{"F": {"ts_code": "603418.SH", "name": "友升股份", "mkt": "CN", "ccy": "元", "sw1": "汽车", "sw2": "汽车零部件", "sw3": "车身附件及饰件", "ind": "汽车零部件", "fin_source": "tushare", "market": "主板", "list_date": "20250923", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 44.02, "pe_ttm": 16.3957, "pb": 1.8424, "dv_ttm": 1.8855, "total_mv": 849887.0968, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [19.8, 20.0, 20.6, 21.0, 20.6, 19.0], "rev_series": [null, null, 23.5, 29.0, 39.5, 49.8], "np_series": [null, null, 2.3, 3.2, 4.1, 4.9], "roe_series": [11.7, 20.6, 24.4, 23.1, 23.1, 15.1], "period": "20260630", "rev_ttm": 50.5, "np_ttm": 5.2, "ocf_ttm": 0.4, "fcf_ttm": -2.9, "fcf_yield": -3.4, "ocf_yield": 0.4, "gm_median": 20.6, "gm_std": 0.7, "gm_stab": 0.97, "gm_chg_2022": 0.8, "npm_median": 9.9, "roe_median": 23.1, "commodity": false, "hard_ratio": 26.2, "fix_assets": 16.5, "goodwill_ratio": 0.0, "pb_calc": 1.84, "capex_dep": 2.5, "interest_debt": 6.5, "debt_ebitda": 0.7, "debt_ratio": 26.8, "debt_mv": 7.7, "payout": 26.5, "div_years": 1, "rev_cagr3": 28.5, "np_cagr3": 28.1, "rev_yoy": 3.0, "np_yoy": 12.7, "np_vol": 41.3, "loss_years": 0, "far_share": 70.0, "earn_yield": 6.1, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 33.0], ["门槛梁系列", 16.0], ["门槛梁", 16.0], ["电池托盘系列", 8.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": -26.2, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.9, "ret_60": -9.2, "ret_120": -18.5, "ret_250": null, "mdd_250": -45.8, "vol_250": 33.0, "pos_52w": 56.0}, "S": {"duration": 34, "pricing": 52, "hard": 42, "bondness": 23}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 16.4 倍、股息率 1.9%、毛利率近 5 年中位 20.6%、固定资产占比 26%、有息负债/EBITDA 0.7 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 26%,毛利率近 5 年中位 20.6%。", "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 -3.4%(经营现金流/市值 0.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 20.6%,稳定度 97%,2020→2022 成本通胀期毛利率变化 0.8 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 26%,资本开支/折旧 2.50 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 16.4 倍 粗算,约 70%(1 − 5/PE)。中等。"]], "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%。", "友升股份:PE 比行业中位低 13.8倍;股息率 比行业中位高 0.8个百分点;毛利率 比行业中位低 0.8个百分点;固定资产占比 比行业中位高 0.7个百分点。"]}}