{"F": {"ts_code": "605277.SH", "name": "新亚电子", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "消费电子", "sw3": "消费电子零部件及组装", "ind": "消费电子", "fin_source": "tushare", "market": "主板", "list_date": "20210106", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 16.96, "pe_ttm": 26.3394, "pb": 3.7425, "dv_ttm": 1.0318, "total_mv": 659380.0384, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [22.7, 21.4, 19.9, 16.2, 15.0, 15.1], "rev_series": [10.0, 14.7, 16.9, 31.9, 35.3, 39.2], "np_series": [1.2, 1.7, 1.4, 1.4, 1.5, 2.2], "roe_series": [17.1, 15.5, 12.2, 11.4, 10.9, 13.9], "period": "20260630", "rev_ttm": 41.9, "np_ttm": 2.5, "ocf_ttm": 4.1, "fcf_ttm": 3.6, "fcf_yield": 5.5, "ocf_yield": 6.2, "gm_median": 16.2, "gm_std": 2.6, "gm_stab": 0.84, "gm_chg_2022": -2.9, "npm_median": 5.6, "roe_median": 12.2, "commodity": false, "hard_ratio": 22.1, "fix_assets": 8.4, "goodwill_ratio": 1.9, "pb_calc": 3.74, "capex_dep": 0.45, "interest_debt": 10.3, "debt_ebitda": 2.3, "debt_ratio": 53.9, "debt_mv": 15.6, "payout": 31.2, "div_years": 5, "rev_cagr3": 32.5, "np_cagr3": 15.4, "rev_yoy": 13.8, "np_yoy": 30.0, "np_vol": 23.3, "loss_years": 0, "far_share": 81.0, "earn_yield": 3.8, "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], ["消费电子及工业控制线材", 22.0], ["通信线缆及数据线材", 16.0], ["新能源系列线缆及组件", 8.0]], "ret_prev_year": 58.5, "ret_prev2_year": 15.3, "ret_ytd": -6.6, "ret_pivot": 86.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 11.4, "ret_60": -0.1, "ret_120": -10.7, "ret_250": -20.1, "mdd_250": -41.5, "vol_250": 48.5, "pos_52w": 74.1}, "S": {"duration": 48, "pricing": 43, "hard": 35, "bondness": 24}, "label": "中性", "tags": [], "text": {"像什么": ["PE 26.3 倍、股息率 1.0%、毛利率近 5 年中位 16.2%、固定资产占比 22%、有息负债/EBITDA 2.3 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 22%,毛利率近 5 年中位 16.2%。", "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 5.5%(经营现金流/市值 6.2%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 16.2%,稳定度 84%,2020→2022 成本通胀期毛利率变化 -2.9 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 22%,资本开支/折旧 0.45 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 26.3 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?"]], "价格行为": "近一年 -20%,最大回撤 -42%,年化波动 48%,现价在 52 周高点的 74%;近 20 / 60 / 120 日 11% / -0% / -11%。", "行业对照": ["同申万二级「消费电子」100 家中位:PE 46.5 / 股息率 0.7% / 毛利率 20.3% / 固定资产占比 25% / 分红率 44%。", "新亚电子:PE 比行业中位低 20.2倍;股息率 比行业中位高 0.3个百分点;毛利率 比行业中位低 4.1个百分点;固定资产占比 比行业中位低 2.7个百分点。"]}}