{"F": {"ts_code": "002870.SZ", "name": "香山股份", "mkt": "CN", "ccy": "元", "sw1": "汽车", "sw2": "汽车零部件", "sw3": "汽车电子电气系统", "ind": "汽车零部件", "fin_source": "tushare", "market": "主板", "list_date": "20170515", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": null, "pe_ttm": null, "pb": null, "dv_ttm": null, "total_mv": null, "trade_date": null, "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [31.2, 23.2, 23.9, 24.4, 24.2, 23.0], "rev_series": [9.8, 48.9, 48.2, 57.9, 59.0, 60.3], "np_series": [0.8, 0.5, 0.9, 1.6, 1.6, 0.9], "roe_series": [9.6, 6.0, 7.2, 10.5, 9.9, 5.8], "period": "20260630", "rev_ttm": 54.9, "np_ttm": 0.3, "ocf_ttm": 5.6, "fcf_ttm": 2.7, "fcf_yield": null, "ocf_yield": null, "gm_median": 23.9, "gm_std": 0.6, "gm_stab": 0.98, "gm_chg_2022": -7.3, "npm_median": 4.0, "roe_median": 7.2, "commodity": false, "hard_ratio": 21.4, "fix_assets": 17.4, "goodwill_ratio": 9.9, "pb_calc": null, "capex_dep": 1.0, "interest_debt": 28.2, "debt_ebitda": 3.5, "debt_ratio": 65.6, "debt_mv": null, "payout": 8.5, "div_years": 4, "rev_cagr3": 7.8, "np_cagr3": 3.2, "rev_yoy": -18.2, "np_yoy": -123.2, "np_vol": 52.9, "loss_years": 0, "far_share": 100, "earn_yield": null, "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], ["汽车智能座舱部件", 33.0], ["新能源汽车配件、充配电业务及其他", 17.0], ["其他业务", 0.0]], "ret_prev_year": 26.1, "ret_prev2_year": -12.6, "ret_ytd": 35.2, "ret_pivot": 82.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 30.1, "ret_60": 32.7, "ret_120": 42.9, "ret_250": 54.1, "mdd_250": -18.9, "vol_250": 41.2, "pos_52w": 100.0}, "S": {"duration": 100, "pricing": 50, "hard": 34, "bondness": 26}, "label": "中性", "tags": [], "text": {"像什么": ["PE —、股息率 —、毛利率近 5 年中位 23.9%、固定资产占比 21%、有息负债/EBITDA 3.5 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 21%,毛利率近 5 年中位 23.9%。", "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?", "经营现金流/市值 —(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 23.9%,稳定度 98%,2020→2022 成本通胀期毛利率变化 -7.3 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 21%,资本开支/折旧 1.00 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 为负 粗算,约 100%(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 54%,最大回撤 -19%,年化波动 41%,现价在 52 周高点的 100%;近 20 / 60 / 120 日 30% / 33% / 43%。", "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%。", "香山股份:PE ;股息率 ;毛利率 比行业中位高 2.5个百分点;固定资产占比 比行业中位低 4.1个百分点。"]}}