{"F": {"ts_code": "920168.BJ", "name": "通宝光电", "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": "20260226", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 16.07, "pe_ttm": 19.0007, "pb": 1.5272, "dv_ttm": 3.1114, "total_mv": 120803.6538, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [16.3, 18.0, 21.5, 22.4, 24.1, 20.2], "rev_series": [2.1, 2.5, 3.9, 5.3, 5.9, 7.2], "np_series": [0.0, 0.1, 0.4, 0.6, 0.8, 0.8], "roe_series": [1.4, 2.9, 11.4, 17.0, 19.3, 15.9], "period": "20260630", "rev_ttm": 6.3, "np_ttm": 0.6, "ocf_ttm": 0.2, "fcf_ttm": -0.1, "fcf_yield": -0.7, "ocf_yield": 1.4, "gm_median": 21.5, "gm_std": 2.1, "gm_stab": 0.9, "gm_chg_2022": 5.1, "npm_median": 11.2, "roe_median": 15.9, "commodity": false, "hard_ratio": 22.4, "fix_assets": 2.9, "goodwill_ratio": 0.0, "pb_calc": 1.53, "capex_dep": 1.05, "interest_debt": 0.5, "debt_ebitda": 0.5, "debt_ratio": 38.0, "debt_mv": 4.4, "payout": 35.2, "div_years": 1, "rev_cagr3": 22.5, "np_cagr3": 29.7, "rev_yoy": -25.2, "np_yoy": -49.2, "np_vol": 200.2, "loss_years": 0, "far_share": 74.0, "earn_yield": 5.3, "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], ["汽车照明系统", 44.0], ["能源管理系统", 5.0], ["电子控制系统", 0.0]], "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": 38, "pricing": 54, "hard": 36, "bondness": 32}, "label": "中性", "tags": [], "text": {"像什么": ["PE 19.0 倍、股息率 3.1%、毛利率近 5 年中位 21.5%、固定资产占比 22%、有息负债/EBITDA 0.5 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 21.5%。", "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 -0.7%(经营现金流/市值 1.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 21.5%,稳定度 90%,2020→2022 成本通胀期毛利率变化 5.1 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 22%,资本开支/折旧 1.05 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 19.0 倍 粗算,约 74%(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%。", "通宝光电:PE 比行业中位低 11.2倍;股息率 比行业中位高 2.0个百分点;毛利率 比行业中位高 0.1个百分点;固定资产占比 比行业中位低 3.1个百分点。"]}}