{"F": {"ts_code": "301192.SZ", "name": "泰祥股份", "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": "20220811", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 19.68, "pe_ttm": 47.8581, "pb": 3.0289, "dv_ttm": 0.7521, "total_mv": 199244.256, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [62.0, 58.6, 54.9, 28.4, 25.9, 29.4], "rev_series": [1.5, 1.6, 1.4, 3.1, 4.2, 4.7], "np_series": [0.7, 0.7, 0.5, 0.3, 0.4, 0.5], "roe_series": [17.3, 12.8, 9.1, 5.7, 7.2, 8.7], "period": "20260630", "rev_ttm": 4.7, "np_ttm": 0.4, "ocf_ttm": 1.1, "fcf_ttm": 0.4, "fcf_yield": 2.1, "ocf_yield": 5.4, "gm_median": 29.4, "gm_std": 14.3, "gm_stab": 0.52, "gm_chg_2022": -7.1, "npm_median": 11.5, "roe_median": 8.7, "commodity": false, "hard_ratio": 32.9, "fix_assets": 2.9, "goodwill_ratio": 0.9, "pb_calc": 3.03, "capex_dep": 1.61, "interest_debt": 0.6, "debt_ebitda": 0.6, "debt_ratio": 26.4, "debt_mv": 3.0, "payout": 59.5, "div_years": 4, "rev_cagr3": 48.1, "np_cagr3": 1.2, "rev_yoy": -0.0, "np_yoy": -47.6, "np_vol": 27.6, "loss_years": 0, "far_share": 90.0, "earn_yield": 2.1, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 44.0], ["铝铸件制品", 24.0], ["发动机轴承盖", 12.0], ["主轴承盖", 12.0]], "ret_prev_year": 73.7, "ret_prev2_year": -23.9, "ret_ytd": -33.4, "ret_pivot": 40.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.6, "ret_60": -5.6, "ret_120": -30.7, "ret_250": -41.4, "mdd_250": -60.4, "vol_250": 49.1, "pos_52w": 47.1}, "S": {"duration": 70, "pricing": 37, "hard": 53, "bondness": 27}, "label": "中性", "tags": [], "text": {"像什么": ["PE 47.9 倍、股息率 0.8%、毛利率近 5 年中位 29.4%、固定资产占比 33%、有息负债/EBITDA 0.6 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 33%),没有定价权:毛利率近 5 年中位 29.4%,稳定度 52%。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 2.1%(经营现金流/市值 5.4%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 29.4%,稳定度 52%,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 33%,资本开支/折旧 1.61 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 47.9 倍 粗算,约 90%(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 -41%,最大回撤 -60%,年化波动 49%,现价在 52 周高点的 47%;近 20 / 60 / 120 日 2% / -6% / -31%。", "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%。", "泰祥股份:PE 比行业中位高 17.7倍;股息率 比行业中位低 0.3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 比行业中位高 7.4个百分点。"]}}