{"F": {"ts_code": "300825.SZ", "name": "阿尔特", "mkt": "CN", "ccy": "元", "sw1": "汽车", "sw2": "汽车服务", "sw3": "汽车综合服务", "ind": "汽车服务", "fin_source": "tushare", "market": "创业板", "list_date": "20200327", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 12.52, "pe_ttm": null, "pb": 3.0116, "dv_ttm": null, "total_mv": 619590.386, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [33.7, 37.3, 31.5, 33.8, 20.7, 6.2], "rev_series": [8.2, 12.7, 9.5, 8.6, 9.7, 9.8], "np_series": [1.1, 2.1, 0.8, 0.4, -1.3, -2.5], "roe_series": [9.2, 10.3, 3.3, 1.5, -5.6, -11.6], "period": "20260630", "rev_ttm": 10.8, "np_ttm": -1.7, "ocf_ttm": -0.0, "fcf_ttm": -0.9, "fcf_yield": -1.4, "ocf_yield": -0.1, "gm_median": 31.5, "gm_std": 11.3, "gm_stab": 0.64, "gm_chg_2022": -2.1, "npm_median": 3.3, "roe_median": 1.5, "commodity": false, "hard_ratio": 7.5, "fix_assets": 2.2, "goodwill_ratio": 0.0, "pb_calc": 3.01, "capex_dep": 2.24, "interest_debt": 4.7, "debt_ebitda": null, "debt_ratio": 29.6, "debt_mv": 7.5, "payout": null, "div_years": 0, "rev_cagr3": 1.0, "np_cagr3": null, "rev_yoy": 19.6, "np_yoy": 145.0, "np_vol": 185.8, "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", 37.0], ["新能源汽车设计", 27.0], ["新能源汽车整车设计", 27.0], ["燃油汽车整车设计", 7.0]], "ret_prev_year": -14.3, "ret_prev2_year": -17.8, "ret_ytd": 29.3, "ret_pivot": 49.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 9.5, "ret_60": -16.9, "ret_120": 34.6, "ret_250": -4.8, "mdd_250": -49.4, "vol_250": 54.8, "pos_52w": 72.1}, "S": {"duration": 100, "pricing": 44, "hard": 12, "bondness": 22}, "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 -1.7 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 30%,有息负债 5 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 31.5%。", "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 -1.4%(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 31.5%,稳定度 64%,2020→2022 成本通胀期毛利率变化 -2.1 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 8%,资本开支/折旧 2.24 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 -5%,最大回撤 -49%,年化波动 55%,现价在 52 周高点的 72%;近 20 / 60 / 120 日 10% / -17% / 35%。", "行业对照": ["同申万二级「汽车服务」10 家中位:PE 28.7 / 股息率 2.2% / 毛利率 10.7% / 固定资产占比 21% / 分红率 56%。", "阿尔特:PE ;股息率 ;毛利率 比行业中位高 20.8个百分点;固定资产占比 比行业中位低 13.6个百分点。"]}}