{"F": {"ts_code": "600841.SH", "name": "动力新科", "mkt": "CN", "ccy": "元", "sw1": "汽车", "sw2": "汽车零部件", "sw3": "底盘与发动机系统", "ind": "汽车零部件", "fin_source": "tushare", "market": "主板", "list_date": "19940311", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 5.8, "pe_ttm": 2.475, "pb": 1.2467, "dv_ttm": null, "total_mv": 804936.644, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [15.3, 10.7, 7.7, 4.2, 4.8, 8.3], "rev_series": [61.3, 244.0, 99.3, 86.8, 64.7, 57.4], "np_series": [2.0, 6.9, -16.1, -24.6, -20.0, 28.7], "roe_series": [5.2, 10.1, -18.2, -36.5, -44.2, 58.0], "period": "20260630", "rev_ttm": 61.2, "np_ttm": 32.5, "ocf_ttm": 8.9, "fcf_ttm": 7.4, "fcf_yield": 9.2, "ocf_yield": 11.0, "gm_median": 7.7, "gm_std": 2.4, "gm_stab": 0.69, "gm_chg_2022": -7.6, "npm_median": -16.2, "roe_median": -18.2, "commodity": false, "hard_ratio": 7.5, "fix_assets": 8.6, "goodwill_ratio": 0.0, "pb_calc": 1.25, "capex_dep": 0.91, "interest_debt": 0.5, "debt_ebitda": null, "debt_ratio": 43.9, "debt_mv": 0.6, "payout": null, "div_years": 1, "rev_cagr3": -16.7, "np_cagr3": null, "rev_yoy": 13.3, "np_yoy": 126.4, "np_vol": 190.0, "loss_years": 3, "far_share": 0.0, "earn_yield": 40.4, "consensus_n": 2, "fwd_pe": 23.2, "fwd_pe2": 13.0, "fwd_g1": -89.0, "fwd_g2": 78.0, "peg": 0.3, "consensus_disp": null, "mainbz": [["产品", 33.0], ["销售发动机", 30.0], ["发动机", 30.0], ["销售配件", 3.0]], "ret_prev_year": 20.1, "ret_prev2_year": -14.2, "ret_ytd": -4.8, "ret_pivot": 55.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.3, "ret_60": -13.6, "ret_120": -36.1, "ret_250": -21.7, "mdd_250": -52.7, "vol_250": 50.9, "pos_52w": 52.1}, "S": {"duration": 6, "pricing": 32, "hard": 12, "bondness": 23}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "PEG<0.8"], "text": {"像什么": ["TTM 归母净利 32.5 亿,近 5 年亏损 3 年;PE 2 倍(盈利极薄),估值指标失真。", "资产负债率 44%,有息负债 0 亿,经营现金流/市值 11.0%: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 7.7%。", "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 9.2%(经营现金流/市值 11.0%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 7.7%,稳定度 69%,2020→2022 成本通胀期毛利率变化 -7.6 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 8%,资本开支/折旧 0.91 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 2.5 倍 粗算,约 0%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -22%,最大回撤 -53%,年化波动 51%,现价在 52 周高点的 52%;近 20 / 60 / 120 日 0% / -14% / -36%。", "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%。", "动力新科:PE 比行业中位低 27.7倍;股息率 ;毛利率 比行业中位低 13.7个百分点;固定资产占比 比行业中位低 18.0个百分点。"]}}