{"F": {"ts_code": "920837.BJ", "name": "华原股份", "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": "20230515", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 10.4, "pe_ttm": 18.0305, "pb": 2.731, "dv_ttm": 2.4834, "total_mv": 158835.7545, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [27.1, 22.2, 23.8, 27.9, 27.1, 28.5], "rev_series": [4.2, 5.1, 5.0, 5.0, 5.3, 6.0], "np_series": [0.2, 0.4, 0.4, 0.6, 0.6, 0.8], "roe_series": [6.6, 13.0, 11.1, 13.1, 12.7, 13.7], "period": "20260630", "rev_ttm": 6.4, "np_ttm": 0.9, "ocf_ttm": 1.2, "fcf_ttm": 0.9, "fcf_yield": 5.8, "ocf_yield": 7.4, "gm_median": 27.1, "gm_std": 2.5, "gm_stab": 0.91, "gm_chg_2022": -3.4, "npm_median": 11.0, "roe_median": 13.0, "commodity": false, "hard_ratio": 16.0, "fix_assets": 1.6, "goodwill_ratio": 0.0, "pb_calc": 2.73, "capex_dep": 1.58, "interest_debt": 1.2, "debt_ebitda": 1.0, "debt_ratio": 41.9, "debt_mv": 7.7, "payout": 51.3, "div_years": 3, "rev_cagr3": 6.2, "np_cagr3": 25.0, "rev_yoy": 11.2, "np_yoy": 34.7, "np_vol": 41.8, "loss_years": 0, "far_share": 72.0, "earn_yield": 5.5, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 49.0], ["液体过滤产品", 31.0], ["气体过滤产品", 14.0], ["其他产品", 2.0]], "ret_prev_year": 51.2, "ret_prev2_year": 11.4, "ret_ytd": -27.3, "ret_pivot": 110.0, "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": 50, "hard": 26, "bondness": 50}, "label": "中性", "tags": [], "text": {"像什么": ["PE 18.0 倍、股息率 2.5%、毛利率近 5 年中位 27.1%、固定资产占比 16%、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 16%,毛利率近 5 年中位 27.1%。", "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 5.8%(经营现金流/市值 7.4%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 27.1%,稳定度 91%,2020→2022 成本通胀期毛利率变化 -3.4 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 16%,资本开支/折旧 1.58 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 18.0 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%。", "华原股份:PE 比行业中位低 12.2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 5.7个百分点;固定资产占比 比行业中位低 9.5个百分点。"]}}