{"F": {"ts_code": "600761.SH", "name": "安徽合力", "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": "19961009", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 16.38, "pe_ttm": 13.5207, "pb": 1.3217, "dv_ttm": 3.663, "total_mv": 1458954.8064, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [17.7, 16.1, 17.0, 20.6, 23.5, 23.5], "rev_series": [128.0, 154.2, 156.7, 174.7, 173.3, 198.2], "np_series": [7.3, 6.3, 9.0, 12.8, 13.2, 12.2], "roe_series": [14.1, 11.3, 14.4, 17.6, 14.6, 11.6], "period": "20260630", "rev_ttm": 216.0, "np_ttm": 11.0, "ocf_ttm": 16.5, "fcf_ttm": 9.8, "fcf_yield": 6.7, "ocf_yield": 11.3, "gm_median": 20.6, "gm_std": 3.1, "gm_stab": 0.85, "gm_chg_2022": -0.7, "npm_median": 7.3, "roe_median": 14.4, "commodity": false, "hard_ratio": 23.2, "fix_assets": 48.3, "goodwill_ratio": 0.3, "pb_calc": 1.32, "capex_dep": 1.59, "interest_debt": 14.1, "debt_ebitda": 0.7, "debt_ratio": 42.3, "debt_mv": 9.7, "payout": 37.7, "div_years": 5, "rev_cagr3": 8.1, "np_cagr3": 10.6, "rev_yoy": 12.1, "np_yoy": -17.8, "np_vol": 24.4, "loss_years": 0, "far_share": 63.0, "earn_yield": 7.4, "consensus_n": 17, "fwd_pe": 11.0, "fwd_pe2": 9.6, "fwd_g1": 23.0, "fwd_g2": 15.0, "peg": 0.73, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 49.0], ["其他业务", 1.0]], "ret_prev_year": 24.0, "ret_prev2_year": 0.2, "ret_ytd": -19.7, "ret_pivot": -4.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -4.9, "ret_60": 2.2, "ret_120": -16.9, "ret_250": -10.4, "mdd_250": -30.6, "vol_250": 40.2, "pos_52w": 70.9}, "S": {"duration": 29, "pricing": 47, "hard": 37, "bondness": 49}, "label": "中性", "tags": ["PEG<0.8"], "text": {"像什么": ["PE 13.5 倍、股息率 3.7%、毛利率近 5 年中位 20.6%、固定资产占比 23%、有息负债/EBITDA 0.7 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 23%,毛利率近 5 年中位 20.6%。", "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 6.7%(经营现金流/市值 11.3%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 20.6%,稳定度 85%,2020→2022 成本通胀期毛利率变化 -0.7 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 23%,资本开支/折旧 1.59 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 13.5 倍 粗算,约 63%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -10%,最大回撤 -31%,年化波动 40%,现价在 52 周高点的 71%;近 20 / 60 / 120 日 -5% / 2% / -17%。", "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%。", "安徽合力:PE 比行业中位低 14.8倍;股息率 比行业中位高 2.7个百分点;毛利率 比行业中位低 5.5个百分点;固定资产占比 比行业中位高 6.0个百分点。"]}}