{"F": {"ts_code": "603680.SH", "name": "今创集团", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "轨交设备Ⅱ", "sw3": "轨交设备Ⅲ", "ind": "轨交设备Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20180227", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 10.02, "pe_ttm": 12.128, "pb": 1.3091, "dv_ttm": 2.994, "total_mv": 785286.2376, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [30.6, 27.1, 24.7, 26.7, 25.4, 30.3], "rev_series": [38.8, 37.9, 35.3, 37.0, 45.0, 43.4], "np_series": [4.2, 3.4, 2.0, 2.8, 3.0, 5.8], "roe_series": [9.8, 7.4, 4.1, 5.6, 5.8, 10.6], "period": "20260630", "rev_ttm": 40.9, "np_ttm": 6.5, "ocf_ttm": 9.7, "fcf_ttm": 8.9, "fcf_yield": 11.4, "ocf_yield": 12.4, "gm_median": 26.7, "gm_std": 1.9, "gm_stab": 0.93, "gm_chg_2022": -6.0, "npm_median": 8.8, "roe_median": 5.8, "commodity": false, "hard_ratio": 10.3, "fix_assets": 8.6, "goodwill_ratio": 0.0, "pb_calc": 1.31, "capex_dep": 0.74, "interest_debt": 0.9, "debt_ebitda": 0.1, "debt_ratio": 27.5, "debt_mv": 1.2, "payout": 38.5, "div_years": 5, "rev_cagr3": 7.1, "np_cagr3": 43.1, "rev_yoy": -10.2, "np_yoy": 17.8, "np_vol": 47.2, "loss_years": 0, "far_share": 59.0, "earn_yield": 8.2, "consensus_n": 3, "fwd_pe": 12.0, "fwd_pe2": 10.9, "fwd_g1": 1.0, "fwd_g2": 10.0, "peg": 1.2, "consensus_disp": null, "mainbz": [["产品", 50.0], ["销售商品", 48.0], ["其他收入", 1.0], ["租赁收入", 1.0]], "ret_prev_year": 94.4, "ret_prev2_year": -11.6, "ret_ytd": -34.3, "ret_pivot": 49.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.8, "ret_60": -8.2, "ret_120": -27.5, "ret_250": -24.6, "mdd_250": -50.1, "vol_250": 44.6, "pos_52w": 56.7}, "S": {"duration": 26, "pricing": 50, "hard": 16, "bondness": 45}, "label": "中性", "tags": [], "text": {"像什么": ["PE 12.1 倍、股息率 3.0%、毛利率近 5 年中位 26.7%、固定资产占比 10%、有息负债/EBITDA 0.1 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 10%,毛利率近 5 年中位 26.7%。", "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 11.4%(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 26.7%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -6.0 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 10%,资本开支/折旧 0.74 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 12.1 倍 粗算,约 59%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -25%,最大回撤 -50%,年化波动 45%,现价在 52 周高点的 57%;近 20 / 60 / 120 日 -4% / -8% / -28%。", "行业对照": ["同申万二级「轨交设备Ⅱ」32 家中位:PE 26.2 / 股息率 1.8% / 毛利率 30.0% / 固定资产占比 13% / 分红率 49%。", "今创集团:PE 比行业中位低 14.1倍;股息率 比行业中位高 1.2个百分点;毛利率 比行业中位低 3.3个百分点;固定资产占比 比行业中位低 2.7个百分点。"]}}