{"F": {"ts_code": "002328.SZ", "name": "新朋股份", "mkt": "CN", "ccy": "元", "sw1": "汽车", "sw2": "汽车零部件", "sw3": "其他汽车零部件", "ind": "汽车零部件", "fin_source": "tushare", "market": "主板", "list_date": "20091230", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 9.96, "pe_ttm": 19.099, "pb": 2.1951, "dv_ttm": 1.4257, "total_mv": 768682.92, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [9.8, 8.6, 9.7, 10.6, 11.4, 11.2], "rev_series": [42.5, 47.2, 60.5, 58.2, 50.2, 38.4], "np_series": [1.4, 4.0, 3.1, 1.9, 1.5, 1.4], "roe_series": [5.6, 14.5, 10.3, 5.9, 4.7, 4.3], "period": "20260630", "rev_ttm": 33.5, "np_ttm": 4.0, "ocf_ttm": 1.3, "fcf_ttm": 0.2, "fcf_yield": 0.2, "ocf_yield": 1.6, "gm_median": 10.6, "gm_std": 1.0, "gm_stab": 0.9, "gm_chg_2022": -0.1, "npm_median": 5.5, "roe_median": 5.9, "commodity": false, "hard_ratio": 19.5, "fix_assets": 11.1, "goodwill_ratio": 0.0, "pb_calc": 2.2, "capex_dep": 0.84, "interest_debt": 4.5, "debt_ebitda": 2.0, "debt_ratio": 30.0, "debt_mv": 5.8, "payout": 71.0, "div_years": 5, "rev_cagr3": -14.0, "np_cagr3": -23.3, "rev_yoy": -23.1, "np_yoy": 316.3, "np_vol": 79.9, "loss_years": 0, "far_share": 74.0, "earn_yield": 5.2, "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], ["汽车零部件", 42.0], ["金属及通信零部件", 8.0], ["房产租赁", 0.0]], "ret_prev_year": 10.6, "ret_prev2_year": 5.7, "ret_ytd": 53.4, "ret_pivot": 148.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 38.1, "ret_60": 28.8, "ret_120": 44.1, "ret_250": 52.6, "mdd_250": -53.4, "vol_250": 51.4, "pos_52w": 75.0}, "S": {"duration": 38, "pricing": 44, "hard": 31, "bondness": 59}, "label": "中性", "tags": [], "text": {"像什么": ["PE 19.1 倍、股息率 1.4%、毛利率近 5 年中位 10.6%、固定资产占比 20%、有息负债/EBITDA 2.0 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 20%,毛利率近 5 年中位 10.6%。", "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 0.2%(经营现金流/市值 1.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 10.6%,稳定度 90%,2020→2022 成本通胀期毛利率变化 -0.1 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 0.84 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 19.1 倍 粗算,约 74%(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 53%,最大回撤 -53%,年化波动 51%,现价在 52 周高点的 75%;近 20 / 60 / 120 日 38% / 29% / 44%。", "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%。", "新朋股份:PE 比行业中位低 11.1倍;股息率 比行业中位高 0.3个百分点;毛利率 比行业中位低 10.8个百分点;固定资产占比 比行业中位低 6.0个百分点。"]}}