{"F": {"ts_code": "603338.SH", "name": "浙江鼎力", "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": "20150325", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 57.91, "pe_ttm": 15.9656, "pb": 2.4891, "dv_ttm": 1.9858, "total_mv": 2932260.6889, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [34.9, 29.3, 31.0, 38.5, 35.0, 34.3], "rev_series": [29.6, 49.4, 54.5, 63.1, 78.0, 85.8], "np_series": [6.6, 8.8, 12.6, 18.7, 16.3, 19.0], "roe_series": [19.1, 18.2, 19.3, 23.3, 17.1, 17.7], "period": "20260630", "rev_ttm": 96.5, "np_ttm": 18.4, "ocf_ttm": 17.6, "fcf_ttm": 10.3, "fcf_yield": 3.5, "ocf_yield": 6.0, "gm_median": 34.3, "gm_std": 3.2, "gm_stab": 0.91, "gm_chg_2022": -3.9, "npm_median": 22.1, "roe_median": 18.2, "commodity": false, "hard_ratio": 12.9, "fix_assets": 23.4, "goodwill_ratio": 0.7, "pb_calc": 2.49, "capex_dep": 4.12, "interest_debt": 14.9, "debt_ebitda": 0.6, "debt_ratio": 35.0, "debt_mv": 5.1, "payout": 30.7, "div_years": 5, "rev_cagr3": 16.3, "np_cagr3": 14.7, "rev_yoy": 24.9, "np_yoy": -5.9, "np_vol": 21.9, "loss_years": 0, "far_share": 69.0, "earn_yield": 6.3, "consensus_n": 16, "fwd_pe": 13.9, "fwd_pe2": 11.7, "fwd_g1": 15.0, "fwd_g2": 19.0, "peg": 0.73, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 46.0], ["其他业务", 4.0]], "ret_prev_year": -11.0, "ret_prev2_year": 29.9, "ret_ytd": 4.4, "ret_pivot": 18.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.6, "ret_60": 22.3, "ret_120": 12.2, "ret_250": 7.2, "mdd_250": -31.0, "vol_250": 37.8, "pos_52w": 94.0}, "S": {"duration": 33, "pricing": 54, "hard": 21, "bondness": 28}, "label": "中性", "tags": ["资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["PE 16.0 倍、股息率 2.0%、毛利率近 5 年中位 34.3%、固定资产占比 13%、有息负债/EBITDA 0.6 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 34.3%),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": "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 3.5%(经营现金流/市值 6.0%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 34.3%,稳定度 91%,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 13%,资本开支/折旧 4.12 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 16.0 倍 粗算,约 69%(1 − 5/PE)。中等。"]], "价格行为": "近一年 7%,最大回撤 -31%,年化波动 38%,现价在 52 周高点的 94%;近 20 / 60 / 120 日 2% / 22% / 12%。", "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%。", "浙江鼎力:PE 比行业中位低 12.3倍;股息率 比行业中位高 1.0个百分点;毛利率 比行业中位高 8.2个百分点;固定资产占比 比行业中位低 4.3个百分点。"]}}