{"F": {"ts_code": "300695.SZ", "name": "兆丰股份", "mkt": "CN", "ccy": "元", "sw1": "汽车", "sw2": "汽车零部件", "sw3": "轮胎轮毂", "ind": "汽车零部件", "fin_source": "tushare", "market": "创业板", "list_date": "20170908", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 48.61, "pe_ttm": 16.9229, "pb": 1.7166, "dv_ttm": 0.3046, "total_mv": 497070.7909, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [44.7, 29.4, 29.2, 34.2, 31.2, 28.2], "rev_series": [4.7, 7.2, 5.3, 8.1, 6.7, 7.1], "np_series": [1.6, 1.3, 1.6, 1.8, 1.4, 3.5], "roe_series": [8.6, 6.6, 7.7, 7.6, 5.5, 12.8], "period": "20260630", "rev_ttm": 7.1, "np_ttm": 2.9, "ocf_ttm": 0.4, "fcf_ttm": -1.4, "fcf_yield": -2.9, "ocf_yield": 0.7, "gm_median": 29.4, "gm_std": 2.1, "gm_stab": 0.93, "gm_chg_2022": -15.4, "npm_median": 21.0, "roe_median": 7.6, "commodity": false, "hard_ratio": 17.3, "fix_assets": 5.8, "goodwill_ratio": 0.0, "pb_calc": 1.72, "capex_dep": 3.43, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 13.3, "debt_mv": 0.0, "payout": 25.3, "div_years": 3, "rev_cagr3": 10.1, "np_cagr3": 28.7, "rev_yoy": 0.5, "np_yoy": -79.8, "np_vol": 64.0, "loss_years": 0, "far_share": 70.0, "earn_yield": 5.9, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 49.0], ["轮毂轴承单元", 45.0], ["材料、租赁", 2.0], ["其他业务", 2.0]], "ret_prev_year": 228.0, "ret_prev2_year": -14.8, "ret_ytd": -51.3, "ret_pivot": 110.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.6, "ret_60": -14.7, "ret_120": -34.0, "ret_250": -57.4, "mdd_250": -63.4, "vol_250": 58.1, "pos_52w": 42.1}, "S": {"duration": 34, "pricing": 51, "hard": 28, "bondness": 21}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 16.9 倍、股息率 0.3%、毛利率近 5 年中位 29.4%、固定资产占比 17%、有息负债/EBITDA 0.0 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 17%,毛利率近 5 年中位 29.4%。", "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 -2.9%(经营现金流/市值 0.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 29.4%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -15.4 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 17%,资本开支/折旧 3.43 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 16.9 倍 粗算,约 70%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -57%,最大回撤 -63%,年化波动 58%,现价在 52 周高点的 42%;近 20 / 60 / 120 日 -2% / -15% / -34%。", "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%。", "兆丰股份:PE 比行业中位低 13.3倍;股息率 比行业中位低 0.8个百分点;毛利率 比行业中位高 8.0个百分点;固定资产占比 比行业中位低 8.2个百分点。"]}}