{"F": {"ts_code": "603035.SH", "name": "常熟汽饰", "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": "20170105", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 10.76, "pe_ttm": 15.9887, "pb": 0.7371, "dv_ttm": 1.5221, "total_mv": 394189.4796, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [23.2, 24.1, 21.7, 20.4, 15.3, 12.3], "rev_series": [22.2, 26.6, 36.7, 46.0, 56.7, 71.1], "np_series": [3.6, 4.2, 5.1, 5.5, 4.3, 3.5], "roe_series": [11.1, 10.8, 11.7, 11.3, 8.3, 6.6], "period": "20260630", "rev_ttm": 78.2, "np_ttm": 2.5, "ocf_ttm": 2.4, "fcf_ttm": -0.1, "fcf_yield": -0.1, "ocf_yield": 6.0, "gm_median": 20.4, "gm_std": 4.3, "gm_stab": 0.79, "gm_chg_2022": -1.6, "npm_median": 11.7, "roe_median": 10.8, "commodity": false, "hard_ratio": 26.8, "fix_assets": 32.0, "goodwill_ratio": 1.2, "pb_calc": 0.74, "capex_dep": 0.63, "interest_debt": 19.9, "debt_ebitda": 2.2, "debt_ratio": 54.4, "debt_mv": 50.5, "payout": 29.9, "div_years": 5, "rev_cagr3": 24.7, "np_cagr3": -12.2, "rev_yoy": 25.6, "np_yoy": -46.1, "np_vol": 17.9, "loss_years": 0, "far_share": 69.0, "earn_yield": 6.3, "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], ["汽车零部件制造业", 42.0], ["模检具开发费等", 5.0], ["模具及检具", 5.0]], "ret_prev_year": 10.3, "ret_prev2_year": -22.6, "ret_ytd": -29.7, "ret_pivot": -8.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -2.1, "ret_60": -6.4, "ret_120": -27.0, "ret_250": -27.9, "mdd_250": -44.1, "vol_250": 31.8, "pos_52w": 57.4}, "S": {"duration": 33, "pricing": 44, "hard": 43, "bondness": 26}, "label": "中性", "tags": [], "text": {"像什么": ["PE 16.0 倍、股息率 1.5%、毛利率近 5 年中位 20.4%、固定资产占比 27%、有息负债/EBITDA 2.2 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 27%,毛利率近 5 年中位 20.4%。", "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 -0.1%(经营现金流/市值 6.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 20.4%,稳定度 79%,2020→2022 成本通胀期毛利率变化 -1.6 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 27%,资本开支/折旧 0.63 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 16.0 倍 粗算,约 69%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -28%,最大回撤 -44%,年化波动 32%,现价在 52 周高点的 57%;近 20 / 60 / 120 日 -2% / -6% / -27%。", "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%。", "常熟汽饰:PE 比行业中位低 14.2倍;股息率 比行业中位高 0.4个百分点;毛利率 比行业中位低 1.0个百分点;固定资产占比 比行业中位高 1.3个百分点。"]}}