{"F": {"ts_code": "920855.BJ", "name": "浙江大农", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "专用设备", "sw3": "其他专用设备", "ind": "专用设备", "fin_source": "tushare", "market": "北交所", "list_date": "20221229", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 15.1, "pe_ttm": 51.0369, "pb": 1.9563, "dv_ttm": 0.9934, "total_mv": 112847.3328, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [37.1, 33.0, 34.7, 31.7, 30.8, 30.0], "rev_series": [2.5, 2.9, 2.3, 2.5, 2.6, 2.7], "np_series": [0.3, 0.4, 0.4, 0.4, 0.4, 0.3], "roe_series": [10.2, 12.7, 9.8, 8.0, 7.1, 6.1], "period": "20260630", "rev_ttm": 2.5, "np_ttm": 0.2, "ocf_ttm": 0.6, "fcf_ttm": 0.6, "fcf_yield": 5.0, "ocf_yield": 5.6, "gm_median": 31.7, "gm_std": 1.7, "gm_stab": 0.95, "gm_chg_2022": -2.3, "npm_median": 15.1, "roe_median": 8.0, "commodity": false, "hard_ratio": 23.7, "fix_assets": 1.6, "goodwill_ratio": 0.0, "pb_calc": 1.96, "capex_dep": 0.38, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 14.8, "debt_mv": null, "payout": 40.4, "div_years": 4, "rev_cagr3": 4.5, "np_cagr3": -6.5, "rev_yoy": -12.0, "np_yoy": -50.8, "np_vol": 17.0, "loss_years": 0, "far_share": 90.0, "earn_yield": 2.0, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 33.0], ["清洗机械及附件", 22.0], ["清洗机械", 22.0], ["高压柱塞泵", 10.0]], "ret_prev_year": 8.7, "ret_prev2_year": 30.6, "ret_ytd": -15.0, "ret_pivot": 114.4, "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": 72, "pricing": 55, "hard": 38, "bondness": 39}, "label": "中性", "tags": [], "text": {"像什么": ["PE 51.0 倍、股息率 1.0%、毛利率近 5 年中位 31.7%、固定资产占比 24%、资产负债率 15%: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 31.7%),硬资产占比 24%。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 5.0%(经营现金流/市值 5.6%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 31.7%,稳定度 95%,2020→2022 成本通胀期毛利率变化 -2.3 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 24%,资本开支/折旧 0.38 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 51.0 倍 粗算,约 90%(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%。", "浙江大农:PE 比行业中位高 8.7倍;股息率 比行业中位低 0.1个百分点;毛利率 比行业中位高 5.4个百分点;固定资产占比 比行业中位高 5.7个百分点。"]}}