{"F": {"ts_code": "600335.SH", "name": "国机汽车", "mkt": "CN", "ccy": "元", "sw1": "汽车", "sw2": "汽车服务", "sw3": "汽车经销商", "ind": "汽车服务", "fin_source": "tushare", "market": "主板", "list_date": "20010305", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 5.18, "pe_ttm": 16.5246, "pb": 0.6617, "dv_ttm": 2.1654, "total_mv": 770502.6742, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [8.5, 7.4, 8.1, 7.2, 7.3, 8.1], "rev_series": [441.3, 439.5, 395.7, 435.2, 420.2, 356.0], "np_series": [4.3, 2.6, 3.2, 0.2, 3.9, 4.2], "roe_series": [4.1, 2.4, 2.9, 0.2, 3.5, 3.7], "period": "20260630", "rev_ttm": 341.4, "np_ttm": 4.7, "ocf_ttm": 10.7, "fcf_ttm": -5.2, "fcf_yield": -6.8, "ocf_yield": 13.9, "gm_median": 7.4, "gm_std": 0.4, "gm_stab": 0.94, "gm_chg_2022": -0.4, "npm_median": 0.8, "roe_median": 2.9, "commodity": false, "hard_ratio": 9.5, "fix_assets": 35.2, "goodwill_ratio": 0.0, "pb_calc": 0.66, "capex_dep": 2.25, "interest_debt": 20.8, "debt_ebitda": 1.2, "debt_ratio": 68.4, "debt_mv": 27.0, "payout": 39.7, "div_years": 5, "rev_cagr3": -3.5, "np_cagr3": 9.8, "rev_yoy": -8.7, "np_yoy": 21.1, "np_vol": 726.4, "loss_years": 0, "far_share": 70.0, "earn_yield": 6.1, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["汽车流通服务业务", 26.0], ["汽车流通服务", 26.0], ["汽车工程系统服务业务", 23.0], ["汽车工程业务", 23.0]], "ret_prev_year": 6.5, "ret_prev2_year": -30.4, "ret_ytd": -19.4, "ret_pivot": -0.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.6, "ret_60": 1.4, "ret_120": -17.8, "ret_250": -21.0, "mdd_250": -34.0, "vol_250": 23.8, "pos_52w": 74.3}, "S": {"duration": 34, "pricing": 44, "hard": 15, "bondness": 50}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 16.5 倍、股息率 2.2%、毛利率近 5 年中位 7.4%、固定资产占比 10%、有息负债/EBITDA 1.2 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 10%,毛利率近 5 年中位 7.4%。", "加息期怎么走": "按行业与估值常规看,没有明确的利率方向性。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 -6.8%(经营现金流/市值 13.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 7.4%,稳定度 94%,2020→2022 成本通胀期毛利率变化 -0.4 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 10%,资本开支/折旧 2.25 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 16.5 倍 粗算,约 70%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -21%,最大回撤 -34%,年化波动 24%,现价在 52 周高点的 74%;近 20 / 60 / 120 日 2% / 1% / -18%。", "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%。", "国机汽车:PE 比行业中位低 12.2倍;股息率 与行业中位持平;毛利率 比行业中位低 3.3个百分点;固定资产占比 比行业中位低 11.6个百分点。"]}}