{"F": {"ts_code": "603006.SH", "name": "联明股份", "mkt": "CN", "ccy": "元", "sw1": "汽车", "sw2": "汽车零部件", "sw3": "其他汽车零部件", "ind": "汽车零部件", "fin_source": "tushare", "market": "主板", "list_date": "20140630", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 10.8, "pe_ttm": 27.1002, "pb": 2.1114, "dv_ttm": 6.4815, "total_mv": 274594.644, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [22.6, 23.7, 23.8, 25.9, 25.0, 22.5], "rev_series": [9.1, 12.2, 12.3, 11.4, 7.8, 8.6], "np_series": [0.8, 1.4, 1.5, 1.1, 0.6, 0.9], "roe_series": [7.3, 10.7, 10.5, 7.3, 4.4, 6.7], "period": "20260630", "rev_ttm": 9.2, "np_ttm": 1.0, "ocf_ttm": 1.0, "fcf_ttm": 0.7, "fcf_yield": 2.7, "ocf_yield": 3.5, "gm_median": 23.8, "gm_std": 1.1, "gm_stab": 0.95, "gm_chg_2022": 1.2, "npm_median": 10.2, "roe_median": 7.3, "commodity": false, "hard_ratio": 22.1, "fix_assets": 3.8, "goodwill_ratio": 0.0, "pb_calc": 2.11, "capex_dep": 0.35, "interest_debt": 0.1, "debt_ebitda": 0.1, "debt_ratio": 23.7, "debt_mv": 0.5, "payout": 152.0, "div_years": 5, "rev_cagr3": -11.1, "np_cagr3": -14.5, "rev_yoy": 16.1, "np_yoy": 25.5, "np_vol": 30.6, "loss_years": 0, "far_share": 82.0, "earn_yield": 3.7, "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], ["汽车零部件", 25.0], ["物流服务", 11.0], ["包装服务", 6.0]], "ret_prev_year": 36.9, "ret_prev2_year": -19.1, "ret_ytd": -15.6, "ret_pivot": 34.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.9, "ret_60": -16.9, "ret_120": -19.0, "ret_250": -19.3, "mdd_250": -37.0, "vol_250": 38.9, "pos_52w": 71.9}, "S": {"duration": 49, "pricing": 54, "hard": 35, "bondness": 85}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 152%、股息率 6.5%、营收 3 年复合 -11.1%、有息负债/EBITDA 0.1 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 22%,毛利率近 5 年中位 23.8%。", "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 2.7%(经营现金流/市值 3.5%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 23.8%,稳定度 95%,2020→2022 成本通胀期毛利率变化 1.2 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 22%,资本开支/折旧 0.35 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 27.1 倍 粗算,约 82%(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 -19%,最大回撤 -37%,年化波动 39%,现价在 52 周高点的 72%;近 20 / 60 / 120 日 -2% / -17% / -19%。", "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%。", "联明股份:PE 比行业中位低 3.1倍;股息率 比行业中位高 5.4个百分点;毛利率 比行业中位高 2.4个百分点;固定资产占比 比行业中位低 3.4个百分点。"]}}