{"F": {"ts_code": "000903.SZ", "name": "ST云动", "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": "主板", "list_date": "19990415", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 1.94, "pe_ttm": null, "pb": 7.7235, "dv_ttm": null, "total_mv": 375359.8136, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [9.0, 9.4, -5.9, -5.8, -4.6, -2.3], "rev_series": [100.1, 80.3, 47.7, 53.2, 47.3, 46.8], "np_series": [2.3, 0.7, -12.5, -12.9, -12.2, -9.9], "roe_series": [4.0, 1.2, -26.1, -36.9, -54.1, -86.5], "period": "20260630", "rev_ttm": 41.9, "np_ttm": -10.2, "ocf_ttm": 1.5, "fcf_ttm": 0.9, "fcf_yield": 2.5, "ocf_yield": 4.0, "gm_median": -4.6, "gm_std": 5.8, "gm_stab": 2.25, "gm_chg_2022": -14.9, "npm_median": -24.4, "roe_median": -36.9, "commodity": false, "hard_ratio": 32.1, "fix_assets": 29.1, "goodwill_ratio": 3.3, "pb_calc": 7.72, "capex_dep": 0.26, "interest_debt": 53.5, "debt_ebitda": null, "debt_ratio": 94.6, "debt_mv": 142.6, "payout": null, "div_years": 1, "rev_cagr3": -0.6, "np_cagr3": null, "rev_yoy": -17.4, "np_yoy": -18.8, "np_vol": 811.4, "loss_years": 4, "far_share": 100, "earn_yield": null, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["发动机", 42.0], ["配件及其他", 6.0], ["其他业务", 2.0]], "ret_prev_year": -23.5, "ret_prev2_year": 17.8, "ret_ytd": -26.2, "ret_pivot": -9.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.7, "ret_60": 1.0, "ret_120": -28.7, "ret_250": -37.4, "mdd_250": -49.5, "vol_250": 33.8, "pos_52w": 61.6}, "S": {"duration": 100, "pricing": 39, "hard": 51, "bondness": 23}, "label": "重资产陷阱", "tags": ["亏损或困境", "近5年≥2年亏损"], "text": {"像什么": ["资产很重:固定资产占总资产 32%,但毛利率近 5 年中位只有 -4.6%,产品同质、售价涨不动。", "2020→2022 成本通胀期毛利率变化 -14.9 个百分点;资产负债率 95%,折旧与利息两头吃。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 32%),没有定价权:毛利率近 5 年中位 -4.6%,稳定度 225%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "加息期怎么走": "滞胀里两头挤,成本全涨售价涨不动还吃折旧,跌得比成长股狠。除非商品价格反转,否则回避。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 2.5%(经营现金流/市值 4.0%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 -4.6%,稳定度 225%,2020→2022 成本通胀期毛利率变化 -14.9 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 32%,资本开支/折旧 0.26 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 为负 粗算,约 100%(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 -37%,最大回撤 -50%,年化波动 34%,现价在 52 周高点的 62%;近 20 / 60 / 120 日 4% / 1% / -29%。", "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%。", "ST云动:PE ;股息率 ;毛利率 比行业中位低 26.0个百分点;固定资产占比 比行业中位高 6.6个百分点。"]}}