{"F": {"ts_code": "000680.SZ", "name": "山推股份", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "工程机械", "sw3": "工程机械整机", "ind": "工程机械", "fin_source": "tushare", "market": "主板", "list_date": "19970122", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 10.6, "pe_ttm": 12.0479, "pb": 2.384, "dv_ttm": 1.2619, "total_mv": 1590151.156, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [13.7, 14.4, 14.7, 18.4, 20.1, 21.5], "rev_series": [71.0, 91.6, 100.0, 105.4, 142.2, 146.2], "np_series": [1.0, 2.1, 6.3, 7.7, 11.0, 12.1], "roe_series": [2.9, 5.3, 13.6, 14.6, 20.4, 21.2], "period": "20260630", "rev_ttm": 158.9, "np_ttm": 13.2, "ocf_ttm": 8.8, "fcf_ttm": 8.2, "fcf_yield": 5.2, "ocf_yield": 5.5, "gm_median": 18.4, "gm_std": 2.8, "gm_stab": 0.85, "gm_chg_2022": 1.0, "npm_median": 7.3, "roe_median": 14.6, "commodity": false, "hard_ratio": 11.4, "fix_assets": 22.8, "goodwill_ratio": 0.1, "pb_calc": 2.38, "capex_dep": 0.22, "interest_debt": 23.5, "debt_ebitda": 1.2, "debt_ratio": 65.3, "debt_mv": 14.8, "payout": 16.7, "div_years": 5, "rev_cagr3": 13.5, "np_cagr3": 24.2, "rev_yoy": 18.2, "np_yoy": 19.0, "np_vol": 103.2, "loss_years": 0, "far_share": 58.0, "earn_yield": 8.3, "consensus_n": 11, "fwd_pe": 10.8, "fwd_pe2": 8.9, "fwd_g1": 12.0, "fwd_g2": 21.0, "peg": 0.51, "consensus_disp": null, "mainbz": [["工程机械主机产品", 43.0], ["工程机械主机", 43.0], ["工程机械配件及其他", 10.0], ["其他业务", 4.0]], "ret_prev_year": 25.3, "ret_prev2_year": 107.6, "ret_ytd": -10.7, "ret_pivot": 53.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": -5.3, "ret_60": 4.4, "ret_120": -10.5, "ret_250": 7.5, "mdd_250": -28.1, "vol_250": 37.6, "pos_52w": 78.1}, "S": {"duration": 26, "pricing": 47, "hard": 18, "bondness": 24}, "label": "中性", "tags": ["PEG<0.8"], "text": {"像什么": ["PE 12.0 倍、股息率 1.3%、毛利率近 5 年中位 18.4%、固定资产占比 11%、有息负债/EBITDA 1.2 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 11%,毛利率近 5 年中位 18.4%。", "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 5.2%(经营现金流/市值 5.5%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 18.4%,稳定度 85%,2020→2022 成本通胀期毛利率变化 1.0 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 11%,资本开支/折旧 0.22 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 12.0 倍 粗算,约 58%(1 − 5/PE)。中等。"]], "价格行为": "近一年 8%,最大回撤 -28%,年化波动 38%,现价在 52 周高点的 78%;近 20 / 60 / 120 日 -5% / 4% / -10%。", "行业对照": ["同申万二级「工程机械」35 家中位:PE 28.3 / 股息率 1.0% / 毛利率 26.1% / 固定资产占比 17% / 分红率 33%。", "山推股份:PE 比行业中位低 16.3倍;股息率 比行业中位高 0.3个百分点;毛利率 比行业中位低 7.7个百分点;固定资产占比 比行业中位低 5.8个百分点。"]}}