{"F": {"ts_code": "920491.BJ", "name": "奥迪威", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "元件", "sw3": "被动元件", "ind": "元件", "fin_source": "tushare", "market": "北交所", "list_date": "20220614", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 22.72, "pe_ttm": 44.1629, "pb": 3.0207, "dv_ttm": 1.3204, "total_mv": 320677.305, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [32.6, 34.5, 35.1, 38.1, 34.8, 34.8], "rev_series": [3.4, 4.2, 3.8, 4.7, 6.2, 6.8], "np_series": [0.4, 0.6, 0.5, 0.8, 0.9, 0.9], "roe_series": [7.8, 11.2, 7.4, 8.5, 9.1, 9.0], "period": "20260630", "rev_ttm": 6.7, "np_ttm": 0.7, "ocf_ttm": 1.3, "fcf_ttm": 0.2, "fcf_yield": 0.6, "ocf_yield": 4.0, "gm_median": 34.8, "gm_std": 1.3, "gm_stab": 0.96, "gm_chg_2022": 2.6, "npm_median": 14.2, "roe_median": 9.0, "commodity": false, "hard_ratio": 20.7, "fix_assets": 2.6, "goodwill_ratio": 0.0, "pb_calc": 3.02, "capex_dep": 3.35, "interest_debt": 0.6, "debt_ebitda": 0.4, "debt_ratio": 14.9, "debt_mv": 1.8, "payout": 44.8, "div_years": 4, "rev_cagr3": 21.8, "np_cagr3": 21.1, "rev_yoy": -3.8, "np_yoy": -42.4, "np_vol": 25.2, "loss_years": 0, "far_share": 89.0, "earn_yield": 2.3, "consensus_n": 7, "fwd_pe": 32.2, "fwd_pe2": 24.9, "fwd_g1": 37.0, "fwd_g2": 29.0, "peg": 1.11, "consensus_disp": null, "mainbz": [["产品", 50.0], ["传感器", 41.0], ["执行器", 8.0], ["其他业务", 1.0]], "ret_prev_year": 40.5, "ret_prev2_year": 15.3, "ret_ytd": -23.1, "ret_pivot": 90.8, "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": 67, "pricing": 60, "hard": 33, "bondness": 25}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 44.2 倍、股息率 1.3%、毛利率近 5 年中位 34.8%、固定资产占比 21%、有息负债/EBITDA 0.4 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 34.8%),硬资产占比 21%。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 0.6%(经营现金流/市值 4.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 34.8%,稳定度 96%,2020→2022 成本通胀期毛利率变化 2.6 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 21%,资本开支/折旧 3.35 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 44.2 倍 粗算,约 89%(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「元件」67 家中位:PE 65.2 / 股息率 0.5% / 毛利率 21.3% / 固定资产占比 36% / 分红率 44%。", "奥迪威:PE 比行业中位低 21.0倍;股息率 比行业中位高 0.8个百分点;毛利率 比行业中位高 13.5个百分点;固定资产占比 比行业中位低 15.2个百分点。"]}}