{"F": {"ts_code": "000559.SZ", "name": "万向钱潮", "mkt": "CN", "ccy": "元", "sw1": "汽车", "sw2": "汽车零部件", "sw3": "底盘与发动机系统", "ind": "汽车零部件", "fin_source": "tushare", "market": "主板", "list_date": "19940110", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 10.91, "pe_ttm": 34.3184, "pb": 4.3758, "dv_ttm": 1.8332, "total_mv": 3617056.1235, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [16.2, 13.3, 14.0, 16.0, 17.9, 17.8], "rev_series": [108.8, 143.2, 132.6, 139.6, 128.7, 133.9], "np_series": [4.4, 6.9, 8.1, 8.2, 9.5, 10.4], "roe_series": [6.3, 8.0, 9.4, 9.4, 10.6, 11.6], "period": "20260630", "rev_ttm": 125.1, "np_ttm": 10.5, "ocf_ttm": 11.0, "fcf_ttm": 7.7, "fcf_yield": 2.1, "ocf_yield": 3.0, "gm_median": 16.0, "gm_std": 1.9, "gm_stab": 0.88, "gm_chg_2022": -2.2, "npm_median": 6.2, "roe_median": 9.4, "commodity": false, "hard_ratio": 11.9, "fix_assets": 30.1, "goodwill_ratio": 0.0, "pb_calc": 4.38, "capex_dep": 13.7, "interest_debt": 88.8, "debt_ebitda": 5.5, "debt_ratio": 66.5, "debt_mv": 24.6, "payout": 62.1, "div_years": 5, "rev_cagr3": 0.3, "np_cagr3": 8.6, "rev_yoy": -12.8, "np_yoy": 3.4, "np_vol": 19.4, "loss_years": 0, "far_share": 85.0, "earn_yield": 2.9, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 48.0], ["汽车零部件", 42.0], ["铬铁购销相关业务", 5.0], ["物资贸易", 5.0]], "ret_prev_year": 194.6, "ret_prev2_year": 23.8, "ret_ytd": -35.8, "ret_pivot": 139.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -7.3, "ret_60": -17.4, "ret_120": -34.9, "ret_250": 37.4, "mdd_250": -49.0, "vol_250": 62.1, "pos_52w": 53.9}, "S": {"duration": 58, "pricing": 45, "hard": 19, "bondness": 67}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 34.3 倍、股息率 1.8%、毛利率近 5 年中位 16.0%、固定资产占比 12%、有息负债/EBITDA 5.5 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 12%,毛利率近 5 年中位 16.0%。", "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 2.1%(经营现金流/市值 3.0%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 16.0%,稳定度 88%,2020→2022 成本通胀期毛利率变化 -2.2 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 12%,资本开支/折旧 13.70 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 34.3 倍 粗算,约 85%(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 37%,最大回撤 -49%,年化波动 62%,现价在 52 周高点的 54%;近 20 / 60 / 120 日 -7% / -17% / -35%。", "行业对照": ["同申万二级「汽车零部件」274 家中位:PE 30.2 / 股息率 1.1% / 毛利率 21.4% / 固定资产占比 26% / 分红率 35%。", "万向钱潮:PE 比行业中位高 4.1倍;股息率 比行业中位高 0.7个百分点;毛利率 比行业中位低 5.4个百分点;固定资产占比 比行业中位低 13.6个百分点。"]}}