{"F": {"ts_code": "603305.SH", "name": "旭升集团", "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": "20170710", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 11.24, "pe_ttm": 32.2976, "pb": 1.3978, "dv_ttm": 1.4179, "total_mv": 1299016.4664, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [32.9, 24.1, 23.9, 24.0, 20.3, 20.3], "rev_series": [16.3, 30.2, 44.5, 48.3, 44.1, 44.5], "np_series": [3.3, 4.1, 7.0, 7.1, 4.2, 3.7], "roe_series": [13.7, 11.8, 15.1, 12.0, 6.5, 4.6], "period": "20260630", "rev_ttm": 47.8, "np_ttm": 4.0, "ocf_ttm": 7.6, "fcf_ttm": 3.5, "fcf_yield": 2.7, "ocf_yield": 5.8, "gm_median": 23.9, "gm_std": 1.8, "gm_stab": 0.92, "gm_chg_2022": -9.0, "npm_median": 13.6, "roe_median": 11.8, "commodity": false, "hard_ratio": 36.9, "fix_assets": 47.3, "goodwill_ratio": 0.0, "pb_calc": 1.4, "capex_dep": 0.86, "interest_debt": 15.5, "debt_ebitda": 1.6, "debt_ratio": 27.5, "debt_mv": 11.9, "payout": 42.1, "div_years": 5, "rev_cagr3": -0.0, "np_cagr3": -19.6, "rev_yoy": 15.9, "np_yoy": 18.5, "np_vol": 37.4, "loss_years": 0, "far_share": 85.0, "earn_yield": 3.1, "consensus_n": 10, "fwd_pe": 26.1, "fwd_pe2": 21.7, "fwd_g1": 24.0, "fwd_g2": 21.0, "peg": 1.24, "consensus_disp": null, "mainbz": [["产品", 50.0], ["汽车类", 40.0], ["储能类", 6.0], ["模具类", 2.0]], "ret_prev_year": 27.0, "ret_prev2_year": -33.5, "ret_ytd": -29.8, "ret_pivot": 35.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.5, "ret_60": -15.0, "ret_120": -25.5, "ret_250": -23.4, "mdd_250": -51.0, "vol_250": 47.4, "pos_52w": 52.7}, "S": {"duration": 55, "pricing": 48, "hard": 59, "bondness": 48}, "label": "中性", "tags": [], "text": {"像什么": ["PE 32.3 倍、股息率 1.4%、毛利率近 5 年中位 23.9%、固定资产占比 37%、有息负债/EBITDA 1.6 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 37%),没有定价权:毛利率近 5 年中位 23.9%,稳定度 92%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 2.7%(经营现金流/市值 5.8%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 23.9%,稳定度 92%,2020→2022 成本通胀期毛利率变化 -9.0 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 37%,资本开支/折旧 0.86 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 32.3 倍 粗算,约 85%(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 -23%,最大回撤 -51%,年化波动 47%,现价在 52 周高点的 53%;近 20 / 60 / 120 日 -6% / -15% / -26%。", "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%。", "旭升集团:PE 比行业中位高 2.1倍;股息率 比行业中位高 0.3个百分点;毛利率 比行业中位高 2.5个百分点;固定资产占比 比行业中位高 11.4个百分点。"]}}