{"F": {"ts_code": "600182.SH", "name": "S佳通", "mkt": "CN", "ccy": "元", "sw1": "汽车", "sw2": "汽车零部件", "sw3": "轮胎轮毂", "ind": "汽车零部件", "fin_source": "tushare", "market": "主板", "list_date": "19990507", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 13.03, "pe_ttm": 21.0011, "pb": 4.1036, "dv_ttm": 4.3745, "total_mv": 443020.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [21.0, 11.9, 10.8, 20.1, 18.5, 19.3], "rev_series": [28.0, 33.4, 35.1, 41.6, 46.7, 48.4], "np_series": [0.6, 0.4, 0.3, 1.8, 1.7, 2.0], "roe_series": [6.0, 3.6, 3.3, 16.2, 14.4, 17.0], "period": "20260630", "rev_ttm": 47.8, "np_ttm": 2.1, "ocf_ttm": 6.2, "fcf_ttm": 3.9, "fcf_yield": 8.9, "ocf_yield": 14.0, "gm_median": 18.5, "gm_std": 3.9, "gm_stab": 0.79, "gm_chg_2022": -10.2, "npm_median": 7.5, "roe_median": 14.4, "commodity": false, "hard_ratio": 27.3, "fix_assets": 12.3, "goodwill_ratio": 0.0, "pb_calc": 4.1, "capex_dep": 1.44, "interest_debt": 7.9, "debt_ebitda": 1.0, "debt_ratio": 55.6, "debt_mv": 17.9, "payout": 98.3, "div_years": 5, "rev_cagr3": 11.4, "np_cagr3": 78.9, "rev_yoy": -2.7, "np_yoy": 24.4, "np_vol": 177.1, "loss_years": 0, "far_share": 76.0, "earn_yield": 4.8, "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], ["轮胎", 49.0], ["其他业务", 0.0], ["其他主营业务", 0.0]], "ret_prev_year": -7.3, "ret_prev2_year": 20.5, "ret_ytd": -10.8, "ret_pivot": 19.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.3, "ret_60": -0.8, "ret_120": -8.2, "ret_250": -16.6, "mdd_250": -20.7, "vol_250": 24.9, "pos_52w": 83.0}, "S": {"duration": 41, "pricing": 41, "hard": 44, "bondness": 72}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 98%、股息率 4.4%、营收 3 年复合 11.4%、有息负债/EBITDA 1.0 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 27%,毛利率近 5 年中位 18.5%。", "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 8.9%(经营现金流/市值 14.0%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 18.5%,稳定度 79%,2020→2022 成本通胀期毛利率变化 -10.2 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 27%,资本开支/折旧 1.44 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 21.0 倍 粗算,约 76%(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 -17%,最大回撤 -21%,年化波动 25%,现价在 52 周高点的 83%;近 20 / 60 / 120 日 -0% / -1% / -8%。", "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%。", "S佳通:PE 比行业中位低 9.2倍;股息率 比行业中位高 3.3个百分点;毛利率 比行业中位低 2.9个百分点;固定资产占比 比行业中位高 1.8个百分点。"]}}