{"F": {"ts_code": "002725.SZ", "name": "跃岭股份", "mkt": "CN", "ccy": "元", "sw1": "汽车", "sw2": "汽车零部件", "sw3": "轮胎轮毂", "ind": "汽车零部件", "fin_source": "tushare", "market": "主板", "list_date": "20140129", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 11.45, "pe_ttm": null, "pb": 3.0455, "dv_ttm": 0.1566, "total_mv": 293120.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [11.4, 11.3, 10.4, 5.3, 11.1, 13.9], "rev_series": [7.2, 9.4, 7.7, 6.4, 7.1, 6.7], "np_series": [-0.1, 0.1, 0.0, -0.5, 0.5, 0.1], "roe_series": [-0.7, 0.7, 0.3, -5.1, 4.8, 1.5], "period": "20260630", "rev_ttm": 6.6, "np_ttm": -0.1, "ocf_ttm": 0.2, "fcf_ttm": -0.0, "fcf_yield": -0.0, "ocf_yield": 0.5, "gm_median": 11.1, "gm_std": 2.8, "gm_stab": 0.75, "gm_chg_2022": -1.1, "npm_median": 0.7, "roe_median": 0.7, "commodity": false, "hard_ratio": 19.2, "fix_assets": 2.5, "goodwill_ratio": 0.0, "pb_calc": 3.05, "capex_dep": 0.54, "interest_debt": 2.1, "debt_ebitda": 5.9, "debt_ratio": 25.3, "debt_mv": 7.3, "payout": 31.6, "div_years": 2, "rev_cagr3": -4.8, "np_cagr3": 77.6, "rev_yoy": -3.1, "np_yoy": -226.3, "np_vol": 859.7, "loss_years": 1, "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], ["汽轮涂装轮", 23.0], ["低压轮", 15.0], ["旋压轮", 11.0]], "ret_prev_year": 57.6, "ret_prev2_year": -4.0, "ret_ytd": -32.2, "ret_pivot": 45.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.8, "ret_60": -10.9, "ret_120": -31.2, "ret_250": -25.0, "mdd_250": -53.8, "vol_250": 53.8, "pos_52w": 54.1}, "S": {"duration": 100, "pricing": 38, "hard": 31, "bondness": 47}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -0.1 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 25%,有息负债 2 亿,经营现金流/市值 0.5%: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 19%,毛利率近 5 年中位 11.1%。", "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 -0.0%(经营现金流/市值 0.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 11.1%,稳定度 75%,2020→2022 成本通胀期毛利率变化 -1.1 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 19%,资本开支/折旧 0.54 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 -25%,最大回撤 -54%,年化波动 54%,现价在 52 周高点的 54%;近 20 / 60 / 120 日 -2% / -11% / -31%。", "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%。", "跃岭股份:PE ;股息率 比行业中位低 0.9个百分点;毛利率 比行业中位低 10.3个百分点;固定资产占比 比行业中位低 6.3个百分点。"]}}