{"F": {"ts_code": "002592.SZ", "name": "ST八菱", "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": "20111111", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 6.71, "pe_ttm": 16.1726, "pb": 1.9275, "dv_ttm": 3.7167, "total_mv": 190581.5802, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [18.1, 14.1, 20.6, 22.8, 21.3, 22.2], "rev_series": [6.0, 6.1, 5.5, 5.4, 6.6, 7.1], "np_series": [-6.9, 0.2, 0.1, 1.1, 0.7, 1.2], "roe_series": [-63.5, 2.3, 1.8, 13.4, 8.3, 12.9], "period": "20260630", "rev_ttm": 8.0, "np_ttm": 1.2, "ocf_ttm": 0.3, "fcf_ttm": -0.0, "fcf_yield": -0.2, "ocf_yield": 1.4, "gm_median": 21.3, "gm_std": 3.2, "gm_stab": 0.85, "gm_chg_2022": 2.5, "npm_median": 10.6, "roe_median": 8.3, "commodity": false, "hard_ratio": 22.4, "fix_assets": 2.9, "goodwill_ratio": 0.2, "pb_calc": 1.93, "capex_dep": 0.83, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 24.3, "debt_mv": 0.1, "payout": 61.0, "div_years": 1, "rev_cagr3": 8.8, "np_cagr3": 105.3, "rev_yoy": 30.4, "np_yoy": 1.6, "np_vol": 265.1, "loss_years": 0, "far_share": 69.0, "earn_yield": 6.2, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["热交换器", 63.0], ["外饰件", 29.0], ["材料销售业务", 3.0], ["材料销售", 3.0]], "ret_prev_year": 80.9, "ret_prev2_year": -23.7, "ret_ytd": -18.7, "ret_pivot": 78.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 9.3, "ret_60": 1.5, "ret_120": -32.6, "ret_250": -6.2, "mdd_250": -51.2, "vol_250": 42.5, "pos_52w": 59.9}, "S": {"duration": 33, "pricing": 50, "hard": 36, "bondness": 55}, "label": "现金流红利", "tags": [], "text": {"像什么": ["分红率 61%、股息率 3.7%、营收 3 年复合 8.8%、有息负债/EBITDA 0.0 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 22%,毛利率近 5 年中位 21.3%。", "加息期怎么走": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "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 1.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 21.3%,稳定度 85%,2020→2022 成本通胀期毛利率变化 2.5 个百分点。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 22%,资本开支/折旧 0.83 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 16.2 倍 粗算,约 69%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -6%,最大回撤 -51%,年化波动 42%,现价在 52 周高点的 60%;近 20 / 60 / 120 日 9% / 2% / -33%。", "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%。", "ST八菱:PE 比行业中位低 14.0倍;股息率 比行业中位高 2.6个百分点;毛利率 比行业中位低 0.1个百分点;固定资产占比 比行业中位低 3.1个百分点。"]}}