{"F": {"ts_code": "300926.SZ", "name": "博俊科技", "mkt": "CN", "ccy": "元", "sw1": "汽车", "sw2": "汽车零部件", "sw3": "其他汽车零部件", "ind": "汽车零部件", "fin_source": "tushare", "market": "创业板", "list_date": "20210107", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 17.69, "pe_ttm": 9.8976, "pb": 2.0892, "dv_ttm": 1.2436, "total_mv": 768323.2459, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [29.0, 24.2, 25.1, 25.5, 27.6, 26.1], "rev_series": [5.5, 8.1, 13.9, 26.0, 42.3, 58.1], "np_series": [0.7, 0.8, 1.5, 3.1, 6.1, 8.4], "roe_series": [10.0, 9.3, 13.3, 20.5, 29.0, 28.0], "period": "20260630", "rev_ttm": 57.2, "np_ttm": 7.8, "ocf_ttm": 8.1, "fcf_ttm": -2.5, "fcf_yield": -3.2, "ocf_yield": 10.5, "gm_median": 25.5, "gm_std": 1.1, "gm_stab": 0.96, "gm_chg_2022": -3.9, "npm_median": 11.9, "roe_median": 20.5, "commodity": false, "hard_ratio": 44.9, "fix_assets": 46.9, "goodwill_ratio": 0.0, "pb_calc": 2.06, "capex_dep": 3.11, "interest_debt": 30.4, "debt_ebitda": 2.2, "debt_ratio": 64.2, "debt_mv": 39.5, "payout": 11.2, "div_years": 5, "rev_cagr3": 61.0, "np_cagr3": 78.7, "rev_yoy": -3.5, "np_yoy": -19.3, "np_vol": 32.8, "loss_years": 0, "far_share": 49.0, "earn_yield": 10.1, "consensus_n": 6, "fwd_pe": 7.2, "fwd_pe2": 5.8, "fwd_g1": 37.0, "fwd_g2": 25.0, "peg": 0.29, "consensus_disp": null, "mainbz": [["产品", 35.0], ["冲压业务", 31.0], ["冲压", 31.0], ["其他业务", 3.0]], "ret_prev_year": 50.5, "ret_prev2_year": 9.5, "ret_ytd": -45.7, "ret_pivot": -1.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.2, "ret_60": -4.8, "ret_120": -38.7, "ret_250": -41.9, "mdd_250": -54.5, "vol_250": 36.4, "pos_52w": 49.9}, "S": {"duration": 22, "pricing": 51, "hard": 72, "bondness": 18}, "label": "中性", "tags": ["资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["PE 9.9 倍、股息率 1.2%、毛利率近 5 年中位 25.5%、固定资产占比 45%、有息负债/EBITDA 2.2 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 45%),没有定价权:毛利率近 5 年中位 25.5%,稳定度 96%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 -3.2%(经营现金流/市值 10.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 25.5%,稳定度 96%,2020→2022 成本通胀期毛利率变化 -3.9 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 45%,资本开支/折旧 3.11 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 9.9 倍 粗算,约 49%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -42%,最大回撤 -54%,年化波动 36%,现价在 52 周高点的 50%;近 20 / 60 / 120 日 0% / -5% / -39%。", "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%。", "博俊科技:PE 比行业中位低 20.3倍;股息率 比行业中位高 0.1个百分点;毛利率 比行业中位高 4.1个百分点;固定资产占比 比行业中位高 19.4个百分点。"]}}