{"F": {"ts_code": "001365.SZ", "name": "天海电子", "mkt": "CN", "ccy": "元", "sw1": "汽车", "sw2": "汽车零部件", "sw3": "汽车电子电气系统", "ind": "汽车零部件", "fin_source": "tushare", "market": "主板", "list_date": "20260518", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 34.05, "pe_ttm": 29.0896, "pb": 2.3955, "dv_ttm": null, "total_mv": 1787625.0, "trade_date": "20260904", "years": ["20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [16.3, 15.6, 14.9, 13.9], "rev_series": [82.1, 115.5, 125.2, 159.7], "np_series": [4.0, 6.5, 6.1, 6.4], "roe_series": [15.4, 19.6, 14.1, 13.0], "period": "20260630", "rev_ttm": 172.2, "np_ttm": 6.1, "ocf_ttm": 6.8, "fcf_ttm": 1.2, "fcf_yield": 0.7, "ocf_yield": 3.8, "gm_median": 15.3, "gm_std": 0.9, "gm_stab": 0.94, "gm_chg_2022": null, "npm_median": 5.0, "roe_median": 14.7, "commodity": false, "hard_ratio": 18.6, "fix_assets": 31.7, "goodwill_ratio": 0.0, "pb_calc": 2.4, "capex_dep": 2.05, "interest_debt": 11.9, "debt_ebitda": 1.0, "debt_ratio": 55.3, "debt_mv": 6.7, "payout": null, "div_years": 0, "rev_cagr3": 24.8, "np_cagr3": 16.9, "rev_yoy": 19.0, "np_yoy": -8.5, "np_vol": 30.0, "loss_years": 0, "far_share": 83.0, "earn_yield": 3.4, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["汽车线束", 80.0], ["汽车连接器", 13.0], ["其他业务", 5.0], ["汽车电子产品及其他", 2.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": null, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": -10.0, "ret_60": -11.6, "ret_120": null, "ret_250": null, "mdd_250": -50.3, "vol_250": 72.4, "pos_52w": 49.7}, "S": {"duration": 52, "pricing": 48, "hard": 30, "bondness": 3}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 29.1 倍、股息率 —、毛利率近 5 年中位 15.3%、固定资产占比 19%、有息负债/EBITDA 1.0 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 15.3%。", "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 0.7%(经营现金流/市值 3.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 15.3%,稳定度 94%。不能。"], ["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 2.05 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 29.1 倍 粗算,约 83%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "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%。", "天海电子:PE 比行业中位低 1.1倍;股息率 ;毛利率 比行业中位低 6.1个百分点;固定资产占比 比行业中位低 6.9个百分点。"]}}