{"F": {"ts_code": "600933.SH", "name": "爱柯迪", "mkt": "CN", "ccy": "元", "sw1": "汽车", "sw2": "汽车零部件", "sw3": "底盘与发动机系统", "ind": "汽车零部件", "fin_source": "tushare", "market": "主板", "list_date": "20171117", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 13.46, "pe_ttm": 12.8874, "pb": 1.4408, "dv_ttm": 2.9543, "total_mv": 1386406.0464, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [30.3, 26.3, 27.8, 29.1, 27.6, 29.8], "rev_series": [25.9, 32.1, 42.7, 59.6, 67.5, 74.1], "np_series": [4.3, 3.1, 6.5, 9.1, 9.4, 11.7], "roe_series": [10.1, 6.9, 13.0, 15.6, 12.9, 13.0], "period": "20260630", "rev_ttm": 82.6, "np_ttm": 10.8, "ocf_ttm": 16.1, "fcf_ttm": 0.3, "fcf_yield": 0.2, "ocf_yield": 11.6, "gm_median": 27.8, "gm_std": 1.2, "gm_stab": 0.96, "gm_chg_2022": -2.6, "npm_median": 15.5, "roe_median": 13.0, "commodity": false, "hard_ratio": 31.6, "fix_assets": 55.8, "goodwill_ratio": 3.1, "pb_calc": 1.43, "capex_dep": 2.51, "interest_debt": 44.5, "debt_ebitda": 1.9, "debt_ratio": 41.4, "debt_mv": 32.1, "payout": 30.6, "div_years": 5, "rev_cagr3": 20.2, "np_cagr3": 21.8, "rev_yoy": 24.4, "np_yoy": -16.7, "np_vol": 45.7, "loss_years": 0, "far_share": 61.0, "earn_yield": 7.8, "consensus_n": 14, "fwd_pe": 10.5, "fwd_pe2": 8.7, "fwd_g1": 23.0, "fwd_g2": 21.0, "peg": 0.5, "consensus_disp": null, "mainbz": [["产品", 49.0], ["汽车类", 37.0], ["电机类", 5.0], ["其他业务", 5.0]], "ret_prev_year": 26.3, "ret_prev2_year": -25.5, "ret_ytd": -31.7, "ret_pivot": 15.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.4, "ret_60": -3.9, "ret_120": -21.7, "ret_250": -30.3, "mdd_250": -45.7, "vol_250": 36.6, "pos_52w": 57.3}, "S": {"duration": 28, "pricing": 53, "hard": 51, "bondness": 34}, "label": "中性", "tags": ["资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["PE 12.9 倍、股息率 3.0%、毛利率近 5 年中位 27.8%、固定资产占比 32%、有息负债/EBITDA 1.9 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 32%),没有定价权:毛利率近 5 年中位 27.8%,稳定度 96%。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 0.2%(经营现金流/市值 11.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 27.8%,稳定度 96%,2020→2022 成本通胀期毛利率变化 -2.6 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 32%,资本开支/折旧 2.51 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 12.9 倍 粗算,约 61%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -30%,最大回撤 -46%,年化波动 37%,现价在 52 周高点的 57%;近 20 / 60 / 120 日 -1% / -4% / -22%。", "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%。", "爱柯迪:PE 比行业中位低 17.3倍;股息率 比行业中位高 1.9个百分点;毛利率 比行业中位高 6.4个百分点;固定资产占比 比行业中位高 6.1个百分点。"]}}