{"F": {"ts_code": "920608.BJ", "name": "丰安股份", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "专用设备", "sw3": "农用机械", "ind": "专用设备", "fin_source": "tushare", "market": "北交所", "list_date": "20221216", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 14.77, "pe_ttm": 27.8777, "pb": 1.8439, "dv_ttm": 2.0311, "total_mv": 91928.48, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [34.7, 32.6, 32.2, 30.8, 33.4, 34.0], "rev_series": [1.3, 1.7, 1.5, 1.0, 1.6, 1.5], "np_series": [0.4, 0.5, 0.3, 0.3, 0.3, 0.3], "roe_series": [17.6, 17.9, 9.8, 6.1, 7.3, 7.1], "period": "20260630", "rev_ttm": 1.4, "np_ttm": 0.3, "ocf_ttm": 0.3, "fcf_ttm": -0.0, "fcf_yield": -0.3, "ocf_yield": 3.2, "gm_median": 32.6, "gm_std": 1.1, "gm_stab": 0.97, "gm_chg_2022": -2.6, "npm_median": 23.9, "roe_median": 7.3, "commodity": false, "hard_ratio": 20.4, "fix_assets": 1.2, "goodwill_ratio": 0.0, "pb_calc": 1.84, "capex_dep": 2.23, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 11.5, "debt_mv": null, "payout": 55.6, "div_years": 4, "rev_cagr3": -0.1, "np_cagr3": -0.9, "rev_yoy": -3.2, "np_yoy": -3.0, "np_vol": 18.7, "loss_years": 0, "far_share": 82.0, "earn_yield": 3.6, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 49.0], ["拖拉机齿轮", 23.0], ["收割机齿轮", 20.0], ["其他业务", 4.0]], "ret_prev_year": 52.0, "ret_prev2_year": 1.4, "ret_ytd": -19.1, "ret_pivot": 116.8, "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": 50, "pricing": 56, "hard": 33, "bondness": 55}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 27.9 倍、股息率 2.0%、毛利率近 5 年中位 32.6%、固定资产占比 20%、资产负债率 12%: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 32.6%),硬资产占比 20%。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 3.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 32.6%,稳定度 97%,2020→2022 成本通胀期毛利率变化 -2.6 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 20%,资本开支/折旧 2.23 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 27.9 倍 粗算,约 82%(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%。", "丰安股份:PE 比行业中位低 14.4倍;股息率 比行业中位高 0.9个百分点;毛利率 比行业中位高 6.3个百分点;固定资产占比 比行业中位高 2.4个百分点。"]}}