{"F": {"ts_code": "002813.SZ", "name": "路畅科技", "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": "20161012", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 21.72, "pe_ttm": null, "pb": 12.8572, "dv_ttm": null, "total_mv": 260640.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [19.9, 24.8, 19.8, 22.6, 19.6, 10.7], "rev_series": [4.9, 4.1, 3.4, 2.8, 3.6, 3.7], "np_series": [0.8, 0.1, 0.0, -0.3, -0.6, -0.9], "roe_series": [23.0, 1.4, 0.8, -7.2, -16.4, -34.9], "period": "20260630", "rev_ttm": 3.4, "np_ttm": -0.7, "ocf_ttm": -0.3, "fcf_ttm": -0.3, "fcf_yield": -1.3, "ocf_yield": -1.1, "gm_median": 19.8, "gm_std": 4.8, "gm_stab": 0.76, "gm_chg_2022": -0.1, "npm_median": -9.6, "roe_median": -7.2, "commodity": false, "hard_ratio": 27.7, "fix_assets": 1.3, "goodwill_ratio": 0.0, "pb_calc": 12.86, "capex_dep": 0.41, "interest_debt": 0.6, "debt_ebitda": null, "debt_ratio": 57.4, "debt_mv": 2.4, "payout": null, "div_years": 0, "rev_cagr3": 3.0, "np_cagr3": null, "rev_yoy": -16.4, "np_yoy": 52.7, "np_vol": 344.1, "loss_years": 3, "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": [["智能座舱", 56.0], ["智能网联及其他产品", 18.0], ["智能影像产品", 12.0], ["智能影像", 12.0]], "ret_prev_year": 30.0, "ret_prev2_year": -36.3, "ret_ytd": -25.2, "ret_pivot": -2.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.6, "ret_60": 4.4, "ret_120": -17.5, "ret_250": -15.5, "mdd_250": -44.5, "vol_250": 40.3, "pos_52w": 67.2}, "S": {"duration": 100, "pricing": 44, "hard": 44, "bondness": 20}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.7 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 57%,有息负债 1 亿,经营现金流/市值 -1.1%: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 28%,毛利率近 5 年中位 19.8%。", "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 -1.3%(经营现金流/市值 -1.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 19.8%,稳定度 76%,2020→2022 成本通胀期毛利率变化 -0.1 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 28%,资本开支/折旧 0.41 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 -16%,最大回撤 -44%,年化波动 40%,现价在 52 周高点的 67%;近 20 / 60 / 120 日 5% / 4% / -18%。", "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%。", "路畅科技:PE ;股息率 ;毛利率 比行业中位低 1.6个百分点;固定资产占比 比行业中位高 2.2个百分点。"]}}