{"F": {"ts_code": "605255.SH", "name": "天普股份", "mkt": "CN", "ccy": "元", "sw1": "汽车", "sw2": "汽车零部件", "sw3": "底盘与发动机系统", "ind": "汽车零部件", "fin_source": "tushare", "market": "主板", "list_date": "20200825", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 65.01, "pe_ttm": 16674.0859, "pb": 10.9297, "dv_ttm": 0.1538, "total_mv": 871654.08, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [42.5, 37.8, 33.4, 36.3, 38.5, 35.3], "rev_series": [3.0, 3.1, 3.3, 3.5, 3.4, 3.2], "np_series": [0.6, 0.4, 0.3, 0.3, 0.3, 0.3], "roe_series": [8.7, 4.4, 3.0, 3.6, 4.0, 3.2], "period": "20260630", "rev_ttm": 3.1, "np_ttm": 0.0, "ocf_ttm": 0.9, "fcf_ttm": 0.7, "fcf_yield": 0.8, "ocf_yield": 1.1, "gm_median": 36.3, "gm_std": 1.8, "gm_stab": 0.95, "gm_chg_2022": -9.1, "npm_median": 8.8, "roe_median": 3.6, "commodity": false, "hard_ratio": 22.7, "fix_assets": 3.9, "goodwill_ratio": 0.0, "pb_calc": 10.93, "capex_dep": 0.41, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 53.1, "debt_mv": 0.0, "payout": 95.7, "div_years": 5, "rev_cagr3": -1.1, "np_cagr3": 0.8, "rev_yoy": -5.7, "np_yoy": -226.8, "np_vol": 23.0, "loss_years": 0, "far_share": 100.0, "earn_yield": 0.0, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 48.0], ["汽车发动机附件系统软管及总成", 36.0], ["汽车空调系统、动力转向系统及车身附件系统软管及总", 6.0], ["汽车燃油系统胶管及总成", 2.0]], "ret_prev_year": 1666.6, "ret_prev2_year": -26.8, "ret_ytd": -70.2, "ret_pivot": 550.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -8.2, "ret_60": -14.7, "ret_120": -43.2, "ret_250": 102.3, "mdd_250": -70.6, "vol_250": 83.6, "pos_52w": 29.8}, "S": {"duration": 100, "pricing": 55, "hard": 36, "bondness": 54}, "label": "中性", "tags": [], "text": {"像什么": ["PE 16674.1 倍、股息率 0.2%、毛利率近 5 年中位 36.3%、固定资产占比 23%、有息负债/EBITDA 0.0 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 36.3%),硬资产占比 23%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "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 0.8%(经营现金流/市值 1.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 36.3%,稳定度 95%,2020→2022 成本通胀期毛利率变化 -9.1 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 23%,资本开支/折旧 0.41 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 16674.1 倍 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 102%,最大回撤 -71%,年化波动 84%,现价在 52 周高点的 30%;近 20 / 60 / 120 日 -8% / -15% / -43%。", "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%。", "天普股份:PE 比行业中位高 16643.9倍;股息率 比行业中位低 0.9个百分点;毛利率 比行业中位高 14.9个百分点;固定资产占比 比行业中位低 2.8个百分点。"]}}