{"F": {"ts_code": "603190.SH", "name": "亚通精工", "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": "20230217", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 16.61, "pe_ttm": 22.3796, "pb": 1.2912, "dv_ttm": 1.5481, "total_mv": 289605.316, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [29.2, 23.4, 23.8, 23.6, 22.2, 19.7], "rev_series": [13.1, 14.9, 13.7, 17.2, 17.5, 18.4], "np_series": [1.9, 1.6, 1.4, 1.5, 0.9, 1.1], "roe_series": [24.1, 16.8, 12.4, 9.3, 4.3, 5.2], "period": "20260630", "rev_ttm": 20.3, "np_ttm": 1.3, "ocf_ttm": 1.6, "fcf_ttm": -0.7, "fcf_yield": -2.6, "ocf_yield": 5.6, "gm_median": 23.4, "gm_std": 1.5, "gm_stab": 0.93, "gm_chg_2022": -5.4, "npm_median": 8.7, "roe_median": 9.3, "commodity": false, "hard_ratio": 21.8, "fix_assets": 9.7, "goodwill_ratio": 0.0, "pb_calc": 1.29, "capex_dep": 1.58, "interest_debt": 11.9, "debt_ebitda": 3.6, "debt_ratio": 49.3, "debt_mv": 41.0, "payout": 34.7, "div_years": 4, "rev_cagr3": 10.4, "np_cagr3": -6.6, "rev_yoy": 23.2, "np_yoy": 35.2, "np_vol": 22.1, "loss_years": 0, "far_share": 78.0, "earn_yield": 4.5, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 38.0], ["乘用车零部件", 12.0], ["乘用车", 12.0], ["商用车零部件", 12.0]], "ret_prev_year": 22.0, "ret_prev2_year": -22.6, "ret_ytd": -12.8, "ret_pivot": 27.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.7, "ret_60": -6.2, "ret_120": -9.3, "ret_250": -3.6, "mdd_250": -31.5, "vol_250": 34.5, "pos_52w": 80.2}, "S": {"duration": 43, "pricing": 48, "hard": 35, "bondness": 42}, "label": "中性", "tags": [], "text": {"像什么": ["PE 22.4 倍、股息率 1.5%、毛利率近 5 年中位 23.4%、固定资产占比 22%、有息负债/EBITDA 3.6 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 22%,毛利率近 5 年中位 23.4%。", "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 -2.6%(经营现金流/市值 5.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 23.4%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -5.4 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 22%,资本开支/折旧 1.58 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 22.4 倍 粗算,约 78%(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 -4%,最大回撤 -32%,年化波动 34%,现价在 52 周高点的 80%;近 20 / 60 / 120 日 2% / -6% / -9%。", "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%。", "亚通精工:PE 比行业中位低 7.8倍;股息率 比行业中位高 0.4个百分点;毛利率 比行业中位高 2.0个百分点;固定资产占比 比行业中位低 3.7个百分点。"]}}