{"F": {"ts_code": "603013.SH", "name": "亚普股份", "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": "20180509", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 14.81, "pe_ttm": 14.1027, "pb": 1.6435, "dv_ttm": 2.703, "total_mv": 752673.2276, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [15.7, 15.4, 15.6, 15.6, 15.3, 15.1], "rev_series": [88.6, 80.6, 84.4, 85.8, 80.8, 91.3], "np_series": [5.1, 5.0, 5.0, 4.7, 5.0, 5.3], "roe_series": [15.2, 14.4, 13.7, 12.0, 12.2, 12.1], "period": "20260630", "rev_ttm": 91.6, "np_ttm": 5.3, "ocf_ttm": 9.4, "fcf_ttm": 4.7, "fcf_yield": 6.2, "ocf_yield": 12.5, "gm_median": 15.4, "gm_std": 0.2, "gm_stab": 0.99, "gm_chg_2022": -0.1, "npm_median": 6.5, "roe_median": 12.2, "commodity": false, "hard_ratio": 20.8, "fix_assets": 15.6, "goodwill_ratio": 3.1, "pb_calc": 1.64, "capex_dep": 1.78, "interest_debt": 1.1, "debt_ebitda": 0.1, "debt_ratio": 32.5, "debt_mv": 1.5, "payout": 43.7, "div_years": 5, "rev_cagr3": 2.7, "np_cagr3": 1.8, "rev_yoy": 0.6, "np_yoy": 1.9, "np_vol": 5.1, "loss_years": 0, "far_share": 65.0, "earn_yield": 7.1, "consensus_n": 4, "fwd_pe": 12.5, "fwd_pe2": 11.1, "fwd_g1": 13.0, "fwd_g2": 13.0, "peg": 0.96, "consensus_disp": null, "mainbz": [["产品", 48.0], ["油箱", 44.0], ["油管及尿素箱", 3.0], ["旋转变压器、热管理及加油管等", 3.0]], "ret_prev_year": 70.9, "ret_prev2_year": -11.5, "ret_ytd": -39.1, "ret_pivot": 19.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -11.6, "ret_60": -12.3, "ret_120": -34.1, "ret_250": -38.6, "mdd_250": -48.7, "vol_250": 42.9, "pos_52w": 51.8}, "S": {"duration": 30, "pricing": 50, "hard": 33, "bondness": 49}, "label": "中性", "tags": [], "text": {"像什么": ["PE 14.1 倍、股息率 2.7%、毛利率近 5 年中位 15.4%、固定资产占比 21%、有息负债/EBITDA 0.1 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 21%,毛利率近 5 年中位 15.4%。", "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 6.2%(经营现金流/市值 12.5%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 15.4%,稳定度 99%,2020→2022 成本通胀期毛利率变化 -0.1 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 21%,资本开支/折旧 1.78 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 14.1 倍 粗算,约 65%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -39%,最大回撤 -49%,年化波动 43%,现价在 52 周高点的 52%;近 20 / 60 / 120 日 -12% / -12% / -34%。", "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%。", "亚普股份:PE 比行业中位低 16.1倍;股息率 比行业中位高 1.6个百分点;毛利率 比行业中位低 6.0个百分点;固定资产占比 比行业中位低 4.7个百分点。"]}}