{"F": {"ts_code": "601717.SH", "name": "中创智领", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "专用设备", "sw3": "能源及重型设备", "ind": "专用设备", "fin_source": "tushare", "market": "主板", "list_date": "20100803", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 14.47, "pe_ttm": 7.6398, "pb": 1.0907, "dv_ttm": 8.6386, "total_mv": 2583473.6553, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [25.8, 21.9, 20.7, 22.1, 24.0, 22.7], "rev_series": [265.1, 292.7, 320.2, 364.0, 370.2, 413.5], "np_series": [12.4, 19.5, 25.4, 32.7, 39.3, 42.9], "roe_series": [9.8, 14.0, 15.6, 17.1, 18.6, 18.6], "period": "20260630", "rev_ttm": 401.5, "np_ttm": 33.8, "ocf_ttm": 32.1, "fcf_ttm": 13.1, "fcf_yield": 5.1, "ocf_yield": 12.4, "gm_median": 22.1, "gm_std": 1.1, "gm_stab": 0.95, "gm_chg_2022": -5.2, "npm_median": 9.5, "roe_median": 17.1, "commodity": false, "hard_ratio": 16.3, "fix_assets": 82.3, "goodwill_ratio": 0.0, "pb_calc": 1.09, "capex_dep": 2.14, "interest_debt": 78.5, "debt_ebitda": 1.4, "debt_ratio": 51.6, "debt_mv": 30.4, "payout": 51.1, "div_years": 5, "rev_cagr3": 8.9, "np_cagr3": 19.1, "rev_yoy": -6.0, "np_yoy": -36.3, "np_vol": 15.9, "loss_years": 0, "far_share": 35.0, "earn_yield": 13.1, "consensus_n": 6, "fwd_pe": 5.9, "fwd_pe2": 5.1, "fwd_g1": 31.0, "fwd_g2": 15.0, "peg": 0.39, "consensus_disp": null, "mainbz": [["产品", 50.0], ["汽车零部件", 28.0], ["煤机装备及相关物料", 19.0], ["工业智能", 3.0]], "ret_prev_year": 119.6, "ret_prev2_year": 12.4, "ret_ytd": -37.9, "ret_pivot": 59.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -8.5, "ret_60": -11.0, "ret_120": -33.1, "ret_250": -15.2, "mdd_250": -47.4, "vol_250": 39.3, "pos_52w": 54.7}, "S": {"duration": 17, "pricing": 48, "hard": 26, "bondness": 63}, "label": "现金流红利", "tags": ["资本开支扩张期", "股息率≥4%", "PEG<0.8"], "text": {"像什么": ["分红率 51%、股息率 8.6%、营收 3 年复合 8.9%、有息负债/EBITDA 1.4 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 16%,毛利率近 5 年中位 22.1%。", "加息期怎么走": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 5.1%(经营现金流/市值 12.4%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 22.1%,稳定度 95%,2020→2022 成本通胀期毛利率变化 -5.2 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 16%,资本开支/折旧 2.14 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 7.6 倍 粗算,约 35%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 -15%,最大回撤 -47%,年化波动 39%,现价在 52 周高点的 55%;近 20 / 60 / 120 日 -8% / -11% / -33%。", "行业对照": ["同申万二级「专用设备」205 家中位:PE 42.3 / 股息率 1.1% / 毛利率 26.3% / 固定资产占比 18% / 分红率 44%。", "中创智领:PE 比行业中位低 34.7倍;股息率 比行业中位高 7.5个百分点;毛利率 比行业中位低 4.2个百分点;固定资产占比 比行业中位低 1.7个百分点。"]}}