{"F": {"ts_code": "002537.SZ", "name": "海联金汇", "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": "20110110", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 6.6, "pe_ttm": 25.2121, "pb": 1.7294, "dv_ttm": null, "total_mv": 774851.0517, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [12.5, 12.1, 9.9, 11.2, 14.9, 15.7], "rev_series": [63.2, 72.5, 78.4, 85.0, 74.9, 68.9], "np_series": [2.1, 2.8, 1.0, 0.5, 0.5, 3.0], "roe_series": [5.4, 6.7, 2.4, 1.2, 1.2, 7.2], "period": "20260630", "rev_ttm": 63.1, "np_ttm": 3.1, "ocf_ttm": 6.7, "fcf_ttm": 5.4, "fcf_yield": 6.9, "ocf_yield": 8.7, "gm_median": 12.1, "gm_std": 2.2, "gm_stab": 0.82, "gm_chg_2022": -2.5, "npm_median": 1.2, "roe_median": 2.4, "commodity": false, "hard_ratio": 14.0, "fix_assets": 12.7, "goodwill_ratio": 0.7, "pb_calc": 1.73, "capex_dep": 0.74, "interest_debt": 17.7, "debt_ebitda": 2.3, "debt_ratio": 50.6, "debt_mv": 22.8, "payout": null, "div_years": 0, "rev_cagr3": -4.3, "np_cagr3": 43.0, "rev_yoy": -16.9, "np_yoy": 5.6, "np_vol": 215.7, "loss_years": 0, "far_share": 80.0, "earn_yield": 4.0, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 34.0], ["汽车零部件", 24.0], ["车身及内饰", 15.0], ["钢板加工配送", 8.0]], "ret_prev_year": 57.6, "ret_prev2_year": -13.7, "ret_ytd": -27.2, "ret_pivot": 31.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 13.8, "ret_60": 14.4, "ret_120": -22.9, "ret_250": -38.3, "mdd_250": -56.4, "vol_250": 39.5, "pos_52w": 56.1}, "S": {"duration": 47, "pricing": 40, "hard": 22, "bondness": 27}, "label": "中性", "tags": [], "text": {"像什么": ["PE 25.2 倍、股息率 —、毛利率近 5 年中位 12.1%、固定资产占比 14%、有息负债/EBITDA 2.3 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 14%,毛利率近 5 年中位 12.1%。", "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 6.9%(经营现金流/市值 8.7%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 12.1%,稳定度 82%,2020→2022 成本通胀期毛利率变化 -2.5 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 14%,资本开支/折旧 0.74 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 25.2 倍 粗算,约 80%(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 -38%,最大回撤 -56%,年化波动 40%,现价在 52 周高点的 56%;近 20 / 60 / 120 日 14% / 14% / -23%。", "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%。", "海联金汇:PE 比行业中位低 5.0倍;股息率 ;毛利率 比行业中位低 9.3个百分点;固定资产占比 比行业中位低 11.5个百分点。"]}}