{"F": {"ts_code": "002105.SZ", "name": "信隆健康", "mkt": "CN", "ccy": "元", "sw1": "汽车", "sw2": "摩托车及其他", "sw3": "其他运输设备", "ind": "摩托车及其他", "fin_source": "tushare", "market": "主板", "list_date": "20070112", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 6.17, "pe_ttm": null, "pb": 2.7962, "dv_ttm": null, "total_mv": 225971.314, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [21.8, 22.5, 23.5, 18.5, 15.2, 12.5], "rev_series": [18.7, 26.3, 18.2, 9.6, 11.9, 11.9], "np_series": [1.7, 2.7, 1.9, 0.2, -0.2, -0.6], "roe_series": [27.5, 36.2, 20.8, 2.3, -2.1, -7.6], "period": "20260630", "rev_ttm": 13.2, "np_ttm": -0.4, "ocf_ttm": 1.0, "fcf_ttm": 0.4, "fcf_yield": 1.6, "ocf_yield": 4.6, "gm_median": 18.5, "gm_std": 4.2, "gm_stab": 0.77, "gm_chg_2022": 1.7, "npm_median": 1.7, "roe_median": 2.3, "commodity": false, "hard_ratio": 29.7, "fix_assets": 4.8, "goodwill_ratio": 0.0, "pb_calc": 2.8, "capex_dep": 0.93, "interest_debt": 3.4, "debt_ebitda": 5.1, "debt_ratio": 46.6, "debt_mv": 15.0, "payout": 50.0, "div_years": 3, "rev_cagr3": -13.3, "np_cagr3": null, "rev_yoy": 23.3, "np_yoy": 151.0, "np_vol": 108.6, "loss_years": 2, "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": [["自行车零配件产品", 34.0], ["自行车配件", 34.0], ["运动健身产品", 8.0], ["运动健身", 8.0]], "ret_prev_year": 46.7, "ret_prev2_year": -22.6, "ret_ytd": -15.7, "ret_pivot": 55.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 12.4, "ret_60": 13.6, "ret_120": -13.1, "ret_250": -18.9, "mdd_250": -49.7, "vol_250": 40.3, "pos_52w": 65.9}, "S": {"duration": 100, "pricing": 45, "hard": 48, "bondness": 52}, "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 2 年;PE 为负,估值指标失真。", "资产负债率 47%,有息负债 3 亿,经营现金流/市值 4.6%: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 30%,毛利率近 5 年中位 18.5%。", "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 1.6%(经营现金流/市值 4.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 18.5%,稳定度 77%,2020→2022 成本通胀期毛利率变化 1.7 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 30%,资本开支/折旧 0.93 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 -19%,最大回撤 -50%,年化波动 40%,现价在 52 周高点的 66%;近 20 / 60 / 120 日 12% / 14% / -13%。", "行业对照": ["同申万二级「摩托车及其他」18 家中位:PE 28.8 / 股息率 1.9% / 毛利率 17.1% / 固定资产占比 12% / 分红率 50%。", "信隆健康:PE ;股息率 ;毛利率 比行业中位高 1.4个百分点;固定资产占比 比行业中位高 17.6个百分点。"]}}