{"F": {"ts_code": "600626.SH", "name": "申达股份", "mkt": "CN", "ccy": "元", "sw1": "汽车", "sw2": "汽车零部件", "sw3": "车身附件及饰件", "ind": "汽车零部件", "fin_source": "tushare", "market": "主板", "list_date": "19930107", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 3.59, "pe_ttm": 49.9445, "pb": 1.4769, "dv_ttm": 0.2786, "total_mv": 474147.3473, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [7.1, 8.0, 8.3, 7.5, 9.8, 10.2], "rev_series": [108.2, 105.5, 112.4, 116.7, 118.2, 107.4], "np_series": [-8.1, 0.4, -1.9, -3.5, 0.6, 0.0], "roe_series": [-28.0, 1.2, -6.0, -11.0, 1.8, 0.1], "period": "20260630", "rev_ttm": 105.7, "np_ttm": 0.9, "ocf_ttm": 7.8, "fcf_ttm": 4.5, "fcf_yield": 9.5, "ocf_yield": 16.4, "gm_median": 8.3, "gm_std": 1.1, "gm_stab": 0.87, "gm_chg_2022": 1.3, "npm_median": -0.7, "roe_median": 0.1, "commodity": false, "hard_ratio": 29.0, "fix_assets": 29.5, "goodwill_ratio": 3.9, "pb_calc": 1.48, "capex_dep": 0.87, "interest_debt": 33.4, "debt_ebitda": 4.7, "debt_ratio": 64.7, "debt_mv": 70.5, "payout": 322.6, "div_years": 2, "rev_cagr3": -1.5, "np_cagr3": null, "rev_yoy": -3.3, "np_yoy": 169.5, "np_vol": 274.7, "loss_years": 2, "far_share": 90.0, "earn_yield": 2.0, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 33.0], ["制造业", 26.0], ["汽车内饰业务", 26.0], ["贸易服务", 7.0]], "ret_prev_year": 32.4, "ret_prev2_year": -12.5, "ret_ytd": -25.5, "ret_pivot": 12.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.4, "ret_60": 6.2, "ret_120": -19.9, "ret_250": -21.6, "mdd_250": -45.2, "vol_250": 40.9, "pos_52w": 63.7}, "S": {"duration": 71, "pricing": 43, "hard": 46, "bondness": 71}, "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 50 倍(盈利极薄),估值指标失真。", "资产负债率 65%,有息负债 33 亿,经营现金流/市值 16.4%: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 29%,毛利率近 5 年中位 8.3%。", "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 9.5%(经营现金流/市值 16.4%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 8.3%,稳定度 87%,2020→2022 成本通胀期毛利率变化 1.3 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 29%,资本开支/折旧 0.87 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 49.9 倍 粗算,约 90%(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 -22%,最大回撤 -45%,年化波动 41%,现价在 52 周高点的 64%;近 20 / 60 / 120 日 4% / 6% / -20%。", "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%。", "申达股份:PE 比行业中位高 19.7倍;股息率 比行业中位低 0.8个百分点;毛利率 比行业中位低 13.1个百分点;固定资产占比 比行业中位高 3.5个百分点。"]}}