{"F": {"ts_code": "920689.BJ", "name": "克莱特", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "通用设备", "sw3": "其他通用设备", "ind": "通用设备", "fin_source": "tushare", "market": "北交所", "list_date": "20220321", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 20.95, "pe_ttm": 28.1759, "pb": 3.1834, "dv_ttm": 2.3866, "total_mv": 153773.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [31.6, 29.7, 29.2, 29.8, 28.1, 28.2], "rev_series": [2.8, 3.9, 4.2, 5.1, 5.3, 5.9], "np_series": [0.3, 0.5, 0.5, 0.6, 0.5, 0.6], "roe_series": [10.6, 17.2, 14.4, 14.1, 11.9, 11.5], "period": "20260630", "rev_ttm": 6.2, "np_ttm": 0.5, "ocf_ttm": 1.0, "fcf_ttm": 0.6, "fcf_yield": 3.6, "ocf_yield": 6.3, "gm_median": 29.2, "gm_std": 0.7, "gm_stab": 0.97, "gm_chg_2022": -2.4, "npm_median": 11.7, "roe_median": 14.1, "commodity": false, "hard_ratio": 18.5, "fix_assets": 2.0, "goodwill_ratio": 0.0, "pb_calc": 3.13, "capex_dep": 2.04, "interest_debt": 2.7, "debt_ebitda": 3.0, "debt_ratio": 54.8, "debt_mv": 17.9, "payout": 60.2, "div_years": 5, "rev_cagr3": 11.6, "np_cagr3": 3.1, "rev_yoy": 13.4, "np_yoy": -1.8, "np_vol": 31.6, "loss_years": 0, "far_share": 82.0, "earn_yield": 3.5, "consensus_n": 4, "fwd_pe": 25.2, "fwd_pe2": 21.7, "fwd_g1": 12.0, "fwd_g2": 16.0, "peg": 1.57, "consensus_disp": null, "mainbz": [["产品", 49.0], ["通风机", 37.0], ["冷却系统", 10.0], ["其他主营业务", 2.0]], "ret_prev_year": 61.0, "ret_prev2_year": 24.9, "ret_ytd": -30.6, "ret_pivot": 112.5, "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": 51, "pricing": 54, "hard": 30, "bondness": 53}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 28.2 倍、股息率 2.4%、毛利率近 5 年中位 29.2%、固定资产占比 18%、有息负债/EBITDA 3.0 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 18%,毛利率近 5 年中位 29.2%。", "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 3.6%(经营现金流/市值 6.3%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 29.2%,稳定度 97%,2020→2022 成本通胀期毛利率变化 -2.4 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 18%,资本开支/折旧 2.04 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 28.2 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「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%。", "克莱特:PE 比行业中位低 22.4倍;股息率 比行业中位高 1.6个百分点;毛利率 比行业中位高 0.7个百分点;固定资产占比 比行业中位低 2.3个百分点。"]}}