{"F": {"ts_code": "300174.SZ", "name": "元力股份", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "化学制品", "sw3": "其他化学制品", "ind": "化学制品", "fin_source": "tushare", "market": "创业板", "list_date": "20110201", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 18.15, "pe_ttm": 31.2017, "pb": 1.8671, "dv_ttm": 1.0919, "total_mv": 661041.6945, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [24.5, 23.5, 24.2, 22.1, 24.9, 25.6], "rev_series": [11.4, 16.1, 19.5, 20.2, 18.8, 19.0], "np_series": [1.3, 1.5, 2.2, 2.4, 2.8, 2.3], "roe_series": [10.7, 8.4, 9.5, 8.0, 8.9, 6.7], "period": "20260630", "rev_ttm": 19.8, "np_ttm": 2.1, "ocf_ttm": 3.1, "fcf_ttm": 0.5, "fcf_yield": 0.8, "ocf_yield": 4.7, "gm_median": 24.2, "gm_std": 1.2, "gm_stab": 0.95, "gm_chg_2022": -0.3, "npm_median": 13.1, "roe_median": 8.4, "commodity": false, "hard_ratio": 38.0, "fix_assets": 16.6, "goodwill_ratio": 0.0, "pb_calc": 1.87, "capex_dep": 1.55, "interest_debt": 4.5, "debt_ebitda": 1.1, "debt_ratio": 18.1, "debt_mv": 6.9, "payout": 31.7, "div_years": 5, "rev_cagr3": -0.8, "np_cagr3": 0.6, "rev_yoy": 8.1, "np_yoy": -13.8, "np_vol": 23.7, "loss_years": 0, "far_share": 84.0, "earn_yield": 3.2, "consensus_n": 1, "fwd_pe": 23.0, "fwd_pe2": 19.3, "fwd_g1": 36.0, "fwd_g2": 19.0, "peg": 1.21, "consensus_disp": null, "mainbz": [["产品", 33.0], ["活性炭", 26.0], ["木质活性炭", 26.0], ["硅胶", 4.0]], "ret_prev_year": 7.1, "ret_prev2_year": -7.7, "ret_ytd": 18.6, "ret_pivot": 57.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -5.9, "ret_60": -26.8, "ret_120": 6.1, "ret_250": 5.6, "mdd_250": -48.7, "vol_250": 54.4, "pos_52w": 54.7}, "S": {"duration": 54, "pricing": 53, "hard": 61, "bondness": 41}, "label": "中性", "tags": [], "text": {"像什么": ["PE 31.2 倍、股息率 1.1%、毛利率近 5 年中位 24.2%、固定资产占比 38%、有息负债/EBITDA 1.1 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 38%),没有定价权:毛利率近 5 年中位 24.2%,稳定度 95%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 0.8%(经营现金流/市值 4.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 24.2%,稳定度 95%,2020→2022 成本通胀期毛利率变化 -0.3 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 38%,资本开支/折旧 1.55 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 31.2 倍 粗算,约 84%(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 6%,最大回撤 -49%,年化波动 54%,现价在 52 周高点的 55%;近 20 / 60 / 120 日 -6% / -27% / 6%。", "行业对照": ["同申万二级「化学制品」188 家中位:PE 35.9 / 股息率 1.1% / 毛利率 22.3% / 固定资产占比 34% / 分红率 41%。", "元力股份:PE 比行业中位低 4.7倍;股息率 与行业中位持平;毛利率 比行业中位高 1.9个百分点;固定资产占比 比行业中位高 3.5个百分点。"]}}