{"F": {"ts_code": "002703.SZ", "name": "浙江世宝", "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": "20121102", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 17.11, "pe_ttm": 73.6152, "pb": 6.4626, "dv_ttm": 0.3507, "total_mv": 1407524.0364, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [23.6, 21.5, 19.4, 20.6, 20.9, 18.5], "rev_series": [11.0, 11.8, 13.9, 18.2, 26.9, 35.5], "np_series": [0.4, 0.3, 0.2, 0.8, 1.5, 1.8], "roe_series": [3.1, 2.5, 1.1, 5.4, 8.7, 9.0], "period": "20260630", "rev_ttm": 37.5, "np_ttm": 1.9, "ocf_ttm": 3.5, "fcf_ttm": 1.1, "fcf_yield": 0.8, "ocf_yield": 2.5, "gm_median": 20.6, "gm_std": 1.1, "gm_stab": 0.95, "gm_chg_2022": -4.2, "npm_median": 4.7, "roe_median": 5.4, "commodity": false, "hard_ratio": 23.2, "fix_assets": 9.2, "goodwill_ratio": 0.0, "pb_calc": 6.46, "capex_dep": 2.48, "interest_debt": 1.4, "debt_ebitda": 0.5, "debt_ratio": 44.0, "debt_mv": 1.0, "payout": 27.3, "div_years": 3, "rev_cagr3": 36.8, "np_cagr3": 125.1, "rev_yoy": 12.9, "np_yoy": 11.5, "np_vol": 158.4, "loss_years": 0, "far_share": 93.0, "earn_yield": 1.4, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["转向系统及部件", 94.0], ["其他业务", 2.0], ["其他", 2.0], ["配件及其他", 1.0]], "ret_prev_year": 82.6, "ret_prev2_year": -14.9, "ret_ytd": -16.7, "ret_pivot": 64.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 13.8, "ret_60": 12.1, "ret_120": -24.6, "ret_250": 33.2, "mdd_250": -57.5, "vol_250": 66.2, "pos_52w": 61.8}, "S": {"duration": 84, "pricing": 48, "hard": 37, "bondness": 13}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 73.6 倍、股息率 0.4%、毛利率近 5 年中位 20.6%、固定资产占比 23%、有息负债/EBITDA 0.5 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 23%,毛利率近 5 年中位 20.6%。", "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 0.8%(经营现金流/市值 2.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 20.6%,稳定度 95%,2020→2022 成本通胀期毛利率变化 -4.2 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 23%,资本开支/折旧 2.48 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 73.6 倍 粗算,约 93%(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 33%,最大回撤 -58%,年化波动 66%,现价在 52 周高点的 62%;近 20 / 60 / 120 日 14% / 12% / -25%。", "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%。", "浙江世宝:PE 比行业中位高 43.4倍;股息率 比行业中位低 0.7个百分点;毛利率 比行业中位低 0.8个百分点;固定资产占比 比行业中位低 2.3个百分点。"]}}