{"F": {"ts_code": "300572.SZ", "name": "安车检测", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "通用设备", "sw3": "仪器仪表", "ind": "通用设备", "fin_source": "tushare", "market": "创业板", "list_date": "20161206", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 23.72, "pe_ttm": null, "pb": 3.3611, "dv_ttm": null, "total_mv": 543161.4336, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [42.6, 44.7, 49.2, 37.8, 28.4, 31.0], "rev_series": [9.1, 4.7, 4.5, 4.6, 4.5, 4.4], "np_series": [1.9, 0.1, -0.3, -0.6, -2.1, -1.8], "roe_series": [20.2, 0.6, -1.5, -2.8, -11.1, -10.5], "period": "20260630", "rev_ttm": 5.0, "np_ttm": -2.0, "ocf_ttm": -0.1, "fcf_ttm": -0.4, "fcf_yield": -0.8, "ocf_yield": -0.1, "gm_median": 37.8, "gm_std": 7.9, "gm_stab": 0.79, "gm_chg_2022": 6.6, "npm_median": -15.0, "roe_median": -2.8, "commodity": false, "hard_ratio": 8.0, "fix_assets": 1.8, "goodwill_ratio": 1.8, "pb_calc": 3.36, "capex_dep": 1.93, "interest_debt": 1.4, "debt_ebitda": null, "debt_ratio": 27.8, "debt_mv": 2.6, "payout": null, "div_years": 1, "rev_cagr3": -0.7, "np_cagr3": null, "rev_yoy": 28.6, "np_yoy": -163.0, "np_vol": 149.6, "loss_years": 4, "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", 49.0], ["机动车检测系统", 34.0], ["检测运营服务", 12.0], ["检测运营增值服务", 1.0]], "ret_prev_year": 57.3, "ret_prev2_year": 0.1, "ret_ytd": -16.6, "ret_pivot": 113.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 16.0, "ret_60": -12.8, "ret_120": -10.4, "ret_250": -15.0, "mdd_250": -53.4, "vol_250": 56.9, "pos_52w": 66.3}, "S": {"duration": 100, "pricing": 58, "hard": 13, "bondness": 23}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -2.0 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 28%,有息负债 1 亿,经营现金流/市值 -0.1%: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 8%,毛利率近 5 年中位 37.8%。", "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 -0.8%(经营现金流/市值 -0.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 37.8%,稳定度 79%,2020→2022 成本通胀期毛利率变化 6.6 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 8%,资本开支/折旧 1.93 倍。没有资产可言。"], ["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 -15%,最大回撤 -53%,年化波动 57%,现价在 52 周高点的 66%;近 20 / 60 / 120 日 16% / -13% / -10%。", "行业对照": ["同申万二级「通用设备」248 家中位:PE 50.6 / 股息率 0.8% / 毛利率 28.5% / 固定资产占比 21% / 分红率 45%。", "安车检测:PE ;股息率 ;毛利率 比行业中位高 9.3个百分点;固定资产占比 比行业中位低 12.8个百分点。"]}}