{"F": {"ts_code": "001319.SZ", "name": "铭科精技", "mkt": "CN", "ccy": "元", "sw1": "汽车", "sw2": "汽车零部件", "sw3": "车身附件及饰件", "ind": "汽车零部件", "fin_source": "tushare", "market": "主板", "list_date": "20220512", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 20.11, "pe_ttm": 20.7322, "pb": 2.0506, "dv_ttm": 1.7404, "total_mv": 284355.4, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [32.3, 28.2, 25.3, 27.4, 27.9, 26.7], "rev_series": [7.3, 8.6, 8.5, 8.8, 9.7, 12.4], "np_series": [1.0, 0.9, 0.8, 1.0, 1.1, 1.4], "roe_series": [19.8, 15.0, 8.3, 8.4, 8.9, 10.5], "period": "20260630", "rev_ttm": 14.1, "np_ttm": 1.4, "ocf_ttm": 1.9, "fcf_ttm": 1.1, "fcf_yield": 3.9, "ocf_yield": 6.6, "gm_median": 27.4, "gm_std": 1.0, "gm_stab": 0.96, "gm_chg_2022": -6.9, "npm_median": 11.5, "roe_median": 8.9, "commodity": false, "hard_ratio": 19.2, "fix_assets": 4.7, "goodwill_ratio": 2.1, "pb_calc": 2.05, "capex_dep": 1.76, "interest_debt": 0.9, "debt_ebitda": 0.3, "debt_ratio": 39.3, "debt_mv": 3.1, "payout": 49.1, "div_years": 5, "rev_cagr3": 13.5, "np_cagr3": 23.0, "rev_yoy": 33.0, "np_yoy": -6.5, "np_vol": 20.2, "loss_years": 0, "far_share": 76.0, "earn_yield": 4.8, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["燃油汽车金属结构件和其他金属结构件", 27.0], ["新能源汽车金属结构件", 8.0], ["智能装备", 6.0]], "ret_prev_year": 11.1, "ret_prev2_year": -0.2, "ret_ytd": -25.8, "ret_pivot": 13.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.2, "ret_60": -12.7, "ret_120": -22.1, "ret_250": -28.9, "mdd_250": -45.3, "vol_250": 38.0, "pos_52w": 66.1}, "S": {"duration": 40, "pricing": 51, "hard": 31, "bondness": 35}, "label": "中性", "tags": [], "text": {"像什么": ["PE 20.7 倍、股息率 1.7%、毛利率近 5 年中位 27.4%、固定资产占比 19%、有息负债/EBITDA 0.3 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 19%,毛利率近 5 年中位 27.4%。", "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 3.9%(经营现金流/市值 6.6%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 27.4%,稳定度 96%,2020→2022 成本通胀期毛利率变化 -6.9 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 19%,资本开支/折旧 1.76 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 20.7 倍 粗算,约 76%(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 -29%,最大回撤 -45%,年化波动 38%,现价在 52 周高点的 66%;近 20 / 60 / 120 日 4% / -13% / -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%。", "铭科精技:PE 比行业中位低 9.5倍;股息率 比行业中位高 0.6个百分点;毛利率 比行业中位高 6.0个百分点;固定资产占比 比行业中位低 6.3个百分点。"]}}