{"F": {"ts_code": "300547.SZ", "name": "川环科技", "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": "创业板", "list_date": "20160930", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 27.13, "pe_ttm": 32.5988, "pb": 4.3263, "dv_ttm": 1.0178, "total_mv": 588466.5206, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [30.6, 25.2, 23.5, 25.8, 24.6, 22.9], "rev_series": [6.8, 7.8, 9.1, 11.1, 13.6, 15.2], "np_series": [1.1, 1.0, 1.2, 1.6, 2.0, 2.0], "roe_series": [13.1, 11.5, 12.7, 15.5, 17.7, 16.0], "period": "20260630", "rev_ttm": 14.6, "np_ttm": 1.8, "ocf_ttm": 3.1, "fcf_ttm": 3.0, "fcf_yield": 5.2, "ocf_yield": 5.3, "gm_median": 24.6, "gm_std": 1.1, "gm_stab": 0.96, "gm_chg_2022": -7.1, "npm_median": 13.5, "roe_median": 15.5, "commodity": false, "hard_ratio": 19.4, "fix_assets": 3.4, "goodwill_ratio": 0.0, "pb_calc": 4.33, "capex_dep": 0.2, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 22.1, "debt_mv": null, "payout": 37.1, "div_years": 5, "rev_cagr3": 18.9, "np_cagr3": 18.6, "rev_yoy": -9.0, "np_yoy": -23.8, "np_vol": 14.7, "loss_years": 0, "far_share": 85.0, "earn_yield": 3.1, "consensus_n": 2, "fwd_pe": 22.6, "fwd_pe2": 18.8, "fwd_g1": 44.0, "fwd_g2": 20.0, "peg": 1.13, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 50.0], ["其他业务", 0.0]], "ret_prev_year": 45.0, "ret_prev2_year": 69.9, "ret_ytd": -30.7, "ret_pivot": 114.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.2, "ret_60": -14.7, "ret_120": -16.9, "ret_250": -47.5, "mdd_250": -59.0, "vol_250": 57.4, "pos_52w": 50.5}, "S": {"duration": 56, "pricing": 50, "hard": 31, "bondness": 23}, "label": "中性", "tags": [], "text": {"像什么": ["PE 32.6 倍、股息率 1.0%、毛利率近 5 年中位 24.6%、固定资产占比 19%、资产负债率 22%: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 19%,毛利率近 5 年中位 24.6%。", "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 5.2%(经营现金流/市值 5.3%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 24.6%,稳定度 96%,2020→2022 成本通胀期毛利率变化 -7.1 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 19%,资本开支/折旧 0.20 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 32.6 倍 粗算,约 85%(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 -48%,最大回撤 -59%,年化波动 57%,现价在 52 周高点的 50%;近 20 / 60 / 120 日 5% / -15% / -17%。", "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%。", "川环科技:PE 比行业中位高 2.4倍;股息率 比行业中位低 0.1个百分点;毛利率 比行业中位高 3.2个百分点;固定资产占比 比行业中位低 6.1个百分点。"]}}