{"F": {"ts_code": "920346.BJ", "name": "威贸电子", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "消费电子", "sw3": "消费电子零部件及组装", "ind": "消费电子", "fin_source": "tushare", "market": "北交所", "list_date": "20220223", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 16.12, "pe_ttm": 28.299, "pb": 2.7392, "dv_ttm": 2.1092, "total_mv": 130012.802, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [34.1, 32.0, 29.1, 31.3, 30.3, 29.9], "rev_series": [1.7, 2.2, 2.0, 2.3, 2.6, 2.9], "np_series": [0.3, 0.3, 0.3, 0.4, 0.4, 0.5], "roe_series": [17.4, 18.1, 11.1, 9.2, 10.1, 10.5], "period": "20260630", "rev_ttm": 2.9, "np_ttm": 0.5, "ocf_ttm": 0.6, "fcf_ttm": 0.5, "fcf_yield": 4.1, "ocf_yield": 4.9, "gm_median": 30.3, "gm_std": 1.0, "gm_stab": 0.97, "gm_chg_2022": -5.0, "npm_median": 17.1, "roe_median": 10.5, "commodity": false, "hard_ratio": 18.6, "fix_assets": 1.0, "goodwill_ratio": 0.0, "pb_calc": 2.74, "capex_dep": 0.91, "interest_debt": 0.1, "debt_ebitda": 0.1, "debt_ratio": 15.2, "debt_mv": 0.5, "payout": 60.7, "div_years": 5, "rev_cagr3": 12.6, "np_cagr3": 11.7, "rev_yoy": 1.1, "np_yoy": -10.3, "np_vol": 5.3, "loss_years": 0, "far_share": 82.0, "earn_yield": 3.5, "consensus_n": 4, "fwd_pe": 24.5, "fwd_pe2": 21.3, "fwd_g1": 15.0, "fwd_g2": 15.0, "peg": 1.63, "consensus_disp": null, "mainbz": [["产品", 33.0], ["注塑集成件", 17.0], ["主营业务-注塑集成件", 17.0], ["线束", 14.0]], "ret_prev_year": 9.0, "ret_prev2_year": 43.4, "ret_ytd": -34.2, "ret_pivot": 52.1, "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": 51, "pricing": 53, "hard": 30, "bondness": 42}, "label": "中性", "tags": [], "text": {"像什么": ["PE 28.3 倍、股息率 2.1%、毛利率近 5 年中位 30.3%、固定资产占比 19%、有息负债/EBITDA 0.1 倍: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 19%。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 4.1%(经营现金流/市值 4.9%)。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 97%,2020→2022 成本通胀期毛利率变化 -5.0 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 19%,资本开支/折旧 0.91 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 28.3 倍 粗算,约 82%(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「消费电子」100 家中位:PE 46.5 / 股息率 0.7% / 毛利率 20.3% / 固定资产占比 25% / 分红率 44%。", "威贸电子:PE 比行业中位低 18.2倍;股息率 比行业中位高 1.4个百分点;毛利率 比行业中位高 10.0个百分点;固定资产占比 比行业中位低 6.2个百分点。"]}}