{"F": {"ts_code": "920599.BJ", "name": "同力股份", "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": "北交所", "list_date": "20210222", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 18.26, "pe_ttm": 9.1433, "pb": 2.2985, "dv_ttm": 3.7922, "total_mv": 844570.65, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [23.6, 18.2, 19.2, 22.7, 21.4, 23.0], "rev_series": [27.4, 40.9, 52.0, 58.6, 61.4, 63.9], "np_series": [3.3, 3.7, 4.7, 6.1, 7.9, 8.4], "roe_series": [36.5, 26.2, 24.6, 27.4, 28.5, 25.0], "period": "20260630", "rev_ttm": 67.7, "np_ttm": 9.2, "ocf_ttm": 15.4, "fcf_ttm": 15.0, "fcf_yield": 17.8, "ocf_yield": 18.2, "gm_median": 21.4, "gm_std": 1.9, "gm_stab": 0.91, "gm_chg_2022": -4.3, "npm_median": 10.6, "roe_median": 26.2, "commodity": false, "hard_ratio": 7.2, "fix_assets": 6.1, "goodwill_ratio": 0.0, "pb_calc": 2.3, "capex_dep": 0.51, "interest_debt": 2.1, "debt_ebitda": 0.2, "debt_ratio": 56.9, "debt_mv": 2.5, "payout": 38.0, "div_years": 5, "rev_cagr3": 7.1, "np_cagr3": 21.6, "rev_yoy": 12.1, "np_yoy": 26.3, "np_vol": 10.4, "loss_years": 0, "far_share": 45.0, "earn_yield": 10.9, "consensus_n": 10, "fwd_pe": 8.8, "fwd_pe2": 7.8, "fwd_g1": 4.0, "fwd_g2": 13.0, "peg": 0.68, "consensus_disp": null, "mainbz": [["产品", 33.0], ["自卸车", 30.0], ["整车-宽体自卸车", 30.0], ["配件销售", 3.0]], "ret_prev_year": 67.6, "ret_prev2_year": 27.5, "ret_ytd": -8.5, "ret_pivot": 140.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": null, "ret_60": null, "ret_120": null, "ret_250": null, "mdd_250": null, "vol_250": null, "pos_52w": null}, "S": {"duration": 20, "pricing": 47, "hard": 12, "bondness": 50}, "label": "中性", "tags": ["PEG<0.8"], "text": {"像什么": ["PE 9.1 倍、股息率 3.8%、毛利率近 5 年中位 21.4%、固定资产占比 7%、有息负债/EBITDA 0.2 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 7%,毛利率近 5 年中位 21.4%。", "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 17.8%(经营现金流/市值 18.2%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 21.4%,稳定度 91%,2020→2022 成本通胀期毛利率变化 -4.3 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 7%,资本开支/折旧 0.51 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 9.1 倍 粗算,约 45%(1 − 5/PE)。中等。"]], "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%。", "同力股份:PE 比行业中位低 19.2倍;股息率 比行业中位高 2.8个百分点;毛利率 比行业中位低 4.7个百分点;固定资产占比 比行业中位低 10.0个百分点。"]}}