{"F": {"ts_code": "920856.BJ", "name": "浩淼科技", "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": "20201225", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 12.1, "pe_ttm": 232.6691, "pb": 2.4972, "dv_ttm": 1.2397, "total_mv": 115103.2199, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [22.1, 21.1, 21.1, 15.1, 19.7, 20.4], "rev_series": [3.6, 4.1, 4.5, 4.8, 5.4, 4.2], "np_series": [0.3, 0.2, 0.3, 0.1, 0.2, 0.2], "roe_series": [7.4, 5.8, 7.6, 1.8, 4.2, 3.7], "period": "20260630", "rev_ttm": 3.6, "np_ttm": 0.0, "ocf_ttm": 1.0, "fcf_ttm": 0.9, "fcf_yield": 7.5, "ocf_yield": 8.4, "gm_median": 20.4, "gm_std": 2.3, "gm_stab": 0.89, "gm_chg_2022": -1.0, "npm_median": 4.1, "roe_median": 4.2, "commodity": false, "hard_ratio": 20.3, "fix_assets": 1.2, "goodwill_ratio": 0.0, "pb_calc": 2.5, "capex_dep": 0.79, "interest_debt": 0.2, "debt_ebitda": 0.8, "debt_ratio": 22.6, "debt_mv": 1.3, "payout": 64.4, "div_years": 4, "rev_cagr3": -2.1, "np_cagr3": -18.8, "rev_yoy": -32.2, "np_yoy": -81.4, "np_vol": 70.5, "loss_years": 0, "far_share": 98.0, "earn_yield": 0.4, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["特种车", 27.0], ["特种消防车", 27.0], ["罐类消防车", 17.0], ["举高消防车", 12.0]], "ret_prev_year": 120.4, "ret_prev2_year": 3.3, "ret_ytd": -26.6, "ret_pivot": 204.2, "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": 48, "hard": 32, "bondness": 52}, "label": "中性", "tags": [], "text": {"像什么": ["PE 232.7 倍、股息率 1.2%、毛利率近 5 年中位 20.4%、固定资产占比 20%、有息负债/EBITDA 0.8 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 20%,毛利率近 5 年中位 20.4%。", "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 7.5%(经营现金流/市值 8.4%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 20.4%,稳定度 89%,2020→2022 成本通胀期毛利率变化 -1.0 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 0.79 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 232.7 倍 粗算,约 98%(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%。", "浩淼科技:PE 比行业中位高 190.4倍;股息率 比行业中位高 0.1个百分点;毛利率 比行业中位低 5.9个百分点;固定资产占比 比行业中位高 2.3个百分点。"]}}