{"F": {"ts_code": "920834.BJ", "name": "三维装备", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "橡胶", "sw3": "其他橡胶制品", "ind": "橡胶", "fin_source": "tushare", "market": "北交所", "list_date": "20220822", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 9.75, "pe_ttm": 24.3568, "pb": 3.7696, "dv_ttm": 2.2154, "total_mv": 117000.0049, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [35.5, 32.9, 31.2, 32.2, 30.6, 32.5], "rev_series": [2.3, 2.8, 2.6, 2.7, 2.7, 3.1], "np_series": [0.4, 0.4, 0.4, 0.4, 0.3, 0.5], "roe_series": [29.1, 27.5, 14.9, 12.3, 11.6, 15.8], "period": "20260630", "rev_ttm": 3.2, "np_ttm": 0.5, "ocf_ttm": 0.5, "fcf_ttm": 0.4, "fcf_yield": 3.6, "ocf_yield": 4.3, "gm_median": 32.2, "gm_std": 0.8, "gm_stab": 0.97, "gm_chg_2022": -4.3, "npm_median": 14.4, "roe_median": 14.9, "commodity": false, "hard_ratio": 17.4, "fix_assets": 0.7, "goodwill_ratio": 0.0, "pb_calc": 3.77, "capex_dep": 0.96, "interest_debt": 0.1, "debt_ebitda": 0.2, "debt_ratio": 20.8, "debt_mv": 0.9, "payout": 100.0, "div_years": 4, "rev_cagr3": 6.2, "np_cagr3": 8.4, "rev_yoy": 10.0, "np_yoy": 4.4, "np_vol": 17.7, "loss_years": 0, "far_share": 79.0, "earn_yield": 4.1, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["斗式提升类零部件", 32.0], ["刮板输送类零部件", 6.0], ["工程塑料类高分子耐磨型材", 5.0]], "ret_prev_year": 114.3, "ret_prev2_year": -1.6, "ret_ytd": -35.5, "ret_pivot": 136.3, "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": 46, "pricing": 54, "hard": 28, "bondness": 63}, "label": "中性", "tags": [], "text": {"像什么": ["PE 24.4 倍、股息率 2.2%、毛利率近 5 年中位 32.2%、固定资产占比 17%、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 32.2%),硬资产占比 17%。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 3.6%(经营现金流/市值 4.3%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 32.2%,稳定度 97%,2020→2022 成本通胀期毛利率变化 -4.3 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 17%,资本开支/折旧 0.96 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 24.4 倍 粗算,约 79%(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「橡胶」23 家中位:PE 29.4 / 股息率 1.5% / 毛利率 23.7% / 固定资产占比 27% / 分红率 47%。", "三维装备:PE 比行业中位低 5.0倍;股息率 比行业中位高 0.7个百分点;毛利率 比行业中位高 8.5个百分点;固定资产占比 比行业中位低 9.6个百分点。"]}}