{"F": {"ts_code": "300237.SZ", "name": "ST美晨", "mkt": "CN", "ccy": "元", "sw1": "汽车", "sw2": "汽车零部件", "sw3": "其他汽车零部件", "ind": "汽车零部件", "fin_source": "tushare", "market": "创业板", "list_date": "20110629", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 2.29, "pe_ttm": null, "pb": 166.6784, "dv_ttm": null, "total_mv": 330198.5121, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [26.5, 17.0, 2.1, 5.8, 2.3, 7.0], "rev_series": [30.7, 20.8, 13.7, 16.8, 17.0, 17.9], "np_series": [0.4, -3.7, -13.4, -13.8, -4.9, -4.0], "roe_series": [1.4, -21.8, -106.6, -451.2, -3764.4, -1207.1], "period": "20260630", "rev_ttm": 18.9, "np_ttm": -3.5, "ocf_ttm": 3.6, "fcf_ttm": 3.6, "fcf_yield": 10.8, "ocf_yield": 11.0, "gm_median": 5.8, "gm_std": 5.4, "gm_stab": 0.07, "gm_chg_2022": -24.4, "npm_median": -30.3, "roe_median": -451.2, "commodity": false, "hard_ratio": 21.6, "fix_assets": 9.2, "goodwill_ratio": 0.0, "pb_calc": 166.68, "capex_dep": 0.06, "interest_debt": 18.9, "debt_ebitda": null, "debt_ratio": 96.8, "debt_mv": 57.3, "payout": null, "div_years": 0, "rev_cagr3": 9.5, "np_cagr3": null, "rev_yoy": 11.6, "np_yoy": 61.9, "np_vol": 562.2, "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], ["汽车配件", 33.0], ["橡胶制品", 33.0], ["其他收入", 0.0]], "ret_prev_year": 18.3, "ret_prev2_year": 1.9, "ret_ytd": -11.2, "ret_pivot": 76.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 14.5, "ret_60": 8.5, "ret_120": -6.9, "ret_250": -12.9, "mdd_250": -58.3, "vol_250": 59.1, "pos_52w": 57.5}, "S": {"duration": 100, "pricing": 9, "hard": 35, "bondness": 14}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -3.5 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 97%,有息负债 19 亿,经营现金流/市值 11.0%: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 22%,毛利率近 5 年中位 5.8%。", "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 10.8%(经营现金流/市值 11.0%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 5.8%,稳定度 7%,2020→2022 成本通胀期毛利率变化 -24.4 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 22%,资本开支/折旧 0.06 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 -13%,最大回撤 -58%,年化波动 59%,现价在 52 周高点的 58%;近 20 / 60 / 120 日 14% / 8% / -7%。", "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美晨:PE ;股息率 ;毛利率 比行业中位低 15.6个百分点;固定资产占比 比行业中位低 3.9个百分点。"]}}