{"F": {"ts_code": "600066.SH", "name": "宇通客车", "mkt": "CN", "ccy": "元", "sw1": "汽车", "sw2": "商用车", "sw3": "商用载客车", "ind": "商用车", "fin_source": "tushare", "market": "主板", "list_date": "19970508", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 28.68, "pe_ttm": 11.5734, "pb": 4.8932, "dv_ttm": 8.7169, "total_mv": 6349577.6256, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [17.5, 18.6, 22.8, 25.6, 22.9, 24.1], "rev_series": [217.1, 232.3, 218.0, 270.4, 372.2, 414.3], "np_series": [5.2, 6.1, 7.6, 18.2, 41.2, 55.5], "roe_series": [3.1, 4.0, 5.1, 12.8, 30.1, 38.3], "period": "20260630", "rev_ttm": 420.2, "np_ttm": 54.9, "ocf_ttm": 74.3, "fcf_ttm": 67.3, "fcf_yield": 10.6, "ocf_yield": 11.7, "gm_median": 22.9, "gm_std": 2.3, "gm_stab": 0.9, "gm_chg_2022": 5.4, "npm_median": 6.8, "roe_median": 12.8, "commodity": false, "hard_ratio": 11.6, "fix_assets": 36.2, "goodwill_ratio": 0.0, "pb_calc": 4.89, "capex_dep": 1.09, "interest_debt": 2.1, "debt_ebitda": 0.0, "debt_ratio": 57.6, "debt_mv": 0.3, "payout": 99.6, "div_years": 5, "rev_cagr3": 23.9, "np_cagr3": 94.1, "rev_yoy": 3.7, "np_yoy": -3.5, "np_vol": 52.9, "loss_years": 0, "far_share": 57.0, "earn_yield": 8.6, "consensus_n": 14, "fwd_pe": 10.4, "fwd_pe2": 9.3, "fwd_g1": 11.0, "fwd_g2": 12.0, "peg": 0.87, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 44.0], ["其他业务", 6.0]], "ret_prev_year": 34.2, "ret_prev2_year": 195.2, "ret_ytd": -6.6, "ret_pivot": 52.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -10.1, "ret_60": -2.8, "ret_120": 0.1, "ret_250": 13.5, "mdd_250": -28.2, "vol_250": 37.2, "pos_52w": 79.1}, "S": {"duration": 25, "pricing": 54, "hard": 19, "bondness": 65}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 100%、股息率 8.7%、营收 3 年复合 23.9%、有息负债/EBITDA 0.0 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 12%,毛利率近 5 年中位 22.9%。", "加息期怎么走": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 10.6%(经营现金流/市值 11.7%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 22.9%,稳定度 90%,2020→2022 成本通胀期毛利率变化 5.4 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 12%,资本开支/折旧 1.09 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 11.6 倍 粗算,约 57%(1 − 5/PE)。中等。"]], "价格行为": "近一年 14%,最大回撤 -28%,年化波动 37%,现价在 52 周高点的 79%;近 20 / 60 / 120 日 -10% / -3% / 0%。", "行业对照": ["同申万二级「商用车」13 家中位:PE 13.6 / 股息率 3.2% / 毛利率 10.2% / 固定资产占比 18% / 分红率 38%。", "宇通客车:PE 比行业中位低 2.0倍;股息率 比行业中位高 5.5个百分点;毛利率 比行业中位高 12.7个百分点;固定资产占比 比行业中位低 6.7个百分点。"]}}