{"F": {"ts_code": "603468.SH", "name": "津富士达", "mkt": "CN", "ccy": "元", "sw1": "汽车", "sw2": "摩托车及其他", "sw3": "其他运输设备", "ind": "摩托车及其他", "fin_source": "tushare", "market": "主板", "list_date": "20260806", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 23.37, "pe_ttm": 25.6718, "pb": 3.2501, "dv_ttm": null, "total_mv": 963362.1129, "trade_date": "20260904", "years": ["20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [14.8, 14.5, 14.5, 13.6], "rev_series": [43.7, 36.2, 48.8, 50.6], "np_series": [3.5, 2.8, 4.1, 3.8], "roe_series": [18.3, 13.9, 17.2, 14.3], "period": "20260630", "rev_ttm": 55.6, "np_ttm": 3.8, "ocf_ttm": 8.7, "fcf_ttm": 8.2, "fcf_yield": 8.5, "ocf_yield": 9.0, "gm_median": 14.5, "gm_std": 0.4, "gm_stab": 0.97, "gm_chg_2022": null, "npm_median": 7.8, "roe_median": 15.8, "commodity": false, "hard_ratio": 8.5, "fix_assets": 4.4, "goodwill_ratio": 0.1, "pb_calc": 3.25, "capex_dep": 0.73, "interest_debt": 1.1, "debt_ebitda": 0.2, "debt_ratio": 38.9, "debt_mv": 1.1, "payout": null, "div_years": 0, "rev_cagr3": 5.0, "np_cagr3": 3.2, "rev_yoy": 19.1, "np_yoy": -3.5, "np_vol": 26.6, "loss_years": 0, "far_share": 81.0, "earn_yield": 3.9, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 35.0], ["整车类", 30.0], ["整车类：自行车", 14.0], ["整车类：电助力自行车", 7.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": null, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": null, "ret_60": null, "ret_120": null, "ret_250": null, "mdd_250": null, "vol_250": null, "pos_52w": null}, "S": {"duration": 47, "pricing": 49, "hard": 14, "bondness": 16}, "label": "中性", "tags": [], "text": {"像什么": ["PE 25.7 倍、股息率 —、毛利率近 5 年中位 14.5%、固定资产占比 8%、有息负债/EBITDA 0.2 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 8%,毛利率近 5 年中位 14.5%。", "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 8.5%(经营现金流/市值 9.0%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 14.5%,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 8%,资本开支/折旧 0.73 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 25.7 倍 粗算,约 81%(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「摩托车及其他」18 家中位:PE 28.8 / 股息率 1.9% / 毛利率 17.1% / 固定资产占比 12% / 分红率 50%。", "津富士达:PE 比行业中位低 3.1倍;股息率 ;毛利率 比行业中位低 2.6个百分点;固定资产占比 比行业中位低 3.6个百分点。"]}}