{"F": {"ts_code": "605068.SH", "name": "明新旭腾", "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": "20201123", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 21.15, "pe_ttm": null, "pb": 2.2704, "dv_ttm": 0.1891, "total_mv": 343049.8275, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [49.1, 40.2, 32.5, 26.1, 20.5, 12.1], "rev_series": [8.1, 8.2, 8.6, 9.1, 11.8, 14.8], "np_series": [2.2, 1.6, 1.0, 0.6, -1.7, 0.1], "roe_series": [19.0, 9.5, 5.5, 2.9, -9.7, 0.9], "period": "20260630", "rev_ttm": 15.2, "np_ttm": -0.0, "ocf_ttm": 3.0, "fcf_ttm": 1.7, "fcf_yield": 4.9, "ocf_yield": 8.6, "gm_median": 26.1, "gm_std": 9.7, "gm_stab": 0.63, "gm_chg_2022": -16.6, "npm_median": 6.1, "roe_median": 2.9, "commodity": false, "hard_ratio": 34.9, "fix_assets": 12.4, "goodwill_ratio": 0.0, "pb_calc": 2.07, "capex_dep": 1.16, "interest_debt": 10.4, "debt_ebitda": 5.9, "debt_ratio": 53.5, "debt_mv": 30.4, "payout": 44.4, "div_years": 3, "rev_cagr3": 20.1, "np_cagr3": -47.1, "rev_yoy": 6.7, "np_yoy": -62.6, "np_vol": 174.3, "loss_years": 1, "far_share": 100, "earn_yield": null, "consensus_n": 1, "fwd_pe": 176.2, "fwd_pe2": 32.0, "fwd_g1": null, "fwd_g2": 450.0, "peg": 0.39, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 47.0], ["其他业务", 3.0]], "ret_prev_year": 90.4, "ret_prev2_year": -40.1, "ret_ytd": -17.2, "ret_pivot": 83.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.7, "ret_60": 9.9, "ret_120": -25.8, "ret_250": -6.7, "mdd_250": -60.7, "vol_250": 58.9, "pos_52w": 60.7}, "S": {"duration": 100, "pricing": 39, "hard": 56, "bondness": 32}, "label": "中性", "tags": ["PEG<0.8"], "text": {"像什么": ["PE —、股息率 0.2%、毛利率近 5 年中位 26.1%、固定资产占比 35%、有息负债/EBITDA 5.9 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 35%),没有定价权:毛利率近 5 年中位 26.1%,稳定度 63%。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 4.9%(经营现金流/市值 8.6%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 26.1%,稳定度 63%,2020→2022 成本通胀期毛利率变化 -16.6 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 35%,资本开支/折旧 1.16 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 为负 粗算,约 100%(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 -7%,最大回撤 -61%,年化波动 59%,现价在 52 周高点的 61%;近 20 / 60 / 120 日 1% / 10% / -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%。", "明新旭腾:PE ;股息率 比行业中位低 0.9个百分点;毛利率 比行业中位高 4.7个百分点;固定资产占比 比行业中位高 9.4个百分点。"]}}