{"F": {"ts_code": "000581.SZ", "name": "威孚高科", "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": "19980924", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 18.09, "pe_ttm": 14.5414, "pb": 0.8735, "dv_ttm": 4.4223, "total_mv": 1748915.1504, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [19.1, 18.0, 13.5, 17.5, 18.2, 17.3], "rev_series": [128.8, 136.8, 127.3, 110.9, 111.7, 120.2], "np_series": [27.7, 25.8, 1.2, 18.4, 16.6, 10.7], "roe_series": [15.7, 13.7, 0.6, 9.9, 8.5, 5.4], "period": "20260630", "rev_ttm": 128.4, "np_ttm": 12.0, "ocf_ttm": 14.4, "fcf_ttm": 4.9, "fcf_yield": 2.8, "ocf_yield": 8.2, "gm_median": 17.5, "gm_std": 1.7, "gm_stab": 0.9, "gm_chg_2022": -5.6, "npm_median": 15.4, "roe_median": 8.5, "commodity": false, "hard_ratio": 15.8, "fix_assets": 48.9, "goodwill_ratio": 0.0, "pb_calc": 0.87, "capex_dep": 1.5, "interest_debt": 13.3, "debt_ebitda": 1.5, "debt_ratio": 32.1, "debt_mv": 7.6, "payout": 65.5, "div_years": 5, "rev_cagr3": -1.9, "np_cagr3": 107.9, "rev_yoy": 14.2, "np_yoy": 19.2, "np_vol": 594.1, "loss_years": 0, "far_share": 66.0, "earn_yield": 6.9, "consensus_n": 3, "fwd_pe": 10.8, "fwd_pe2": 9.4, "fwd_g1": 35.0, "fwd_g2": 15.0, "peg": 0.72, "consensus_disp": null, "mainbz": [["产品", 50.0], ["能源动力", 43.0], ["汽车智能", 6.0], ["其他业务", 1.0]], "ret_prev_year": 15.9, "ret_prev2_year": 41.4, "ret_ytd": -9.2, "ret_pivot": 27.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.2, "ret_60": 7.7, "ret_120": -21.8, "ret_250": -11.4, "mdd_250": -35.0, "vol_250": 32.1, "pos_52w": 73.2}, "S": {"duration": 30, "pricing": 44, "hard": 25, "bondness": 74}, "label": "现金流红利", "tags": ["股息率≥4%", "PEG<0.8"], "text": {"像什么": ["分红率 66%、股息率 4.4%、营收 3 年复合 -1.9%、有息负债/EBITDA 1.5 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 16%,毛利率近 5 年中位 17.5%。", "加息期怎么走": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 2.8%(经营现金流/市值 8.2%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 17.5%,稳定度 90%,2020→2022 成本通胀期毛利率变化 -5.6 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 16%,资本开支/折旧 1.50 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 14.5 倍 粗算,约 66%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -11%,最大回撤 -35%,年化波动 32%,现价在 52 周高点的 73%;近 20 / 60 / 120 日 4% / 8% / -22%。", "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%。", "威孚高科:PE 比行业中位低 15.7倍;股息率 比行业中位高 3.3个百分点;毛利率 比行业中位低 3.9个百分点;固定资产占比 比行业中位低 9.7个百分点。"]}}