{"F": {"ts_code": "300745.SZ", "name": "欣锐科技", "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": "创业板", "list_date": "20180523", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 28.42, "pe_ttm": null, "pb": 2.1422, "dv_ttm": null, "total_mv": 479065.993, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [2.3, 20.8, 13.7, 13.0, 11.5, 13.6], "rev_series": [3.5, 9.3, 15.2, 14.2, 22.4, 26.7], "np_series": [-2.8, 0.3, -0.3, -1.7, -1.2, -1.2], "roe_series": [-29.8, 2.6, -2.4, -9.3, -5.1, -5.4], "period": "20260630", "rev_ttm": 30.3, "np_ttm": -0.3, "ocf_ttm": 6.2, "fcf_ttm": 3.6, "fcf_yield": 7.5, "ocf_yield": 12.9, "gm_median": 13.6, "gm_std": 3.2, "gm_stab": 0.76, "gm_chg_2022": 11.4, "npm_median": -4.5, "roe_median": -5.1, "commodity": false, "hard_ratio": 14.6, "fix_assets": 6.9, "goodwill_ratio": 0.0, "pb_calc": 2.14, "capex_dep": 4.3, "interest_debt": 1.3, "debt_ebitda": 1.6, "debt_ratio": 52.6, "debt_mv": 2.6, "payout": null, "div_years": 0, "rev_cagr3": 20.8, "np_cagr3": null, "rev_yoy": 33.9, "np_yoy": 135.3, "np_vol": 223.0, "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", 50.0], ["车载电源集成产品", 43.0], ["车载DC/DC变换器", 6.0], ["车载充电机", 0.0]], "ret_prev_year": 61.8, "ret_prev2_year": -41.4, "ret_ytd": 10.3, "ret_pivot": 107.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": -5.3, "ret_60": -29.7, "ret_120": 10.8, "ret_250": 34.8, "mdd_250": -56.7, "vol_250": 66.9, "pos_52w": 50.7}, "S": {"duration": 100, "pricing": 45, "hard": 23, "bondness": 5}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -0.3 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 53%,有息负债 1 亿,经营现金流/市值 12.9%: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 13.6%。", "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 7.5%(经营现金流/市值 12.9%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 13.6%,稳定度 76%,2020→2022 成本通胀期毛利率变化 11.4 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 15%,资本开支/折旧 4.30 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 35%,最大回撤 -57%,年化波动 67%,现价在 52 周高点的 51%;近 20 / 60 / 120 日 -5% / -30% / 11%。", "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%。", "欣锐科技:PE ;股息率 ;毛利率 比行业中位低 7.8个百分点;固定资产占比 比行业中位低 10.9个百分点。"]}}