{"F": {"ts_code": "000757.SZ", "name": "浩物股份", "mkt": "CN", "ccy": "元", "sw1": "汽车", "sw2": "汽车服务", "sw3": "汽车综合服务", "ind": "汽车服务", "fin_source": "tushare", "market": "主板", "list_date": "19970627", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 4.31, "pe_ttm": 63.7502, "pb": 1.4248, "dv_ttm": null, "total_mv": 229600.6391, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [10.0, 10.9, 9.4, 7.5, 10.9, 13.2], "rev_series": [40.9, 45.3, 34.8, 38.5, 35.9, 27.9], "np_series": [0.5, 0.9, -0.7, -1.3, -0.2, 0.5], "roe_series": [3.2, 5.0, -3.7, -7.6, -1.3, 3.0], "period": "20260630", "rev_ttm": 23.4, "np_ttm": 0.4, "ocf_ttm": 1.5, "fcf_ttm": 0.7, "fcf_yield": 2.9, "ocf_yield": 6.5, "gm_median": 10.9, "gm_std": 1.9, "gm_stab": 0.83, "gm_chg_2022": -0.6, "npm_median": -0.6, "roe_median": -1.3, "commodity": false, "hard_ratio": 26.6, "fix_assets": 6.5, "goodwill_ratio": 0.0, "pb_calc": 1.42, "capex_dep": 0.81, "interest_debt": 2.4, "debt_ebitda": 1.2, "debt_ratio": 34.1, "debt_mv": 10.6, "payout": null, "div_years": 0, "rev_cagr3": -7.1, "np_cagr3": null, "rev_yoy": -30.8, "np_yoy": -38.5, "np_vol": 176.3, "loss_years": 3, "far_share": 92.0, "earn_yield": 1.6, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["整车销售", 47.0], ["机械配件", 35.0], ["汽车后市场服务", 18.0], ["其他业务", 1.0]], "ret_prev_year": 30.6, "ret_prev2_year": -22.3, "ret_ytd": -11.5, "ret_pivot": 47.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.6, "ret_60": 11.9, "ret_120": -18.1, "ret_250": -13.8, "mdd_250": -49.4, "vol_250": 41.6, "pos_52w": 66.5}, "S": {"duration": 80, "pricing": 42, "hard": 43, "bondness": 24}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 0.4 亿,近 5 年亏损 3 年;PE 64 倍(盈利极薄),估值指标失真。", "资产负债率 34%,有息负债 2 亿,经营现金流/市值 6.5%:先看现金流能否覆盖利息,再谈久期。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 27%,毛利率近 5 年中位 10.9%。", "加息期怎么走": "利率上行对高杠杆亏损企业是再融资压力,不是估值问题;周期底部的反转看行业价格,不看贴现率。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 2.9%(经营现金流/市值 6.5%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 10.9%,稳定度 83%,2020→2022 成本通胀期毛利率变化 -0.6 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 27%,资本开支/折旧 0.81 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 63.8 倍 粗算,约 92%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "价格行为": "近一年 -14%,最大回撤 -49%,年化波动 42%,现价在 52 周高点的 66%;近 20 / 60 / 120 日 6% / 12% / -18%。", "行业对照": ["同申万二级「汽车服务」10 家中位:PE 28.7 / 股息率 2.2% / 毛利率 10.7% / 固定资产占比 21% / 分红率 56%。", "浩物股份:PE 比行业中位高 35.1倍;股息率 ;毛利率 比行业中位高 0.2个百分点;固定资产占比 比行业中位高 5.5个百分点。"]}}