{"F": {"ts_code": "600818.SH", "name": "ST中路", "mkt": "CN", "ccy": "元", "sw1": "汽车", "sw2": "摩托车及其他", "sw3": "其他运输设备", "ind": "摩托车及其他", "fin_source": "tushare", "market": "主板", "list_date": "19940128", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 7.44, "pe_ttm": null, "pb": 4.7709, "dv_ttm": null, "total_mv": 239157.2376, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [14.6, 13.8, 13.4, 15.9, 15.1, 13.7], "rev_series": [7.3, 7.2, 9.3, 9.7, 9.8, 10.8], "np_series": [1.0, 0.4, -0.8, 0.2, -0.2, -0.6], "roe_series": [15.8, 5.6, -12.0, 4.0, -3.3, -10.3], "period": "20260630", "rev_ttm": 9.3, "np_ttm": -0.6, "ocf_ttm": -0.8, "fcf_ttm": -0.5, "fcf_yield": -1.9, "ocf_yield": -3.2, "gm_median": 13.8, "gm_std": 0.9, "gm_stab": 0.93, "gm_chg_2022": -1.1, "npm_median": -2.6, "roe_median": -3.3, "commodity": false, "hard_ratio": 6.4, "fix_assets": 0.6, "goodwill_ratio": 0.0, "pb_calc": 4.77, "capex_dep": -5.2, "interest_debt": 0.5, "debt_ebitda": null, "debt_ratio": 56.8, "debt_mv": 2.2, "payout": null, "div_years": 2, "rev_cagr3": 5.1, "np_cagr3": null, "rev_yoy": -26.2, "np_yoy": -81.0, "np_vol": 148.2, "loss_years": 3, "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", 39.0], ["自行车和童车", 21.0], ["自行车与童车", 21.0], ["电动自行车", 16.0]], "ret_prev_year": -17.0, "ret_prev2_year": -3.6, "ret_ytd": -22.4, "ret_pivot": -41.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.3, "ret_60": 32.9, "ret_120": -19.8, "ret_250": -35.3, "mdd_250": -55.5, "vol_250": 38.5, "pos_52w": 62.7}, "S": {"duration": 100, "pricing": 46, "hard": 10, "bondness": 18}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.6 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 57%,有息负债 0 亿,经营现金流/市值 -3.2%: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 6%,毛利率近 5 年中位 13.8%。", "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 -1.9%(经营现金流/市值 -3.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 13.8%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -1.1 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 6%,资本开支/折旧 -5.20 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 -56%,年化波动 38%,现价在 52 周高点的 63%;近 20 / 60 / 120 日 0% / 33% / -20%。", "行业对照": ["同申万二级「摩托车及其他」18 家中位:PE 28.8 / 股息率 1.9% / 毛利率 17.1% / 固定资产占比 12% / 分红率 50%。", "ST中路:PE ;股息率 ;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 5.7个百分点。"]}}