{"F": {"ts_code": "920136.BJ", "name": "永励精密", "mkt": "CN", "ccy": "元", "sw1": "汽车", "sw2": "汽车零部件", "sw3": "底盘与发动机系统", "ind": "汽车零部件", "fin_source": "tushare", "market": "北交所", "list_date": "20260709", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 21.9, "pe_ttm": 12.1099, "pb": 1.4551, "dv_ttm": null, "total_mv": 175200.0, "trade_date": "20260904", "years": ["20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [25.7, 31.4, 29.3, 32.2], "rev_series": [4.2, 5.1, 5.7, 5.4], "np_series": [0.6, 0.9, 0.9, 1.1], "roe_series": [12.1, 17.3, 15.3, 15.1], "period": "20260630", "rev_ttm": 6.0, "np_ttm": 1.4, "ocf_ttm": 1.1, "fcf_ttm": 0.7, "fcf_yield": 4.2, "ocf_yield": 6.4, "gm_median": 30.3, "gm_std": 2.5, "gm_stab": 0.92, "gm_chg_2022": null, "npm_median": 17.5, "roe_median": 15.2, "commodity": false, "hard_ratio": 16.0, "fix_assets": 2.2, "goodwill_ratio": 0.0, "pb_calc": 1.46, "capex_dep": 1.84, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 10.8, "debt_mv": null, "payout": null, "div_years": 0, "rev_cagr3": 9.1, "np_cagr3": 21.8, "rev_yoy": 25.1, "np_yoy": 64.9, "np_vol": 22.1, "loss_years": 0, "far_share": 59.0, "earn_yield": 8.3, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 37.0], ["底盘系统管件", 23.0], ["底盘系统", 23.0], ["其他业务", 10.0]], "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": 26, "pricing": 55, "hard": 26, "bondness": 14}, "label": "中性", "tags": [], "text": {"像什么": ["PE 12.1 倍、股息率 —、毛利率近 5 年中位 30.3%、固定资产占比 16%、资产负债率 11%:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 30.3%),硬资产占比 16%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "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 4.2%(经营现金流/市值 6.4%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 30.3%,稳定度 92%。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 16%,资本开支/折旧 1.84 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 12.1 倍 粗算,约 59%(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%。", "永励精密:PE 比行业中位低 18.1倍;股息率 ;毛利率 比行业中位高 8.9个百分点;固定资产占比 比行业中位低 9.5个百分点。"]}}