{"F": {"ts_code": "301656.SZ", "name": "联合动力", "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": "20250925", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 14.75, "pe_ttm": 71.4769, "pb": 3.7609, "dv_ttm": 0.2915, "total_mv": 3547066.5775, "trade_date": "20260904", "years": ["20191231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, 11.6, 13.4, 15.2, 16.6, 16.2], "rev_series": [null, null, 50.3, 93.7, 161.8, 207.0], "np_series": [null, null, -1.8, 1.9, 9.4, 11.3], "roe_series": [null, -18.3, -7.9, 5.3, 21.5, 15.7], "period": "20260630", "rev_ttm": 210.6, "np_ttm": 5.0, "ocf_ttm": 23.7, "fcf_ttm": 1.2, "fcf_yield": 0.3, "ocf_yield": 6.7, "gm_median": 15.2, "gm_std": 1.9, "gm_stab": 0.88, "gm_chg_2022": null, "npm_median": 2.0, "roe_median": 5.3, "commodity": false, "hard_ratio": 22.2, "fix_assets": 57.5, "goodwill_ratio": 0.0, "pb_calc": 3.76, "capex_dep": 4.09, "interest_debt": 8.6, "debt_ebitda": 0.5, "debt_ratio": 63.6, "debt_mv": 2.4, "payout": 8.3, "div_years": 1, "rev_cagr3": 60.3, "np_cagr3": null, "rev_yoy": 4.0, "np_yoy": -116.0, "np_vol": 156.4, "loss_years": 1, "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", 34.0], ["电驱系统", 31.0], ["电驱&电源系统、牵引系统", 31.0], ["电源系统", 3.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": -44.1, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": -13.6, "ret_60": -8.4, "ret_120": -41.9, "ret_250": null, "mdd_250": -54.9, "vol_250": 39.7, "pos_52w": 45.1}, "S": {"duration": 83, "pricing": 46, "hard": 36, "bondness": 6}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 71.5 倍、股息率 0.3%、毛利率近 5 年中位 15.2%、固定资产占比 22%、有息负债/EBITDA 0.5 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 22%,毛利率近 5 年中位 15.2%。", "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 0.3%(经营现金流/市值 6.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 15.2%,稳定度 88%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 22%,资本开支/折旧 4.09 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 71.5 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?"]], "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%。", "联合动力:PE 比行业中位高 41.3倍;股息率 比行业中位低 0.8个百分点;毛利率 比行业中位低 6.2个百分点;固定资产占比 比行业中位低 3.3个百分点。"]}}