{"F": {"ts_code": "600960.SH", "name": "渤海汽车", "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": "20040407", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 4.04, "pe_ttm": null, "pb": 2.0344, "dv_ttm": null, "total_mv": 654574.536, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [13.2, 10.7, 9.0, 7.9, -2.7, 12.5], "rev_series": [46.9, 44.1, 41.0, 46.7, 42.3, 31.2], "np_series": [0.7, -0.9, -0.6, -2.0, -12.6, 1.7], "roe_series": [1.4, -1.8, -1.3, -4.4, -31.8, 4.7], "period": "20260630", "rev_ttm": 29.1, "np_ttm": -1.4, "ocf_ttm": -0.9, "fcf_ttm": -1.4, "fcf_yield": -2.1, "ocf_yield": -1.4, "gm_median": 9.0, "gm_std": 5.3, "gm_stab": 0.41, "gm_chg_2022": -4.2, "npm_median": -2.0, "roe_median": -1.8, "commodity": false, "hard_ratio": 21.2, "fix_assets": 12.6, "goodwill_ratio": 0.0, "pb_calc": 2.03, "capex_dep": 0.22, "interest_debt": 14.5, "debt_ebitda": 6.4, "debt_ratio": 45.3, "debt_mv": 22.2, "payout": null, "div_years": 0, "rev_cagr3": -8.8, "np_cagr3": null, "rev_yoy": -11.7, "np_yoy": -101.0, "np_vol": 228.1, "loss_years": 4, "far_share": 100, "earn_yield": null, "consensus_n": 3, "fwd_pe": 17.8, "fwd_pe2": 13.3, "fwd_g1": null, "fwd_g2": 34.0, "peg": 0.52, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 48.0], ["其他业务", 2.0]], "ret_prev_year": 67.6, "ret_prev2_year": -17.8, "ret_ytd": -27.6, "ret_pivot": 49.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.3, "ret_60": 0.2, "ret_120": -25.9, "ret_250": -17.7, "mdd_250": -45.9, "vol_250": 45.3, "pos_52w": 63.7}, "S": {"duration": 100, "pricing": 23, "hard": 34, "bondness": 35}, "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 -1.4 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 45%,有息负债 14 亿,经营现金流/市值 -1.4%: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 21%,毛利率近 5 年中位 9.0%。", "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 -2.1%(经营现金流/市值 -1.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 9.0%,稳定度 41%,2020→2022 成本通胀期毛利率变化 -4.2 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 0.22 倍。有一些。"], ["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 -18%,最大回撤 -46%,年化波动 45%,现价在 52 周高点的 64%;近 20 / 60 / 120 日 1% / 0% / -26%。", "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%。", "渤海汽车:PE ;股息率 ;毛利率 比行业中位低 12.4个百分点;固定资产占比 比行业中位低 4.3个百分点。"]}}