{"F": {"ts_code": "920079.BJ", "name": "乔路铭", "mkt": "CN", "ccy": "元", "sw1": "汽车", "sw2": "汽车零部件", "sw3": "车身附件及饰件", "ind": "汽车零部件", "fin_source": "tushare", "market": "北交所", "list_date": "20260722", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 13.75, "pe_ttm": 12.9757, "pb": 2.9775, "dv_ttm": null, "total_mv": 572426.8, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [18.8, 18.0, 21.7, 21.8, 21.8, 23.7], "rev_series": [null, null, 15.6, 25.6, 33.7, 31.7], "np_series": [null, null, 1.5, 3.0, 4.2, 4.3], "roe_series": [30.9, 26.8, 55.1, 47.8, 39.7, 28.8], "period": "20260630", "rev_ttm": 31.6, "np_ttm": 4.4, "ocf_ttm": 4.7, "fcf_ttm": 0.2, "fcf_yield": 0.4, "ocf_yield": 8.2, "gm_median": 21.8, "gm_std": 1.9, "gm_stab": 0.92, "gm_chg_2022": 3.0, "npm_median": 11.8, "roe_median": 39.7, "commodity": false, "hard_ratio": 23.6, "fix_assets": 8.8, "goodwill_ratio": 0.0, "pb_calc": 2.98, "capex_dep": 2.85, "interest_debt": 1.1, "debt_ebitda": 0.1, "debt_ratio": 48.5, "debt_mv": 1.8, "payout": null, "div_years": 0, "rev_cagr3": 26.7, "np_cagr3": 40.5, "rev_yoy": -0.6, "np_yoy": 7.1, "np_vol": 112.2, "loss_years": 0, "far_share": 61.0, "earn_yield": 7.7, "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], ["外饰件", 25.0], ["内饰件", 23.0], ["模具", 2.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": null, "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": 28, "pricing": 53, "hard": 38, "bondness": 0}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 13.0 倍、股息率 —、毛利率近 5 年中位 21.8%、固定资产占比 24%、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 24%,毛利率近 5 年中位 21.8%。", "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 0.4%(经营现金流/市值 8.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 21.8%,稳定度 92%,2020→2022 成本通胀期毛利率变化 3.0 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 24%,资本开支/折旧 2.85 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 13.0 倍 粗算,约 61%(1 − 5/PE)。中等。"]], "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%。", "乔路铭:PE 比行业中位低 17.2倍;股息率 ;毛利率 比行业中位高 0.4个百分点;固定资产占比 比行业中位低 1.9个百分点。"]}}