{"F": {"ts_code": "600699.SH", "name": "均胜电子", "mkt": "CN", "ccy": "元", "sw1": "汽车", "sw2": "汽车零部件", "sw3": "汽车电子电气系统", "ind": "汽车零部件", "fin_source": "tushare", "market": "主板", "list_date": "19931206", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 19.12, "pe_ttm": 21.6882, "pb": 1.7885, "dv_ttm": 0.9329, "total_mv": 2965073.3872, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [13.3, 11.6, 12.0, 15.1, 16.2, 18.3], "rev_series": [478.9, 456.7, 497.9, 557.3, 558.6, 611.8], "np_series": [6.2, -37.5, 3.9, 10.8, 9.6, 13.4], "roe_series": [4.4, -28.3, 3.3, 8.4, 7.1, 8.7], "period": "20260630", "rev_ttm": 589.3, "np_ttm": 13.7, "ocf_ttm": 54.3, "fcf_ttm": 11.8, "fcf_yield": 4.0, "ocf_yield": 18.3, "gm_median": 15.1, "gm_std": 2.5, "gm_stab": 0.83, "gm_chg_2022": -1.3, "npm_median": 2.2, "roe_median": 7.1, "commodity": false, "hard_ratio": 22.6, "fix_assets": 158.9, "goodwill_ratio": 9.8, "pb_calc": 1.79, "capex_dep": 2.24, "interest_debt": 270.5, "debt_ebitda": 4.1, "debt_ratio": 67.0, "debt_mv": 91.2, "payout": 33.3, "div_years": 4, "rev_cagr3": 7.1, "np_cagr3": 50.2, "rev_yoy": -7.4, "np_yoy": 4.4, "np_vol": 321.2, "loss_years": 1, "far_share": 77.0, "earn_yield": 4.6, "consensus_n": 14, "fwd_pe": 17.3, "fwd_pe2": 14.6, "fwd_g1": 26.0, "fwd_g2": 19.0, "peg": 0.91, "consensus_disp": null, "mainbz": [["产品", 33.0], ["汽车安全系统", 21.0], ["智能汽车电子-汽车安全系统", 21.0], ["汽车电子系统", 9.0]], "ret_prev_year": 104.7, "ret_prev2_year": -11.8, "ret_ytd": -38.7, "ret_pivot": 38.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -9.8, "ret_60": -18.7, "ret_120": -24.3, "ret_250": -6.9, "mdd_250": -48.9, "vol_250": 50.5, "pos_52w": 51.5}, "S": {"duration": 42, "pricing": 43, "hard": 36, "bondness": 42}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 21.7 倍、股息率 0.9%、毛利率近 5 年中位 15.1%、固定资产占比 23%、有息负债/EBITDA 4.1 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 23%,毛利率近 5 年中位 15.1%。", "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 4.0%(经营现金流/市值 18.3%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 15.1%,稳定度 83%,2020→2022 成本通胀期毛利率变化 -1.3 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 23%,资本开支/折旧 2.24 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 21.7 倍 粗算,约 77%(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 -7%,最大回撤 -49%,年化波动 50%,现价在 52 周高点的 52%;近 20 / 60 / 120 日 -10% / -19% / -24%。", "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%。", "均胜电子:PE 比行业中位低 8.5倍;股息率 比行业中位低 0.2个百分点;毛利率 比行业中位低 6.3个百分点;固定资产占比 比行业中位低 2.9个百分点。"]}}