{"F": {"ts_code": "603194.SH", "name": "中力股份", "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": "20241224", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 34.29, "pe_ttm": 16.3821, "pb": 2.4571, "dv_ttm": 1.8956, "total_mv": 1375029.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [25.9, 22.6, 26.7, 28.7, 28.7, 29.3], "rev_series": [null, null, 50.1, 59.2, 65.5, 72.5], "np_series": [null, null, 6.3, 8.1, 8.4, 8.6], "roe_series": [35.9, 32.5, 36.2, 32.9, 21.8, 16.9], "period": "20260630", "rev_ttm": 77.4, "np_ttm": 8.4, "ocf_ttm": 8.0, "fcf_ttm": -3.8, "fcf_yield": -2.7, "ocf_yield": 5.8, "gm_median": 28.7, "gm_std": 2.5, "gm_stab": 0.91, "gm_chg_2022": 0.9, "npm_median": 12.6, "roe_median": 32.5, "commodity": false, "hard_ratio": 24.5, "fix_assets": 24.9, "goodwill_ratio": 0.2, "pb_calc": 2.46, "capex_dep": 3.79, "interest_debt": 9.5, "debt_ebitda": 0.7, "debt_ratio": 44.1, "debt_mv": 6.9, "payout": 27.9, "div_years": 2, "rev_cagr3": 13.1, "np_cagr3": 11.0, "rev_yoy": 14.2, "np_yoy": -4.3, "np_vol": 29.9, "loss_years": 0, "far_share": 69.0, "earn_yield": 6.1, "consensus_n": 3, "fwd_pe": 15.1, "fwd_pe2": 13.2, "fwd_g1": 9.0, "fwd_g2": 14.0, "peg": 1.08, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 50.0], ["其他业务", 0.0]], "ret_prev_year": 12.7, "ret_prev2_year": null, "ret_ytd": -11.9, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.5, "ret_60": -11.0, "ret_120": -1.1, "ret_250": -17.6, "mdd_250": -31.0, "vol_250": 32.8, "pos_52w": 75.4}, "S": {"duration": 34, "pricing": 54, "hard": 39, "bondness": 30}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 16.4 倍、股息率 1.9%、毛利率近 5 年中位 28.7%、固定资产占比 24%、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 24%,毛利率近 5 年中位 28.7%。", "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 -2.7%(经营现金流/市值 5.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 28.7%,稳定度 91%,2020→2022 成本通胀期毛利率变化 0.9 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 24%,资本开支/折旧 3.79 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 16.4 倍 粗算,约 69%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -18%,最大回撤 -31%,年化波动 33%,现价在 52 周高点的 75%;近 20 / 60 / 120 日 0% / -11% / -1%。", "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%。", "中力股份:PE 比行业中位低 11.9倍;股息率 比行业中位高 0.9个百分点;毛利率 比行业中位高 2.6个百分点;固定资产占比 比行业中位高 7.3个百分点。"]}}