{"F": {"ts_code": "605258.SH", "name": "协和电子", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "元件", "sw3": "印制电路板", "ind": "元件", "fin_source": "tushare", "market": "主板", "list_date": "20201203", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 29.38, "pe_ttm": 39.1716, "pb": 2.159, "dv_ttm": 1.7018, "total_mv": 258544.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [31.8, 24.3, 21.6, 21.2, 20.1, 18.3], "rev_series": [6.2, 7.3, 6.9, 7.3, 8.9, 9.8], "np_series": [0.9, 0.8, 0.5, 0.4, 0.7, 0.7], "roe_series": [11.6, 7.0, 4.4, 3.2, 6.0, 5.5], "period": "20260630", "rev_ttm": 9.6, "np_ttm": 0.7, "ocf_ttm": 1.3, "fcf_ttm": 1.0, "fcf_yield": 3.9, "ocf_yield": 5.0, "gm_median": 21.2, "gm_std": 2.0, "gm_stab": 0.91, "gm_chg_2022": -10.2, "npm_median": 7.3, "roe_median": 5.5, "commodity": false, "hard_ratio": 27.8, "fix_assets": 4.7, "goodwill_ratio": 0.0, "pb_calc": 2.16, "capex_dep": 0.48, "interest_debt": 0.7, "debt_ebitda": 0.5, "debt_ratio": 29.5, "debt_mv": 2.7, "payout": 83.3, "div_years": 5, "rev_cagr3": 12.5, "np_cagr3": 9.7, "rev_yoy": -4.5, "np_yoy": -2.4, "np_vol": 45.7, "loss_years": 0, "far_share": 87.0, "earn_yield": 2.6, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 47.0], ["其他业务", 3.0]], "ret_prev_year": 5.6, "ret_prev2_year": 11.2, "ret_ytd": -4.5, "ret_pivot": 26.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 7.9, "ret_60": -12.0, "ret_120": -16.6, "ret_250": -9.7, "mdd_250": -42.3, "vol_250": 48.7, "pos_52w": 76.3}, "S": {"duration": 62, "pricing": 46, "hard": 44, "bondness": 48}, "label": "中性", "tags": [], "text": {"像什么": ["PE 39.2 倍、股息率 1.7%、毛利率近 5 年中位 21.2%、固定资产占比 28%、有息负债/EBITDA 0.5 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 28%,毛利率近 5 年中位 21.2%。", "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 3.9%(经营现金流/市值 5.0%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 21.2%,稳定度 91%,2020→2022 成本通胀期毛利率变化 -10.2 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 28%,资本开支/折旧 0.48 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 39.2 倍 粗算,约 87%(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 -10%,最大回撤 -42%,年化波动 49%,现价在 52 周高点的 76%;近 20 / 60 / 120 日 8% / -12% / -17%。", "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%。", "协和电子:PE 比行业中位低 26.0倍;股息率 比行业中位高 1.2个百分点;毛利率 比行业中位低 0.1个百分点;固定资产占比 比行业中位低 8.1个百分点。"]}}