{"F": {"ts_code": "920242.BJ", "name": "建邦科技", "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": "20200727", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 14.55, "pe_ttm": 17.9186, "pb": 1.9967, "dv_ttm": 3.415, "total_mv": 137080.9335, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [25.2, 23.0, 25.9, 29.6, 30.0, 29.3], "rev_series": [3.7, 4.8, 4.2, 5.6, 7.5, 7.8], "np_series": [0.4, 0.4, 0.5, 0.7, 1.1, 0.9], "roe_series": [12.4, 10.3, 11.3, 14.3, 19.2, 13.4], "period": "20260630", "rev_ttm": 8.1, "np_ttm": 0.8, "ocf_ttm": 0.8, "fcf_ttm": 0.4, "fcf_yield": 3.0, "ocf_yield": 5.9, "gm_median": 29.3, "gm_std": 2.7, "gm_stab": 0.91, "gm_chg_2022": 0.6, "npm_median": 11.9, "roe_median": 13.4, "commodity": false, "hard_ratio": 12.1, "fix_assets": 1.1, "goodwill_ratio": 0.0, "pb_calc": 2.0, "capex_dep": 1.42, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 25.7, "debt_mv": 0.3, "payout": 54.3, "div_years": 5, "rev_cagr3": 22.6, "np_cagr3": 19.3, "rev_yoy": 9.1, "np_yoy": -18.4, "np_vol": 24.7, "loss_years": 0, "far_share": 72.0, "earn_yield": 5.6, "consensus_n": 7, "fwd_pe": 9.7, "fwd_pe2": 8.8, "fwd_g1": 84.0, "fwd_g2": 11.0, "peg": 0.88, "consensus_disp": null, "mainbz": [["产品", 43.0], ["电子电气系统", 12.0], ["电子电气", 12.0], ["传动系统", 10.0]], "ret_prev_year": 23.7, "ret_prev2_year": 23.8, "ret_ytd": -28.8, "ret_pivot": 50.6, "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": 54, "hard": 19, "bondness": 39}, "label": "现金流红利", "tags": [], "text": {"像什么": ["分红率 54%、股息率 3.4%、营收 3 年复合 22.6%、有息负债/EBITDA 0.0 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 12%,毛利率近 5 年中位 29.3%。", "加息期怎么走": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 3.0%(经营现金流/市值 5.9%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 29.3%,稳定度 91%,2020→2022 成本通胀期毛利率变化 0.6 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 12%,资本开支/折旧 1.42 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 17.9 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%。", "建邦科技:PE 比行业中位低 12.3倍;股息率 比行业中位高 2.3个百分点;毛利率 比行业中位高 7.9个百分点;固定资产占比 比行业中位低 13.4个百分点。"]}}