{"F": {"ts_code": "301535.SZ", "name": "浙江华远", "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": "20250327", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 14.79, "pe_ttm": 73.22, "pb": 5.3197, "dv_ttm": 0.6761, "total_mv": 629009.9739, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [33.7, 30.8, 28.7, 29.9, 31.5, 26.7], "rev_series": [null, null, 4.9, 5.5, 6.8, 7.6], "np_series": [null, null, 0.8, 0.8, 1.1, 1.0], "roe_series": [8.9, 34.5, 12.3, 11.7, 13.3, 10.0], "period": "20260630", "rev_ttm": 7.9, "np_ttm": 0.9, "ocf_ttm": 1.7, "fcf_ttm": 1.5, "fcf_yield": 2.3, "ocf_yield": 2.7, "gm_median": 29.9, "gm_std": 1.7, "gm_stab": 0.94, "gm_chg_2022": -5.0, "npm_median": 15.6, "roe_median": 12.3, "commodity": false, "hard_ratio": 22.6, "fix_assets": 3.3, "goodwill_ratio": 0.0, "pb_calc": 5.32, "capex_dep": 0.79, "interest_debt": 0.2, "debt_ebitda": 0.1, "debt_ratio": 19.1, "debt_mv": 0.3, "payout": 40.5, "div_years": 2, "rev_cagr3": 15.8, "np_cagr3": 9.2, "rev_yoy": 9.2, "np_yoy": -24.4, "np_vol": 134.0, "loss_years": 0, "far_share": 93.0, "earn_yield": 1.4, "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], ["异型紧固件", 25.0], ["座椅锁", 14.0], ["标准紧固件", 6.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": -32.2, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.0, "ret_60": 2.8, "ret_120": -48.4, "ret_250": -29.9, "mdd_250": -59.5, "vol_250": 47.6, "pos_52w": 49.3}, "S": {"duration": 84, "pricing": 52, "hard": 36, "bondness": 23}, "label": "中性", "tags": [], "text": {"像什么": ["PE 73.2 倍、股息率 0.7%、毛利率近 5 年中位 29.9%、固定资产占比 23%、有息负债/EBITDA 0.1 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 23%,毛利率近 5 年中位 29.9%。", "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?", "自由现金流/市值 2.3%(经营现金流/市值 2.7%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 29.9%,稳定度 94%,2020→2022 成本通胀期毛利率变化 -5.0 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 23%,资本开支/折旧 0.79 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 73.2 倍 粗算,约 93%(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 -30%,最大回撤 -60%,年化波动 48%,现价在 52 周高点的 49%;近 20 / 60 / 120 日 -3% / 3% / -48%。", "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%。", "浙江华远:PE 比行业中位高 43.0倍;股息率 比行业中位低 0.4个百分点;毛利率 比行业中位高 8.5个百分点;固定资产占比 比行业中位低 2.9个百分点。"]}}