{"F": {"ts_code": "688612.SH", "name": "威迈斯", "mkt": "CN", "ccy": "元", "sw1": "汽车", "sw2": "汽车零部件", "sw3": "汽车电子电气系统", "ind": "汽车零部件", "fin_source": "tushare", "market": "科创板", "list_date": "20230726", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 38.78, "pe_ttm": 28.3728, "pb": 4.5218, "dv_ttm": 1.6968, "total_mv": 1625593.613, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [26.1, 21.9, 19.8, 19.8, 17.6, 20.9], "rev_series": [6.6, 17.0, 38.3, 55.2, 63.7, 63.4], "np_series": [0.1, 0.8, 2.9, 5.0, 4.0, 5.6], "roe_series": [1.4, 13.3, 33.5, 22.8, 12.0, 16.2], "period": "20260630", "rev_ttm": 62.5, "np_ttm": 5.7, "ocf_ttm": 6.6, "fcf_ttm": 0.1, "fcf_yield": 0.1, "ocf_yield": 4.1, "gm_median": 19.8, "gm_std": 1.4, "gm_stab": 0.93, "gm_chg_2022": -6.3, "npm_median": 7.7, "roe_median": 16.2, "commodity": false, "hard_ratio": 20.0, "fix_assets": 14.8, "goodwill_ratio": 0.1, "pb_calc": 4.52, "capex_dep": 4.36, "interest_debt": 2.8, "debt_ebitda": 0.3, "debt_ratio": 51.4, "debt_mv": 1.7, "payout": 64.8, "div_years": 3, "rev_cagr3": 18.3, "np_cagr3": 23.7, "rev_yoy": -3.1, "np_yoy": 5.4, "np_vol": 478.3, "loss_years": 0, "far_share": 82.0, "earn_yield": 3.5, "consensus_n": 7, "fwd_pe": 25.0, "fwd_pe2": 19.8, "fwd_g1": 13.0, "fwd_g2": 26.0, "peg": 0.96, "consensus_disp": null, "mainbz": [["新能源汽车", 35.0], ["车载电源", 29.0], ["车载电源：车载电源集成产品", 28.0], ["电驱系统", 4.0]], "ret_prev_year": 43.5, "ret_prev2_year": -39.3, "ret_ytd": 20.0, "ret_pivot": 135.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 14.6, "ret_60": 22.5, "ret_120": 37.4, "ret_250": 13.6, "mdd_250": -34.8, "vol_250": 48.0, "pos_52w": 95.0}, "S": {"duration": 51, "pricing": 46, "hard": 32, "bondness": 35}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 28.4 倍、股息率 1.7%、毛利率近 5 年中位 19.8%、固定资产占比 20%、有息负债/EBITDA 0.3 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 20%,毛利率近 5 年中位 19.8%。", "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 0.1%(经营现金流/市值 4.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 19.8%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -6.3 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 20%,资本开支/折旧 4.36 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 28.4 倍 粗算,约 82%(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 14%,最大回撤 -35%,年化波动 48%,现价在 52 周高点的 95%;近 20 / 60 / 120 日 15% / 22% / 37%。", "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%。", "威迈斯:PE 比行业中位低 1.8倍;股息率 比行业中位高 0.6个百分点;毛利率 比行业中位低 1.6个百分点;固定资产占比 比行业中位低 5.5个百分点。"]}}