{"F": {"ts_code": "603129.SH", "name": "春风动力", "mkt": "CN", "ccy": "元", "sw1": "汽车", "sw2": "摩托车及其他", "sw3": "摩托车", "ind": "摩托车及其他", "fin_source": "tushare", "market": "主板", "list_date": "20170818", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 296.54, "pe_ttm": 26.1861, "pb": 5.6842, "dv_ttm": 1.4163, "total_mv": 4551378.9512, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [29.3, 21.5, 25.4, 33.5, 30.1, 26.9], "rev_series": [45.3, 78.6, 113.8, 121.1, 150.4, 197.5], "np_series": [3.6, 4.1, 7.0, 10.1, 14.7, 16.8], "roe_series": [28.8, 16.0, 17.9, 21.8, 26.2, 24.5], "period": "20260630", "rev_ttm": 232.8, "np_ttm": 17.4, "ocf_ttm": 38.1, "fcf_ttm": 25.7, "fcf_yield": 5.6, "ocf_yield": 8.4, "gm_median": 26.9, "gm_std": 4.1, "gm_stab": 0.85, "gm_chg_2022": -3.9, "npm_median": 8.7, "roe_median": 21.8, "commodity": false, "hard_ratio": 11.1, "fix_assets": 26.6, "goodwill_ratio": 0.1, "pb_calc": 5.68, "capex_dep": 6.18, "interest_debt": 25.0, "debt_ebitda": 1.1, "debt_ratio": 65.4, "debt_mv": 5.5, "payout": 38.2, "div_years": 5, "rev_cagr3": 20.2, "np_cagr3": 33.7, "rev_yoy": 35.8, "np_yoy": 6.3, "np_vol": 21.8, "loss_years": 0, "far_share": 81.0, "earn_yield": 3.8, "consensus_n": 19, "fwd_pe": 19.9, "fwd_pe2": 15.4, "fwd_g1": 31.0, "fwd_g2": 29.0, "peg": 0.69, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 48.0], ["其他业务", 2.0]], "ret_prev_year": 84.2, "ret_prev2_year": 61.8, "ret_ytd": 8.0, "ret_pivot": 116.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.2, "ret_60": 34.5, "ret_120": 20.6, "ret_250": 9.4, "mdd_250": -25.4, "vol_250": 40.9, "pos_52w": 93.0}, "S": {"duration": 48, "pricing": 48, "hard": 18, "bondness": 25}, "label": "中性", "tags": ["资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["PE 26.2 倍、股息率 1.4%、毛利率近 5 年中位 26.9%、固定资产占比 11%、有息负债/EBITDA 1.1 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 11%,毛利率近 5 年中位 26.9%。", "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 5.6%(经营现金流/市值 8.4%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 26.9%,稳定度 85%,2020→2022 成本通胀期毛利率变化 -3.9 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 11%,资本开支/折旧 6.18 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 26.2 倍 粗算,约 81%(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 9%,最大回撤 -25%,年化波动 41%,现价在 52 周高点的 93%;近 20 / 60 / 120 日 1% / 34% / 21%。", "行业对照": ["同申万二级「摩托车及其他」18 家中位:PE 28.8 / 股息率 1.9% / 毛利率 17.1% / 固定资产占比 12% / 分红率 50%。", "春风动力:PE 比行业中位低 2.6倍;股息率 比行业中位低 0.5个百分点;毛利率 比行业中位高 9.8个百分点;固定资产占比 比行业中位低 1.0个百分点。"]}}