{"F": {"ts_code": "600375.SH", "name": "汉马科技", "mkt": "CN", "ccy": "元", "sw1": "汽车", "sw2": "商用车", "sw3": "商用载货车", "ind": "商用车", "fin_source": "tushare", "market": "主板", "list_date": "20030401", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 3.83, "pe_ttm": 115.709, "pb": 1.8057, "dv_ttm": null, "total_mv": 613976.3462, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [8.5, 3.9, -5.2, 0.2, 2.8, 8.8], "rev_series": [64.3, 53.2, 34.3, 38.8, 42.2, 65.5], "np_series": [-4.9, -13.4, -14.9, -9.6, 1.6, 0.5], "roe_series": [-18.7, -66.1, -166.3, null, 12.7, 1.4], "period": "20260630", "rev_ttm": 75.4, "np_ttm": 0.5, "ocf_ttm": 4.0, "fcf_ttm": 3.8, "fcf_yield": 6.2, "ocf_yield": 6.5, "gm_median": 2.8, "gm_std": 4.6, "gm_stab": -0.64, "gm_chg_2022": -13.7, "npm_median": -24.9, "roe_median": -32.3, "commodity": false, "hard_ratio": 21.2, "fix_assets": 18.3, "goodwill_ratio": 0.0, "pb_calc": 1.81, "capex_dep": 0.1, "interest_debt": 6.4, "debt_ebitda": 2.0, "debt_ratio": 61.0, "debt_mv": 10.5, "payout": 0.0, "div_years": 0, "rev_cagr3": 24.1, "np_cagr3": null, "rev_yoy": 34.6, "np_yoy": 19.8, "np_vol": 97.4, "loss_years": 3, "far_share": 96.0, "earn_yield": 0.9, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["整车及底盘", 58.0], ["专用车", 29.0], ["汽车零部件", 7.0], ["其他业务", 5.0]], "ret_prev_year": 6.7, "ret_prev2_year": -8.9, "ret_ytd": -34.9, "ret_pivot": -25.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.3, "ret_60": -0.8, "ret_120": -31.9, "ret_250": -44.9, "mdd_250": -58.5, "vol_250": 36.9, "pos_52w": 43.6}, "S": {"duration": 94, "pricing": 5, "hard": 34, "bondness": 6}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 0.5 亿,近 5 年亏损 3 年;PE 116 倍(盈利极薄),估值指标失真。", "资产负债率 61%,有息负债 6 亿,经营现金流/市值 6.5%: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 21%,毛利率近 5 年中位 2.8%。", "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 6.2%(经营现金流/市值 6.5%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 2.8%,稳定度 -64%,2020→2022 成本通胀期毛利率变化 -13.7 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 21%,资本开支/折旧 0.10 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 115.7 倍 粗算,约 96%(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 -45%,最大回撤 -58%,年化波动 37%,现价在 52 周高点的 44%;近 20 / 60 / 120 日 -3% / -1% / -32%。", "行业对照": ["同申万二级「商用车」13 家中位:PE 13.6 / 股息率 3.2% / 毛利率 10.2% / 固定资产占比 18% / 分红率 38%。", "汉马科技:PE 比行业中位高 102.1倍;股息率 ;毛利率 比行业中位低 7.4个百分点;固定资产占比 比行业中位高 2.9个百分点。"]}}