{"F": {"ts_code": "920020.BJ", "name": "泰凯英", "mkt": "CN", "ccy": "元", "sw1": "汽车", "sw2": "汽车零部件", "sw3": "轮胎轮毂", "ind": "汽车零部件", "fin_source": "tushare", "market": "北交所", "list_date": "20251028", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 15.08, "pe_ttm": 18.0543, "pb": 2.8653, "dv_ttm": 1.5915, "total_mv": 339217.06, "trade_date": "20260904", "years": ["20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [15.9, 18.1, 19.2, 18.8, 18.6], "rev_series": [null, 18.0, 20.3, 23.0, 25.8], "np_series": [null, 1.1, 1.4, 1.6, 1.7], "roe_series": [26.5, 33.2, 28.7, 25.6, 18.8], "period": "20260630", "rev_ttm": 29.2, "np_ttm": 1.9, "ocf_ttm": 1.1, "fcf_ttm": 0.9, "fcf_yield": 2.5, "ocf_yield": 3.2, "gm_median": 18.6, "gm_std": 1.2, "gm_stab": 0.94, "gm_chg_2022": null, "npm_median": 6.7, "roe_median": 26.5, "commodity": false, "hard_ratio": 0.0, "fix_assets": 0.0, "goodwill_ratio": 0.0, "pb_calc": 2.87, "capex_dep": 0.92, "interest_debt": 0.3, "debt_ebitda": 0.1, "debt_ratio": 49.7, "debt_mv": 0.8, "payout": 25.4, "div_years": 1, "rev_cagr3": 12.7, "np_cagr3": 17.1, "rev_yoy": 27.0, "np_yoy": 15.9, "np_vol": 28.6, "loss_years": 0, "far_share": 72.0, "earn_yield": 5.5, "consensus_n": 3, "fwd_pe": 16.1, "fwd_pe2": 13.5, "fwd_g1": 12.0, "fwd_g2": 19.0, "peg": 0.85, "consensus_disp": null, "mainbz": [["产品", 49.0], ["矿山轮胎", 33.0], ["建筑轮胎", 12.0], ["矿建混合轮胎", 2.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": -10.8, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": null, "ret_60": null, "ret_120": null, "ret_250": null, "mdd_250": null, "vol_250": null, "pos_52w": null}, "S": {"duration": 36, "pricing": 50, "hard": 0, "bondness": 26}, "label": "中性", "tags": [], "text": {"像什么": ["PE 18.1 倍、股息率 1.6%、毛利率近 5 年中位 18.6%、固定资产占比 0%、有息负债/EBITDA 0.1 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 0%,毛利率近 5 年中位 18.6%。", "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 2.5%(经营现金流/市值 3.2%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 18.6%,稳定度 94%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 0%,资本开支/折旧 0.92 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 18.1 倍 粗算,约 72%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "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%。", "泰凯英:PE 比行业中位低 12.1倍;股息率 比行业中位高 0.5个百分点;毛利率 比行业中位低 2.8个百分点;固定资产占比 比行业中位低 25.5个百分点。"]}}