{"F": {"ts_code": "002475.SZ", "name": "立讯精密", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "消费电子", "sw3": "消费电子零部件及组装", "ind": "消费电子", "fin_source": "tushare", "market": "主板", "list_date": "20100915", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 54.3, "pe_ttm": 23.6071, "pb": 4.5139, "dv_ttm": 0.5478, "total_mv": 42016375.0619, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [18.1, 12.3, 12.2, 11.6, 10.4, 11.9], "rev_series": [925.0, 1539.5, 2140.3, 2319.1, 2687.9, 3323.4], "np_series": [72.3, 70.7, 91.6, 109.5, 133.7, 166.0], "roe_series": [29.9, 22.3, 22.7, 21.5, 21.3, 21.5], "period": "20260630", "rev_ttm": 3823.5, "np_ttm": 178.0, "ocf_ttm": 165.4, "fcf_ttm": -21.1, "fcf_yield": -0.5, "ocf_yield": 3.9, "gm_median": 11.9, "gm_std": 0.7, "gm_stab": 0.94, "gm_chg_2022": -5.9, "npm_median": 5.3, "roe_median": 21.5, "commodity": false, "hard_ratio": 19.9, "fix_assets": 697.7, "goodwill_ratio": 0.6, "pb_calc": 4.49, "capex_dep": 1.4, "interest_debt": 1453.5, "debt_ebitda": 5.2, "debt_ratio": 67.4, "debt_mv": 34.6, "payout": 13.1, "div_years": 5, "rev_cagr3": 15.8, "np_cagr3": 21.9, "rev_yoy": 40.2, "np_yoy": 18.0, "np_vol": 10.9, "loss_years": 0, "far_share": 79.0, "earn_yield": 4.2, "consensus_n": 16, "fwd_pe": 19.1, "fwd_pe2": 14.6, "fwd_g1": 23.0, "fwd_g2": 31.0, "peg": 0.62, "consensus_disp": null, "mainbz": [["产品", 33.0], ["消费电子", 23.0], ["消费性电子", 23.0], ["汽车电子", 6.0]], "ret_prev_year": 40.1, "ret_prev2_year": 19.6, "ret_ytd": -3.7, "ret_pivot": 50.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -4.7, "ret_60": -15.7, "ret_120": 10.4, "ret_250": 27.3, "mdd_250": -34.0, "vol_250": 55.3, "pos_52w": 67.9}, "S": {"duration": 45, "pricing": 43, "hard": 32, "bondness": 27}, "label": "中性", "tags": ["PEG<0.8"], "text": {"像什么": ["PE 23.6 倍、股息率 0.5%、毛利率近 5 年中位 11.9%、固定资产占比 20%、有息负债/EBITDA 5.2 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 11.9%。", "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 -0.5%(经营现金流/市值 3.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 11.9%,稳定度 94%,2020→2022 成本通胀期毛利率变化 -5.9 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 1.40 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 23.6 倍 粗算,约 79%(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 27%,最大回撤 -34%,年化波动 55%,现价在 52 周高点的 68%;近 20 / 60 / 120 日 -5% / -16% / 10%。", "行业对照": ["同申万二级「消费电子」100 家中位:PE 46.5 / 股息率 0.7% / 毛利率 20.3% / 固定资产占比 25% / 分红率 44%。", "立讯精密:PE 比行业中位低 22.9倍;股息率 比行业中位低 0.2个百分点;毛利率 比行业中位低 8.4个百分点;固定资产占比 比行业中位低 4.9个百分点。"]}}