{"F": {"ts_code": "600609.SH", "name": "金杯汽车", "mkt": "CN", "ccy": "元", "sw1": "汽车", "sw2": "汽车零部件", "sw3": "车身附件及饰件", "ind": "汽车零部件", "fin_source": "tushare", "market": "主板", "list_date": "19920724", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 3.35, "pe_ttm": 19.4249, "pb": 2.5627, "dv_ttm": 0.6866, "total_mv": 437027.131, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [15.2, 18.2, 16.8, 17.8, 17.1, 16.3], "rev_series": [54.6, 51.9, 56.3, 51.4, 43.7, 45.6], "np_series": [-4.5, 1.9, 1.5, 1.2, 3.8, 2.3], "roe_series": [-92.4, 29.0, 17.5, 12.2, 31.1, 15.5], "period": "20260630", "rev_ttm": 47.7, "np_ttm": 2.2, "ocf_ttm": 3.7, "fcf_ttm": 2.9, "fcf_yield": 6.6, "ocf_yield": 8.6, "gm_median": 17.1, "gm_std": 0.7, "gm_stab": 0.96, "gm_chg_2022": 1.6, "npm_median": 7.0, "roe_median": 17.5, "commodity": false, "hard_ratio": 13.9, "fix_assets": 6.0, "goodwill_ratio": 0.0, "pb_calc": 2.56, "capex_dep": 0.77, "interest_debt": 0.2, "debt_ebitda": 0.0, "debt_ratio": 49.7, "debt_mv": 0.4, "payout": 12.8, "div_years": 1, "rev_cagr3": -6.8, "np_cagr3": 16.2, "rev_yoy": 10.2, "np_yoy": -9.7, "np_vol": 103.3, "loss_years": 0, "far_share": 74.0, "earn_yield": 5.1, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 47.0], ["零部件", 40.0], ["其他服务", 3.0], ["其他主营业务", 3.0]], "ret_prev_year": -35.8, "ret_prev2_year": 48.4, "ret_ytd": -27.3, "ret_pivot": -11.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.1, "ret_60": 0.6, "ret_120": -23.3, "ret_250": -35.0, "mdd_250": -41.6, "vol_250": 26.7, "pos_52w": 63.7}, "S": {"duration": 38, "pricing": 51, "hard": 22, "bondness": 29}, "label": "中性", "tags": [], "text": {"像什么": ["PE 19.4 倍、股息率 0.7%、毛利率近 5 年中位 17.1%、固定资产占比 14%、有息负债/EBITDA 0.0 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 14%,毛利率近 5 年中位 17.1%。", "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 6.6%(经营现金流/市值 8.6%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 17.1%,稳定度 96%,2020→2022 成本通胀期毛利率变化 1.6 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 14%,资本开支/折旧 0.77 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 19.4 倍 粗算,约 74%(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 -35%,最大回撤 -42%,年化波动 27%,现价在 52 周高点的 64%;近 20 / 60 / 120 日 3% / 1% / -23%。", "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%。", "金杯汽车:PE 比行业中位低 10.8倍;股息率 比行业中位低 0.4个百分点;毛利率 比行业中位低 4.3个百分点;固定资产占比 比行业中位低 11.6个百分点。"]}}