{"F": {"ts_code": "002284.SZ", "name": "亚太股份", "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": "20090828", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 10.25, "pe_ttm": 13.5833, "pb": 2.1325, "dv_ttm": 0.9756, "total_mv": 757577.8075, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [12.9, 13.5, 13.7, 16.7, 18.4, 20.8], "rev_series": [29.2, 36.3, 37.5, 38.7, 42.6, 56.1], "np_series": [0.2, 0.4, 0.7, 1.0, 2.1, 4.9], "roe_series": [0.6, 1.6, 2.5, 3.6, 7.5, 15.6], "period": "20260630", "rev_ttm": 57.6, "np_ttm": 5.6, "ocf_ttm": 13.4, "fcf_ttm": 9.5, "fcf_yield": 12.6, "ocf_yield": 17.7, "gm_median": 16.7, "gm_std": 2.8, "gm_stab": 0.83, "gm_chg_2022": 0.8, "npm_median": 2.5, "roe_median": 3.6, "commodity": false, "hard_ratio": 19.7, "fix_assets": 15.8, "goodwill_ratio": 0.0, "pb_calc": 2.13, "capex_dep": 1.72, "interest_debt": 11.8, "debt_ebitda": 1.5, "debt_ratio": 55.6, "debt_mv": 15.6, "payout": 17.2, "div_years": 4, "rev_cagr3": 14.4, "np_cagr3": 93.2, "rev_yoy": 6.1, "np_yoy": 33.7, "np_vol": 47.4, "loss_years": 0, "far_share": 63.0, "earn_yield": 7.4, "consensus_n": 5, "fwd_pe": 11.8, "fwd_pe2": 9.8, "fwd_g1": 16.0, "fwd_g2": 20.0, "peg": 0.59, "consensus_disp": null, "mainbz": [["汽车基础制动系统", 39.0], ["汽车制动系统", 39.0], ["汽车电子控制系统", 20.0], ["其他业务", 2.0]], "ret_prev_year": 95.4, "ret_prev2_year": -10.9, "ret_ytd": -30.9, "ret_pivot": 42.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 8.1, "ret_60": -0.5, "ret_120": -31.1, "ret_250": -15.1, "mdd_250": -50.9, "vol_250": 40.4, "pos_52w": 59.1}, "S": {"duration": 29, "pricing": 46, "hard": 32, "bondness": 22}, "label": "成长兑现", "tags": ["PEG<0.8"], "text": {"像什么": ["盈利在追估值:最新净利润同比 34%,PE TTM 13.6 倍 但前瞻 PE 11.8 倍,PEG 0.59。", "自由现金流 9.5 亿(正),次年预期增速 20%(5 篇研报),风险在增速假设能否延续。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 20%,毛利率近 5 年中位 16.7%。", "加息期怎么走": "估值不靠远期故事,加息期比纯久期抗跌;风险在订单与增速,盯业绩不盯利率。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 12.6%(经营现金流/市值 17.7%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 16.7%,稳定度 83%,2020→2022 成本通胀期毛利率变化 0.8 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 20%,资本开支/折旧 1.72 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 13.6 倍 粗算,约 63%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -15%,最大回撤 -51%,年化波动 40%,现价在 52 周高点的 59%;近 20 / 60 / 120 日 8% / -0% / -31%。 长久期资产波动大是常态;离高点已远,拥挤已部分释放。", "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%。", "亚太股份:PE 比行业中位低 16.6倍;股息率 比行业中位低 0.1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 5.8个百分点。"]}}