{"F": {"ts_code": "603989.SH", "name": "艾华集团", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "元件", "sw3": "被动元件", "ind": "元件", "fin_source": "tushare", "market": "主板", "list_date": "20150515", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 31.52, "pe_ttm": 43.3524, "pb": 3.164, "dv_ttm": 0.6345, "total_mv": 1256954.2448, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [32.4, 29.6, 26.5, 24.8, 18.7, 21.0], "rev_series": [25.2, 32.3, 34.4, 33.8, 39.1, 39.7], "np_series": [3.8, 4.9, 4.5, 3.5, 2.0, 2.7], "roe_series": [15.4, 17.1, 13.9, 10.1, 5.5, 7.0], "period": "20260630", "rev_ttm": 42.8, "np_ttm": 2.9, "ocf_ttm": 2.0, "fcf_ttm": 1.3, "fcf_yield": 1.1, "ocf_yield": 1.6, "gm_median": 24.8, "gm_std": 3.9, "gm_stab": 0.84, "gm_chg_2022": -5.9, "npm_median": 10.1, "roe_median": 10.1, "commodity": false, "hard_ratio": 25.6, "fix_assets": 16.1, "goodwill_ratio": 0.0, "pb_calc": 3.16, "capex_dep": 0.33, "interest_debt": 6.6, "debt_ebitda": 1.1, "debt_ratio": 36.7, "debt_mv": 5.2, "payout": 30.2, "div_years": 5, "rev_cagr3": 4.9, "np_cagr3": -15.9, "rev_yoy": 15.4, "np_yoy": 17.2, "np_vol": 30.2, "loss_years": 0, "far_share": 88.0, "earn_yield": 2.3, "consensus_n": 2, "fwd_pe": 36.9, "fwd_pe2": 30.2, "fwd_g1": 18.0, "fwd_g2": 22.0, "peg": 1.68, "consensus_disp": null, "mainbz": [["产品", 33.0], ["电容器分部", 31.0], ["电容器", 31.0], ["化成箔分部", 2.0]], "ret_prev_year": 12.6, "ret_prev2_year": -29.5, "ret_ytd": 90.1, "ret_pivot": 168.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 7.9, "ret_60": 3.7, "ret_120": 74.8, "ret_250": 71.2, "mdd_250": -57.8, "vol_250": 67.2, "pos_52w": 56.5}, "S": {"duration": 66, "pricing": 46, "hard": 41, "bondness": 33}, "label": "中性", "tags": [], "text": {"像什么": ["PE 43.4 倍、股息率 0.6%、毛利率近 5 年中位 24.8%、固定资产占比 26%、有息负债/EBITDA 1.1 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 26%,毛利率近 5 年中位 24.8%。", "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 1.1%(经营现金流/市值 1.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 24.8%,稳定度 84%,2020→2022 成本通胀期毛利率变化 -5.9 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 0.33 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 43.4 倍 粗算,约 88%(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 71%,最大回撤 -58%,年化波动 67%,现价在 52 周高点的 56%;近 20 / 60 / 120 日 8% / 4% / 75%。", "行业对照": ["同申万二级「元件」67 家中位:PE 65.2 / 股息率 0.5% / 毛利率 21.3% / 固定资产占比 36% / 分红率 44%。", "艾华集团:PE 比行业中位低 21.8倍;股息率 比行业中位高 0.1个百分点;毛利率 比行业中位高 3.5个百分点;固定资产占比 比行业中位低 10.3个百分点。"]}}