{"F": {"ts_code": "603040.SH", "name": "新坐标", "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": "20170209", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 49.08, "pe_ttm": 38.4318, "pb": 6.3876, "dv_ttm": 1.8165, "total_mv": 968630.61, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [63.2, 60.5, 54.7, 53.3, 51.9, 54.0], "rev_series": [3.8, 4.3, 5.3, 5.8, 6.8, 8.0], "np_series": [1.5, 1.4, 1.6, 1.8, 2.1, 2.7], "roe_series": [17.4, 15.0, 15.0, 15.7, 16.2, 18.7], "period": "20260630", "rev_ttm": 8.3, "np_ttm": 2.5, "ocf_ttm": 3.8, "fcf_ttm": 3.5, "fcf_yield": 3.7, "ocf_yield": 3.9, "gm_median": 54.0, "gm_std": 3.0, "gm_stab": 0.95, "gm_chg_2022": -8.5, "npm_median": 32.2, "roe_median": 15.7, "commodity": false, "hard_ratio": 24.0, "fix_assets": 4.3, "goodwill_ratio": 0.1, "pb_calc": 6.39, "capex_dep": 0.53, "interest_debt": 0.5, "debt_ebitda": 0.2, "debt_ratio": 12.9, "debt_mv": 0.5, "payout": 57.0, "div_years": 5, "rev_cagr3": 15.1, "np_cagr3": 19.7, "rev_yoy": 5.4, "np_yoy": -10.4, "np_vol": 10.4, "loss_years": 0, "far_share": 87.0, "earn_yield": 2.6, "consensus_n": 3, "fwd_pe": 23.3, "fwd_pe2": 20.1, "fwd_g1": 65.0, "fwd_g2": 16.0, "peg": 1.46, "consensus_disp": null, "mainbz": [["产品", 47.0], ["气门传动组精密冷锻件", 36.0], ["其他精密冷锻件", 5.0], ["其他", 5.0]], "ret_prev_year": 336.1, "ret_prev2_year": -11.2, "ret_ytd": -22.0, "ret_pivot": 311.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -13.2, "ret_60": -16.2, "ret_120": -16.8, "ret_250": 6.6, "mdd_250": -40.6, "vol_250": 56.2, "pos_52w": 59.4}, "S": {"duration": 62, "pricing": 64, "hard": 38, "bondness": 36}, "label": "定价权·品牌", "tags": [], "text": {"像什么": ["没有硬资产(固定资产占比 24%)但有定价权:毛利率近 5 年中位 54.0%,稳定度 95%、ROE 近 5 年中位 15.7%。", "自由现金流/市值 3.7%,分红率 57%,分子跟得上通胀。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 54.0%),硬资产占比 24%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "加息期怎么走": "分子跟得上通胀、久期不长,加息期抗跌;放水期弹性不如科技。属船票一侧的'非债券'部分。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 3.7%(经营现金流/市值 3.9%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 54.0%,稳定度 95%,2020→2022 成本通胀期毛利率变化 -8.5 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 24%,资本开支/折旧 0.53 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 38.4 倍 粗算,约 87%(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 -41%,年化波动 56%,现价在 52 周高点的 59%;近 20 / 60 / 120 日 -13% / -16% / -17%。", "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%。", "新坐标:PE 比行业中位高 8.2倍;股息率 比行业中位高 0.7个百分点;毛利率 比行业中位高 32.6个百分点;固定资产占比 比行业中位低 1.5个百分点。"]}}