{"F": {"ts_code": "000980.SZ", "name": "众泰汽车", "mkt": "CN", "ccy": "元", "sw1": "汽车", "sw2": "汽车零部件", "sw3": "汽车电子电气系统", "ind": "汽车零部件", "fin_source": "tushare", "market": "主板", "list_date": "20000616", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 1.63, "pe_ttm": null, "pb": 42.1292, "dv_ttm": null, "total_mv": 821935.2751, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [-4.1, 10.7, 10.7, 4.7, 19.9, 23.2], "rev_series": [13.4, 8.3, 7.8, 7.3, 5.6, 5.2], "np_series": [-108.0, -7.1, -9.1, -9.4, -10.0, -3.7], "roe_series": [-1104.6, null, -33.8, -55.0, -136.1, -210.2], "period": "20260630", "rev_ttm": 4.3, "np_ttm": -1.4, "ocf_ttm": 3.1, "fcf_ttm": 1.9, "fcf_yield": 2.3, "ocf_yield": 3.8, "gm_median": 10.7, "gm_std": 6.7, "gm_stab": 0.37, "gm_chg_2022": 14.7, "npm_median": -116.6, "roe_median": -95.6, "commodity": false, "hard_ratio": 21.3, "fix_assets": 7.1, "goodwill_ratio": 0.0, "pb_calc": 42.13, "capex_dep": 2.08, "interest_debt": 17.1, "debt_ebitda": null, "debt_ratio": 94.0, "debt_mv": 20.8, "payout": null, "div_years": 0, "rev_cagr3": -12.7, "np_cagr3": null, "rev_yoy": -32.1, "np_yoy": 154.4, "np_vol": 39.4, "loss_years": 5, "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", 33.0], ["车用零部件", 18.0], ["交通运输设备制造业及服务", 18.0], ["门业产品", 11.0]], "ret_prev_year": 47.7, "ret_prev2_year": -19.8, "ret_ytd": -53.8, "ret_pivot": 9.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -5.2, "ret_60": -28.5, "ret_120": -39.2, "ret_250": -35.6, "mdd_250": -63.6, "vol_250": 58.0, "pos_52w": 39.6}, "S": {"duration": 100, "pricing": 30, "hard": 34, "bondness": 23}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -1.4 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 94%,有息负债 17 亿,经营现金流/市值 3.8%: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 21%,毛利率近 5 年中位 10.7%。", "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 2.3%(经营现金流/市值 3.8%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 10.7%,稳定度 37%,2020→2022 成本通胀期毛利率变化 14.7 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 21%,资本开支/折旧 2.08 倍。有一些。"], ["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 -36%,最大回撤 -64%,年化波动 58%,现价在 52 周高点的 40%;近 20 / 60 / 120 日 -5% / -28% / -39%。", "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%。", "众泰汽车:PE ;股息率 ;毛利率 比行业中位低 10.7个百分点;固定资产占比 比行业中位低 4.2个百分点。"]}}