{"F": {"ts_code": "603012.SH", "name": "创力集团", "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": "20150320", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 10.08, "pe_ttm": 59.797, "pb": 1.6972, "dv_ttm": 0.9921, "total_mv": 651672.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [47.4, 42.6, 46.1, 46.1, 39.2, 40.8], "rev_series": [22.9, 26.1, 26.1, 26.6, 31.2, 26.3], "np_series": [3.7, 3.1, 4.0, 4.0, 2.1, 1.1], "roe_series": [13.2, 10.6, 13.2, 11.7, 5.8, 2.8], "period": "20260630", "rev_ttm": 25.0, "np_ttm": 1.1, "ocf_ttm": 5.7, "fcf_ttm": 4.1, "fcf_yield": 6.3, "ocf_yield": 8.8, "gm_median": 42.6, "gm_std": 2.8, "gm_stab": 0.93, "gm_chg_2022": -1.4, "npm_median": 13.5, "roe_median": 10.6, "commodity": false, "hard_ratio": 12.7, "fix_assets": 10.5, "goodwill_ratio": 2.2, "pb_calc": 1.7, "capex_dep": 1.23, "interest_debt": 12.9, "debt_ebitda": 4.0, "debt_ratio": 50.2, "debt_mv": 19.7, "payout": 30.3, "div_years": 5, "rev_cagr3": 0.3, "np_cagr3": -36.0, "rev_yoy": -10.8, "np_yoy": 3.6, "np_vol": 30.3, "loss_years": 0, "far_share": 92.0, "earn_yield": 1.7, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 34.0], ["煤机销售业务", 32.0], ["煤机产品", 32.0], ["其他业务", 1.0]], "ret_prev_year": 16.2, "ret_prev2_year": -8.1, "ret_ytd": 69.7, "ret_pivot": 155.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 19.9, "ret_60": 31.8, "ret_120": 24.3, "ret_250": 63.9, "mdd_250": -27.7, "vol_250": 45.9, "pos_52w": 96.5}, "S": {"duration": 78, "pricing": 60, "hard": 20, "bondness": 48}, "label": "轻资产现金牛", "tags": [], "text": {"像什么": ["固定资产占比 13%,毛利率近 5 年中位 42.6%,自由现金流/市值 6.3%:现金机器,久期短。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 42.6%),硬资产占比 13%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "加息期怎么走": "久期短、无杠杆,加息期相对安全;放水期跑不过科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 6.3%(经营现金流/市值 8.8%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 42.6%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -1.4 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 13%,资本开支/折旧 1.23 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 59.8 倍 粗算,约 92%(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 64%,最大回撤 -28%,年化波动 46%,现价在 52 周高点的 96%;近 20 / 60 / 120 日 20% / 32% / 24%。", "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%。", "创力集团:PE 比行业中位高 17.5倍;股息率 比行业中位低 0.1个百分点;毛利率 比行业中位高 16.3个百分点;固定资产占比 比行业中位低 5.3个百分点。"]}}