{"F": {"ts_code": "603202.SH", "name": "天有为", "mkt": "CN", "ccy": "元", "sw1": "汽车", "sw2": "汽车零部件", "sw3": "汽车电子电气系统", "ind": "汽车零部件", "fin_source": "tushare", "market": "主板", "list_date": "20250424", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 52.61, "pe_ttm": 12.237, "pb": 1.2374, "dv_ttm": 4.7519, "total_mv": 841760.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [17.7, 22.2, 31.1, 36.2, 35.5, 34.5], "rev_series": [null, null, 19.7, 34.4, 44.6, 40.0], "np_series": [null, null, 4.0, 8.4, 11.4, 9.2], "roe_series": [12.9, 35.2, 63.4, 64.4, 49.4, 19.1], "period": "20260630", "rev_ttm": 37.8, "np_ttm": 6.9, "ocf_ttm": 7.2, "fcf_ttm": 2.6, "fcf_yield": 3.1, "ocf_yield": 8.6, "gm_median": 34.5, "gm_std": 5.1, "gm_stab": 0.85, "gm_chg_2022": 13.4, "npm_median": 23.0, "roe_median": 49.4, "commodity": false, "hard_ratio": 13.0, "fix_assets": 12.0, "goodwill_ratio": 0.0, "pb_calc": 1.24, "capex_dep": 6.08, "interest_debt": 4.8, "debt_ebitda": 0.4, "debt_ratio": 26.7, "debt_mv": 5.7, "payout": 33.0, "div_years": 2, "rev_cagr3": 26.6, "np_cagr3": 32.5, "rev_yoy": -10.7, "np_yoy": -44.5, "np_vol": 100.5, "loss_years": 0, "far_share": 59.0, "earn_yield": 8.2, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 50.0], ["其他业务", 0.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": -41.7, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.7, "ret_60": -20.8, "ret_120": -41.5, "ret_250": -48.3, "mdd_250": -51.7, "vol_250": 26.2, "pos_52w": 51.7}, "S": {"duration": 26, "pricing": 58, "hard": 21, "bondness": 41}, "label": "中性", "tags": ["资本开支扩张期", "股息率≥4%"], "text": {"像什么": ["PE 12.2 倍、股息率 4.8%、毛利率近 5 年中位 34.5%、固定资产占比 13%、有息负债/EBITDA 0.4 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 34.5%),硬资产占比 13%。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": "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 3.1%(经营现金流/市值 8.6%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 34.5%,稳定度 85%,2020→2022 成本通胀期毛利率变化 13.4 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 13%,资本开支/折旧 6.08 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 12.2 倍 粗算,约 59%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -48%,最大回撤 -52%,年化波动 26%,现价在 52 周高点的 52%;近 20 / 60 / 120 日 -1% / -21% / -42%。", "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%。", "天有为:PE 比行业中位低 18.0倍;股息率 比行业中位高 3.7个百分点;毛利率 比行业中位高 13.1个百分点;固定资产占比 比行业中位低 12.5个百分点。"]}}