{"F": {"ts_code": "603352.SH", "name": "至信股份", "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": "20260115", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 25.95, "pe_ttm": 31.4552, "pb": 1.9865, "dv_ttm": 0.4239, "total_mv": 588199.827, "trade_date": "20260904", "years": ["20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [20.4, 20.0, 21.7, 19.1], "rev_series": [20.9, 25.6, 30.9, 40.5], "np_series": [0.7, 1.3, 2.0, 2.3], "roe_series": [5.8, 10.2, 13.8, 13.5], "period": "20260630", "rev_ttm": 43.2, "np_ttm": 1.9, "ocf_ttm": 0.1, "fcf_ttm": -11.2, "fcf_yield": -19.1, "ocf_yield": 0.2, "gm_median": 20.2, "gm_std": 0.9, "gm_stab": 0.95, "gm_chg_2022": null, "npm_median": 5.4, "roe_median": 11.8, "commodity": false, "hard_ratio": 31.4, "fix_assets": 18.7, "goodwill_ratio": 0.0, "pb_calc": 1.99, "capex_dep": 5.23, "interest_debt": 19.5, "debt_ebitda": 2.8, "debt_ratio": 50.4, "debt_mv": 33.1, "payout": 8.2, "div_years": 1, "rev_cagr3": 24.7, "np_cagr3": 47.6, "rev_yoy": 16.6, "np_yoy": -42.8, "np_vol": 30.7, "loss_years": 0, "far_share": 84.0, "earn_yield": 3.2, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["金属冲焊结构件", 48.0], ["冲焊零部件", 48.0], ["其他业务", 2.0], ["工装", 1.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": null, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": -7.6, "ret_60": -5.5, "ret_120": -37.0, "ret_250": null, "mdd_250": -65.4, "vol_250": 45.6, "pos_52w": 37.9}, "S": {"duration": 54, "pricing": 51, "hard": 50, "bondness": 14}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 31.5 倍、股息率 0.4%、毛利率近 5 年中位 20.2%、固定资产占比 31%、有息负债/EBITDA 2.8 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 31%),没有定价权:毛利率近 5 年中位 20.2%,稳定度 95%。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 -19.1%(经营现金流/市值 0.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 20.2%,稳定度 95%。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 31%,资本开支/折旧 5.23 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 31.5 倍 粗算,约 84%(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%。", "至信股份:PE 比行业中位高 1.3倍;股息率 比行业中位低 0.7个百分点;毛利率 比行业中位低 1.2个百分点;固定资产占比 比行业中位高 5.9个百分点。"]}}