ocf_ttm": 0.8, "fcf_ttm": 0.6, "fcf_yield": 1.2, "ocf_yield": 1.8, "gm_median": 52.7, "gm_std": 2.0, "gm_stab": 0.96, "gm_chg_2022": 3.3, "npm_median": 25.5, "roe_median": 17.3, "commodity": false, "hard_ratio": 28.0, "fix_assets": 2.7, "goodwill_ratio": 5.8, "pb_calc": 6.27, "capex_dep": 1.08, "interest_debt": 0.1, "debt_ebitda": 0.2, "debt_ratio": 19.7, "debt_mv": 0.2, "payout": 69.0, "div_years": 3, "rev_cagr3": -5.6, "np_cagr3": -33.3, "rev_yoy": 58.9, "np_yoy": -11.6, "np_vol": 56.1, "loss_years": 0, "far_share": 97.0, "earn_yield": 0.6, "consensus_n": 3, "fwd_pe": 132.1, "fwd_pe2": 110.1, "fwd_g1": 26.0, "fwd_g2": 20.0, "peg": 6.6, "consensus_disp": null, "mainbz": [["产品", 44.0], ["线性执行器", 17.0], ["直流电机及组件", 9.0], ["直流电机", 9.0]], "ret_prev_year": 35.8, "ret_prev2_year": 39.7, "ret_ytd": -33.5, "ret_pivot": 143.4, "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": 98, "pricing": 70, "hard": 45, "bondness": 47}, "label": "中性", "tags": [], "text": {"像什么": ["PE 167.0 倍、股息率 0.3%、毛利率近 5 年中位 52.7%、固定资产占比 28%、有息负债/EBITDA 0.2 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 52.7%),硬资产占比 28%。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 1.2%(经营现金流/市值 1.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 52.7%,稳定度 96%,2020→2022 成本通胀期毛利率变化 3.3 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 28%,资本开支/折旧 1.08 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 167.0 倍 粗算,约 97%(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%。", "鼎智科技:PE 比行业中位高 89.6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 18.8个百分点;固定资产占比 比行业中位高 14.2个百分点。"]}}