{"F": {"ts_code": "600166.SH", "name": "福田汽车", "mkt": "CN", "ccy": "元", "sw1": "汽车", "sw2": "商用车", "sw3": "商用载货车", "ind": "商用车", "fin_source": "tushare", "market": "主板", "list_date": "19980602", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 2.9, "pe_ttm": 15.3854, "pb": 1.4496, "dv_ttm": null, "total_mv": 2296046.116, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [12.0, 10.2, 11.4, 11.4, 12.6, 10.0], "rev_series": [577.7, 549.7, 464.5, 561.0, 477.0, 612.5], "np_series": [1.5, -50.6, 0.7, 9.1, 0.8, 13.6], "roe_series": [1.0, -39.0, 0.5, 6.5, 0.6, 9.1], "period": "20260630", "rev_ttm": 645.4, "np_ttm": 14.9, "ocf_ttm": 31.5, "fcf_ttm": 21.5, "fcf_yield": 9.3, "ocf_yield": 13.7, "gm_median": 11.4, "gm_std": 1.0, "gm_stab": 0.92, "gm_chg_2022": -0.6, "npm_median": 0.1, "roe_median": 0.6, "commodity": false, "hard_ratio": 19.0, "fix_assets": 118.7, "goodwill_ratio": 0.0, "pb_calc": 1.45, "capex_dep": 0.87, "interest_debt": 49.3, "debt_ebitda": 1.5, "debt_ratio": 73.8, "debt_mv": 21.5, "payout": null, "div_years": 0, "rev_cagr3": 9.7, "np_cagr3": 175.7, "rev_yoy": 10.9, "np_yoy": 16.5, "np_vol": 1759.2, "loss_years": 1, "far_share": 68.0, "earn_yield": 6.5, "consensus_n": 8, "fwd_pe": 11.2, "fwd_pe2": 8.8, "fwd_g1": 37.0, "fwd_g2": 27.0, "peg": 0.41, "consensus_disp": null, "mainbz": [["产品", 43.0], ["整车分部", 39.0], ["其他分部", 13.0], ["其他主营业务", 13.0]], "ret_prev_year": 16.3, "ret_prev2_year": -8.1, "ret_ytd": -0.7, "ret_pivot": 26.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": -4.6, "ret_60": -3.7, "ret_120": -5.8, "ret_250": 4.3, "mdd_250": -23.8, "vol_250": 35.8, "pos_52w": 77.5}, "S": {"duration": 32, "pricing": 45, "hard": 30, "bondness": 15}, "label": "中性", "tags": ["PEG<0.8"], "text": {"像什么": ["PE 15.4 倍、股息率 —、毛利率近 5 年中位 11.4%、固定资产占比 19%、有息负债/EBITDA 1.5 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 19%,毛利率近 5 年中位 11.4%。", "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 9.3%(经营现金流/市值 13.7%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 11.4%,稳定度 92%,2020→2022 成本通胀期毛利率变化 -0.6 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 19%,资本开支/折旧 0.87 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 15.4 倍 粗算,约 68%(1 − 5/PE)。中等。"]], "价格行为": "近一年 4%,最大回撤 -24%,年化波动 36%,现价在 52 周高点的 78%;近 20 / 60 / 120 日 -5% / -4% / -6%。", "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%。", "福田汽车:PE 比行业中位高 1.8倍;股息率 ;毛利率 比行业中位高 1.2个百分点;固定资产占比 比行业中位高 0.7个百分点。"]}}