{"F": {"ts_code": "301607.SZ", "name": "富特科技", "mkt": "CN", "ccy": "元", "sw1": "汽车", "sw2": "汽车零部件", "sw3": "汽车电子电气系统", "ind": "汽车零部件", "fin_source": "tushare", "market": "创业板", "list_date": "20240904", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 42.03, "pe_ttm": 32.1704, "pb": 5.1924, "dv_ttm": 0.2634, "total_mv": 984043.3464, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [17.2, 20.4, 20.5, 24.9, 22.3, 19.7], "rev_series": [null, null, 16.5, 18.4, 19.3, 40.9], "np_series": [null, null, 0.9, 1.0, 0.9, 2.2], "roe_series": [-12.2, 22.7, 21.7, 18.7, 12.0, 19.3], "period": "20260630", "rev_ttm": 50.6, "np_ttm": 3.1, "ocf_ttm": 1.3, "fcf_ttm": -1.3, "fcf_yield": -1.4, "ocf_yield": 1.3, "gm_median": 20.5, "gm_std": 1.9, "gm_stab": 0.91, "gm_chg_2022": 3.3, "npm_median": 5.3, "roe_median": 19.3, "commodity": false, "hard_ratio": 13.1, "fix_assets": 5.9, "goodwill_ratio": 0.0, "pb_calc": 5.19, "capex_dep": 3.19, "interest_debt": 4.9, "debt_ebitda": 1.2, "debt_ratio": 57.7, "debt_mv": 5.0, "payout": 12.1, "div_years": 2, "rev_cagr3": 35.4, "np_cagr3": 35.3, "rev_yoy": 65.8, "np_yoy": 135.8, "np_vol": 182.6, "loss_years": 0, "far_share": 84.0, "earn_yield": 3.1, "consensus_n": 4, "fwd_pe": 19.4, "fwd_pe2": 14.1, "fwd_g1": 66.0, "fwd_g2": 38.0, "peg": 0.51, "consensus_disp": null, "mainbz": [["产品", 33.0], ["车载高压电源系统", 33.0], ["新能源车载产品", 33.0], ["非车载高压电源系统", 0.0]], "ret_prev_year": 48.4, "ret_prev2_year": null, "ret_ytd": 47.3, "ret_pivot": 163.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 10.6, "ret_60": 4.8, "ret_120": 23.1, "ret_250": 63.2, "mdd_250": -45.9, "vol_250": 70.7, "pos_52w": 73.3}, "S": {"duration": 55, "pricing": 52, "hard": 21, "bondness": 9}, "label": "中性", "tags": ["资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["PE 32.2 倍、股息率 0.3%、毛利率近 5 年中位 20.5%、固定资产占比 13%、有息负债/EBITDA 1.2 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 13%,毛利率近 5 年中位 20.5%。", "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 -1.4%(经营现金流/市值 1.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 20.5%,稳定度 91%,2020→2022 成本通胀期毛利率变化 3.3 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 13%,资本开支/折旧 3.19 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 32.2 倍 粗算,约 84%(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 63%,最大回撤 -46%,年化波动 71%,现价在 52 周高点的 73%;近 20 / 60 / 120 日 11% / 5% / 23%。", "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%。", "富特科技:PE 比行业中位高 2.0倍;股息率 比行业中位低 0.8个百分点;毛利率 比行业中位低 0.9个百分点;固定资产占比 比行业中位低 12.4个百分点。"]}}