{"F": {"ts_code": "600237.SH", "name": "铜峰电子", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "元件", "sw3": "被动元件", "ind": "元件", "fin_source": "tushare", "market": "主板", "list_date": "20000609", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 8.1, "pe_ttm": 44.9631, "pb": 2.5797, "dv_ttm": 0.9877, "total_mv": 510696.738, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [16.4, 20.4, 26.0, 23.9, 25.4, 27.3], "rev_series": [8.5, 10.0, 10.4, 10.8, 12.9, 14.0], "np_series": [0.1, 0.5, 0.7, 0.9, 1.0, 1.2], "roe_series": [0.7, 4.5, 6.2, 5.9, 5.4, 6.3], "period": "20260630", "rev_ttm": 13.2, "np_ttm": 1.1, "ocf_ttm": 2.5, "fcf_ttm": 0.6, "fcf_yield": 1.2, "ocf_yield": 4.9, "gm_median": 25.4, "gm_std": 2.4, "gm_stab": 0.91, "gm_chg_2022": 9.6, "npm_median": 7.8, "roe_median": 5.9, "commodity": false, "hard_ratio": 33.8, "fix_assets": 9.2, "goodwill_ratio": 0.0, "pb_calc": 2.58, "capex_dep": 2.17, "interest_debt": 0.7, "debt_ebitda": 0.3, "debt_ratio": 25.9, "debt_mv": 1.4, "payout": 42.1, "div_years": 1, "rev_cagr3": 10.3, "np_cagr3": 17.5, "rev_yoy": -10.6, "np_yoy": -10.8, "np_vol": 207.7, "loss_years": 0, "far_share": 89.0, "earn_yield": 2.2, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["电容器", 46.0], ["电子级薄膜材料", 42.0], ["连接器", 5.0], ["其他业务", 4.0]], "ret_prev_year": 37.2, "ret_prev2_year": -15.5, "ret_ytd": -8.8, "ret_pivot": 62.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -9.4, "ret_60": -21.2, "ret_120": -19.8, "ret_250": 2.1, "mdd_250": -46.7, "vol_250": 58.3, "pos_52w": 57.5}, "S": {"duration": 68, "pricing": 56, "hard": 54, "bondness": 31}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 45.0 倍、股息率 1.0%、毛利率近 5 年中位 25.4%、固定资产占比 34%、有息负债/EBITDA 0.3 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 34%),没有定价权:毛利率近 5 年中位 25.4%,稳定度 91%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 1.2%(经营现金流/市值 4.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 25.4%,稳定度 91%,2020→2022 成本通胀期毛利率变化 9.6 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 34%,资本开支/折旧 2.17 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 45.0 倍 粗算,约 89%(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 2%,最大回撤 -47%,年化波动 58%,现价在 52 周高点的 58%;近 20 / 60 / 120 日 -9% / -21% / -20%。", "行业对照": ["同申万二级「元件」67 家中位:PE 65.2 / 股息率 0.5% / 毛利率 21.3% / 固定资产占比 36% / 分红率 44%。", "铜峰电子:PE 比行业中位低 20.2倍;股息率 比行业中位高 0.5个百分点;毛利率 比行业中位高 4.1个百分点;固定资产占比 比行业中位低 2.1个百分点。"]}}