{"F": {"ts_code": "920693.BJ", "name": "阿为特", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "通用设备", "sw3": "金属制品", "ind": "通用设备", "fin_source": "tushare", "market": "北交所", "list_date": "20231027", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 25.11, "pe_ttm": null, "pb": 5.1511, "dv_ttm": 0.1434, "total_mv": 182549.7, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [33.7, 31.5, 29.6, 32.0, 26.4, 21.4], "rev_series": [1.6, 2.3, 2.3, 2.1, 2.5, 2.9], "np_series": [0.2, 0.3, 0.3, 0.2, 0.2, 0.0], "roe_series": [10.5, 12.1, 10.6, 7.4, 5.0, 1.1], "period": "20260630", "rev_ttm": 3.6, "np_ttm": -0.0, "ocf_ttm": 0.3, "fcf_ttm": -0.7, "fcf_yield": -3.7, "ocf_yield": 1.5, "gm_median": 29.6, "gm_std": 3.9, "gm_stab": 0.87, "gm_chg_2022": -4.1, "npm_median": 11.1, "roe_median": 7.4, "commodity": false, "hard_ratio": 39.3, "fix_assets": 2.2, "goodwill_ratio": 2.6, "pb_calc": 5.15, "capex_dep": 4.61, "interest_debt": 0.8, "debt_ebitda": 3.1, "debt_ratio": 36.4, "debt_mv": 4.6, "payout": 29.2, "div_years": 3, "rev_cagr3": 7.8, "np_cagr3": -49.1, "rev_yoy": 47.0, "np_yoy": -62.5, "np_vol": 34.5, "loss_years": 0, "far_share": 100, "earn_yield": null, "consensus_n": 1, "fwd_pe": 209.2, "fwd_pe2": 59.8, "fwd_g1": null, "fwd_g2": 250.0, "peg": 0.84, "consensus_disp": null, "mainbz": [["产品", 50.0], ["机加工件", 39.0], ["装配件", 9.0], ["其他产品", 1.0]], "ret_prev_year": 11.1, "ret_prev2_year": -14.5, "ret_ytd": -36.1, "ret_pivot": 15.0, "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": 50, "hard": 63, "bondness": 33}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE —、股息率 0.1%、毛利率近 5 年中位 29.6%、固定资产占比 39%、有息负债/EBITDA 3.1 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 39%),没有定价权:毛利率近 5 年中位 29.6%,稳定度 87%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 -3.7%(经营现金流/市值 1.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 29.6%,稳定度 87%,2020→2022 成本通胀期毛利率变化 -4.1 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 39%,资本开支/折旧 4.61 倍。涨。"], ["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「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%。", "阿为特:PE ;股息率 比行业中位低 0.7个百分点;毛利率 比行业中位高 1.1个百分点;固定资产占比 比行业中位高 18.5个百分点。"]}}