{"F": {"ts_code": "601123.SH", "name": "C马矿", "mkt": "CN", "ccy": "元", "sw1": "钢铁", "sw2": "冶钢原料", "sw3": "铁矿石", "ind": "冶钢原料", "fin_source": "tushare", "market": "主板", "list_date": "20260901", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 17.54, "pe_ttm": 32.8796, "pb": 5.1894, "dv_ttm": null, "total_mv": 2165508.0448, "trade_date": "20260904", "years": ["20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [56.6, 58.1, 55.5, 51.2], "rev_series": [20.6, 19.6, 20.5, 19.9], "np_series": [6.6, 6.5, 6.6, 6.0], "roe_series": [28.0, 25.9, 22.9, 17.5], "period": "20260630", "rev_ttm": 20.6, "np_ttm": 6.6, "ocf_ttm": 8.6, "fcf_ttm": 6.4, "fcf_yield": 2.9, "ocf_yield": 4.0, "gm_median": 56.0, "gm_std": 2.6, "gm_stab": 0.95, "gm_chg_2022": null, "npm_median": 32.2, "roe_median": 24.4, "commodity": false, "hard_ratio": 53.3, "fix_assets": 25.2, "goodwill_ratio": 0.0, "pb_calc": 5.19, "capex_dep": 0.83, "interest_debt": 0.9, "debt_ebitda": 0.1, "debt_ratio": 11.6, "debt_mv": 0.4, "payout": null, "div_years": 0, "rev_cagr3": -1.1, "np_cagr3": -3.0, "rev_yoy": 6.4, "np_yoy": 15.7, "np_vol": 4.7, "loss_years": 0, "far_share": 85.0, "earn_yield": 3.0, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["铁精矿(造球精粉)", 92.0], ["钼精矿", 7.0], ["其他业务", 1.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": null, "ret_pivot": null, "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": 56, "pricing": 69, "hard": 85, "bondness": 20}, "label": "钱的替代品", "tags": [], "text": {"像什么": ["硬资产:固定资产 + 在建 25 亿,占总资产 53%,重置成本随通胀上升。", "定价权:毛利率近 5 年中位 56.0%,稳定度 95%。", "当期现金流:自由现金流/市值 2.9%,股息率 —,估值里 5 年后的故事约占 85%。"], "为什么(不)算钱的替代品": "两个条件都占:硬资产(占比 53%)和定价权(毛利率 56.0% 且稳定)。", "加息期怎么走": "信用体制切换时一阶受益,但它是切换的 β:2025 随黄金跑过一轮的,2026 随黄金退潮。加仓看 dollar-credit 面板信号,不预判。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 2.9%(经营现金流/市值 4.0%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 56.0%,稳定度 95%。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 53%,资本开支/折旧 0.83 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 32.9 倍 粗算,约 85%(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「冶钢原料」10 家中位:PE 30.6 / 股息率 2.1% / 毛利率 34.8% / 固定资产占比 33% / 分红率 54%。", "C马矿:PE 比行业中位高 2.3倍;股息率 ;毛利率 比行业中位高 21.2个百分点;固定资产占比 比行业中位高 20.4个百分点。"]}}