{"F": {"ts_code": "002243.SZ", "name": "力合科创", "mkt": "CN", "ccy": "元", "sw1": "社会服务", "sw2": "专业服务", "sw3": "其他专业服务", "ind": "专业服务", "fin_source": "tushare", "market": "主板", "list_date": "20080528", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 7.38, "pe_ttm": 47.9136, "pb": 1.2108, "dv_ttm": 0.6775, "total_mv": 893425.8996, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [36.0, 36.9, 29.3, 24.9, 23.6, 21.3], "rev_series": [21.8, 30.1, 26.2, 25.2, 23.2, 23.6], "np_series": [5.9, 6.3, 4.2, 3.3, 2.5, 1.8], "roe_series": [11.0, 10.3, 6.3, 4.7, 3.4, 2.4], "period": "20260630", "rev_ttm": 24.5, "np_ttm": 1.9, "ocf_ttm": 1.4, "fcf_ttm": -0.1, "fcf_yield": -0.1, "ocf_yield": 1.6, "gm_median": 24.9, "gm_std": 5.5, "gm_stab": 0.78, "gm_chg_2022": -6.8, "npm_median": 12.0, "roe_median": 4.7, "commodity": false, "hard_ratio": 10.1, "fix_assets": 16.4, "goodwill_ratio": 0.4, "pb_calc": 1.21, "capex_dep": 0.7, "interest_debt": 53.7, "debt_ebitda": 18.0, "debt_ratio": 48.8, "debt_mv": 60.1, "payout": 34.2, "div_years": 5, "rev_cagr3": -3.4, "np_cagr3": -24.9, "rev_yoy": 8.3, "np_yoy": 8.1, "np_vol": 14.4, "loss_years": 0, "far_share": 90.0, "earn_yield": 2.1, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["新材料行业", 42.0], ["新材料产业", 42.0], ["创新基地平台服务", 10.0], ["数字经济产业", 2.0]], "ret_prev_year": 24.7, "ret_prev2_year": 2.6, "ret_ytd": -25.5, "ret_pivot": 29.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.2, "ret_60": 5.3, "ret_120": -25.5, "ret_250": -16.0, "mdd_250": -47.4, "vol_250": 43.2, "pos_52w": 62.3}, "S": {"duration": 70, "pricing": 44, "hard": 16, "bondness": 51}, "label": "中性", "tags": [], "text": {"像什么": ["PE 47.9 倍、股息率 0.7%、毛利率近 5 年中位 24.9%、固定资产占比 10%、有息负债/EBITDA 18.0 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 10%,毛利率近 5 年中位 24.9%。", "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 -0.1%(经营现金流/市值 1.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 24.9%,稳定度 78%,2020→2022 成本通胀期毛利率变化 -6.8 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 10%,资本开支/折旧 0.70 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 47.9 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?"]], "价格行为": "近一年 -16%,最大回撤 -47%,年化波动 43%,现价在 52 周高点的 62%;近 20 / 60 / 120 日 1% / 5% / -26%。", "行业对照": ["同申万二级「专业服务」33 家中位:PE 36.6 / 股息率 1.0% / 毛利率 45.6% / 固定资产占比 24% / 分红率 43%。", "力合科创:PE 比行业中位高 11.3倍;股息率 比行业中位低 0.3个百分点;毛利率 比行业中位低 20.7个百分点;固定资产占比 比行业中位低 14.2个百分点。"]}}