{"F": {"ts_code": "300585.SZ", "name": "奥联电子", "mkt": "CN", "ccy": "元", "sw1": "汽车", "sw2": "汽车零部件", "sw3": "底盘与发动机系统", "ind": "汽车零部件", "fin_source": "tushare", "market": "创业板", "list_date": "20161229", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 15.6, "pe_ttm": null, "pb": 4.272, "dv_ttm": null, "total_mv": 266933.316, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [38.9, 33.8, 27.8, 29.0, 22.6, 19.6], "rev_series": [4.2, 4.5, 4.0, 4.9, 4.4, 4.7], "np_series": [0.3, 0.3, 0.2, 0.1, -0.1, -0.7], "roe_series": [6.2, 5.6, 2.8, 0.7, -1.2, -10.4], "period": "20260630", "rev_ttm": 4.2, "np_ttm": -0.9, "ocf_ttm": 0.6, "fcf_ttm": 0.5, "fcf_yield": 1.7, "ocf_yield": 2.3, "gm_median": 27.8, "gm_std": 5.0, "gm_stab": 0.82, "gm_chg_2022": -11.1, "npm_median": 1.0, "roe_median": 0.7, "commodity": false, "hard_ratio": 15.0, "fix_assets": 1.3, "goodwill_ratio": 6.1, "pb_calc": 4.27, "capex_dep": 0.68, "interest_debt": 0.0, "debt_ebitda": 0.3, "debt_ratio": 25.8, "debt_mv": 0.1, "payout": 32.8, "div_years": 2, "rev_cagr3": 5.1, "np_cagr3": null, "rev_yoy": -20.1, "np_yoy": -932.7, "np_vol": 267.1, "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": [["产品", 42.0], ["后视镜", 16.0], ["内后视镜总成", 16.0], ["电子油门踏板总成", 15.0]], "ret_prev_year": 23.9, "ret_prev2_year": -14.3, "ret_ytd": -12.3, "ret_pivot": 38.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.6, "ret_60": -13.0, "ret_120": -5.1, "ret_250": -1.0, "mdd_250": -49.4, "vol_250": 54.8, "pos_52w": 67.0}, "S": {"duration": 100, "pricing": 46, "hard": 24, "bondness": 27}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.9 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 26%,有息负债 0 亿,经营现金流/市值 2.3%: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 15%,毛利率近 5 年中位 27.8%。", "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 1.7%(经营现金流/市值 2.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 27.8%,稳定度 82%,2020→2022 成本通胀期毛利率变化 -11.1 个百分点。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 15%,资本开支/折旧 0.68 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 -1%,最大回撤 -49%,年化波动 55%,现价在 52 周高点的 67%;近 20 / 60 / 120 日 2% / -13% / -5%。", "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%。", "奥联电子:PE ;股息率 ;毛利率 比行业中位高 6.4个百分点;固定资产占比 比行业中位低 10.5个百分点。"]}}