{"F": {"ts_code": "603112.SH", "name": "华翔股份", "mkt": "CN", "ccy": "元", "sw1": "家用电器", "sw2": "家电零部件Ⅱ", "sw3": "家电零部件Ⅲ", "ind": "家电零部件Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20200917", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 16.41, "pe_ttm": 16.7451, "pb": 1.9617, "dv_ttm": 2.5721, "total_mv": 886076.6574, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [22.2, 19.5, 18.8, 23.9, 21.7, 21.9], "rev_series": [19.5, 32.8, 32.3, 32.6, 38.3, 41.3], "np_series": [2.4, 3.3, 2.6, 3.9, 4.7, 5.6], "roe_series": [16.7, 16.5, 11.4, 15.1, 15.9, 14.8], "period": "20260630", "rev_ttm": 43.6, "np_ttm": 5.3, "ocf_ttm": 1.2, "fcf_ttm": 0.2, "fcf_yield": 0.2, "ocf_yield": 1.4, "gm_median": 21.7, "gm_std": 1.8, "gm_stab": 0.92, "gm_chg_2022": -3.4, "npm_median": 11.2, "roe_median": 15.1, "commodity": false, "hard_ratio": 28.6, "fix_assets": 23.8, "goodwill_ratio": 0.0, "pb_calc": 1.93, "capex_dep": 0.36, "interest_debt": 20.9, "debt_ebitda": 2.2, "debt_ratio": 41.5, "debt_mv": 23.6, "payout": 38.4, "div_years": 5, "rev_cagr3": 8.6, "np_cagr3": 28.4, "rev_yoy": 11.6, "np_yoy": -9.9, "np_vol": 22.5, "loss_years": 0, "far_share": 70.0, "earn_yield": 6.0, "consensus_n": 5, "fwd_pe": 12.8, "fwd_pe2": 10.7, "fwd_g1": 31.0, "fwd_g2": 20.0, "peg": 0.64, "consensus_disp": null, "mainbz": [["产品", 46.0], ["精密件", 34.0], ["工程机械部件", 7.0], ["工程机械件", 7.0]], "ret_prev_year": 43.5, "ret_prev2_year": 8.9, "ret_ytd": -4.4, "ret_pivot": 56.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 9.1, "ret_60": -10.1, "ret_120": -4.3, "ret_250": -9.6, "mdd_250": -40.8, "vol_250": 45.6, "pos_52w": 72.5}, "S": {"duration": 34, "pricing": 48, "hard": 46, "bondness": 47}, "label": "中性", "tags": ["PEG<0.8"], "text": {"像什么": ["PE 16.7 倍、股息率 2.6%、毛利率近 5 年中位 21.7%、固定资产占比 29%、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 29%,毛利率近 5 年中位 21.7%。", "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 1.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 21.7%,稳定度 92%,2020→2022 成本通胀期毛利率变化 -3.4 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 29%,资本开支/折旧 0.36 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 16.7 倍 粗算,约 70%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -10%,最大回撤 -41%,年化波动 46%,现价在 52 周高点的 72%;近 20 / 60 / 120 日 9% / -10% / -4%。", "行业对照": ["同申万二级「家电零部件Ⅱ」34 家中位:PE 50.3 / 股息率 1.0% / 毛利率 18.8% / 固定资产占比 21% / 分红率 39%。", "华翔股份:PE 比行业中位低 33.6倍;股息率 比行业中位高 1.6个百分点;毛利率 比行业中位高 2.9个百分点;固定资产占比 比行业中位高 8.0个百分点。"]}}