{"F": {"ts_code": "920220.BJ", "name": "朗信电气", "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": "20260522", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 43.47, "pe_ttm": 21.8373, "pb": 2.4923, "dv_ttm": null, "total_mv": 287798.6209, "trade_date": "20260904", "years": ["20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [16.1, 16.7, 17.7, 18.7, 17.3], "rev_series": [null, 6.7, 10.3, 13.0, 14.1], "np_series": [null, 0.5, 0.8, 1.2, 1.3], "roe_series": [13.2, 21.8, 27.5, 23.3, 18.3], "period": "20260630", "rev_ttm": 14.8, "np_ttm": 1.3, "ocf_ttm": 1.8, "fcf_ttm": 0.6, "fcf_yield": 2.1, "ocf_yield": 6.3, "gm_median": 17.3, "gm_std": 0.9, "gm_stab": 0.95, "gm_chg_2022": null, "npm_median": 7.9, "roe_median": 21.8, "commodity": false, "hard_ratio": 27.9, "fix_assets": 5.6, "goodwill_ratio": 0.0, "pb_calc": 2.49, "capex_dep": 1.52, "interest_debt": 2.4, "debt_ebitda": 1.0, "debt_ratio": 42.6, "debt_mv": 8.3, "payout": null, "div_years": 0, "rev_cagr3": 28.3, "np_cagr3": 42.7, "rev_yoy": 12.1, "np_yoy": 0.4, "np_vol": 36.7, "loss_years": 0, "far_share": 77.0, "earn_yield": 4.6, "consensus_n": 1, "fwd_pe": 19.8, "fwd_pe2": 16.2, "fwd_g1": 11.0, "fwd_g2": 22.0, "peg": 0.9, "consensus_disp": null, "mainbz": [["产品", 47.0], ["电子风扇及电机总成", 40.0], ["其他产品", 7.0], ["其他主营业务", 7.0]], "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": 42, "pricing": 49, "hard": 45, "bondness": 3}, "label": "中性", "tags": [], "text": {"像什么": ["PE 21.8 倍、股息率 —、毛利率近 5 年中位 17.3%、固定资产占比 28%、有息负债/EBITDA 1.0 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 28%,毛利率近 5 年中位 17.3%。", "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 2.1%(经营现金流/市值 6.3%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 17.3%,稳定度 95%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 28%,资本开支/折旧 1.52 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 21.8 倍 粗算,约 77%(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%。", "朗信电气:PE 比行业中位低 8.4倍;股息率 ;毛利率 比行业中位低 4.1个百分点;固定资产占比 比行业中位高 2.4个百分点。"]}}