{"F": {"ts_code": "603293.SH", "name": "埃泰克", "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": "20260416", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 38.44, "pe_ttm": 27.6092, "pb": 2.3364, "dv_ttm": null, "total_mv": 688424.2664, "trade_date": "20260904", "years": ["20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [16.5, 16.4, 17.0, 17.7], "rev_series": [21.7, 30.0, 34.7, 36.1], "np_series": [0.9, 1.9, 2.1, 2.5], "roe_series": [11.3, 21.1, 19.1, 18.3], "period": "20260630", "rev_ttm": 38.7, "np_ttm": 2.5, "ocf_ttm": 1.2, "fcf_ttm": -0.4, "fcf_yield": -0.6, "ocf_yield": 1.8, "gm_median": 16.8, "gm_std": 0.5, "gm_stab": 0.97, "gm_chg_2022": null, "npm_median": 6.3, "roe_median": 18.7, "commodity": false, "hard_ratio": 10.9, "fix_assets": 5.6, "goodwill_ratio": 0.0, "pb_calc": 2.34, "capex_dep": 2.58, "interest_debt": 0.3, "debt_ebitda": 0.1, "debt_ratio": 42.5, "debt_mv": 0.4, "payout": null, "div_years": 0, "rev_cagr3": 18.4, "np_cagr3": 38.9, "rev_yoy": 16.9, "np_yoy": 1.0, "np_vol": 44.3, "loss_years": 0, "far_share": 82.0, "earn_yield": 3.6, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["汽车电子类", 45.0], ["汽车电子产品", 45.0], ["技术开发收入", 2.0], ["技术开发", 2.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": null, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.4, "ret_60": -3.0, "ret_120": null, "ret_250": null, "mdd_250": -51.4, "vol_250": 47.9, "pos_52w": 54.1}, "S": {"duration": 50, "pricing": 50, "hard": 17, "bondness": 2}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 27.6 倍、股息率 —、毛利率近 5 年中位 16.8%、固定资产占比 11%、有息负债/EBITDA 0.1 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 11%,毛利率近 5 年中位 16.8%。", "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 -0.6%(经营现金流/市值 1.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 16.8%,稳定度 97%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 11%,资本开支/折旧 2.58 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 27.6 倍 粗算,约 82%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "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%。", "埃泰克:PE 比行业中位低 2.6倍;股息率 ;毛利率 比行业中位低 4.6个百分点;固定资产占比 比行业中位低 14.6个百分点。"]}}