{"F": {"ts_code": "603007.SH", "name": "顺景科技", "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": "20160826", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 5.14, "pe_ttm": null, "pb": 15.7187, "dv_ttm": null, "total_mv": 454605.2954, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [33.9, -70.3, 28.9, 23.7, -27.0, 12.3], "rev_series": [5.7, 1.7, 2.0, 1.6, 0.9, 4.1], "np_series": [-0.5, -5.9, -2.3, -1.8, -8.1, -2.3], "roe_series": [-4.6, -73.6, -58.2, -60.4, -193.1, -56.7], "period": "20260630", "rev_ttm": 7.7, "np_ttm": -1.5, "ocf_ttm": -0.1, "fcf_ttm": -1.0, "fcf_yield": -2.3, "ocf_yield": -0.1, "gm_median": 12.3, "gm_std": 37.5, "gm_stab": -2.05, "gm_chg_2022": -5.0, "npm_median": -127.9, "roe_median": -60.4, "commodity": false, "hard_ratio": 7.0, "fix_assets": 1.2, "goodwill_ratio": 27.4, "pb_calc": 15.72, "capex_dep": 4.08, "interest_debt": 6.4, "debt_ebitda": null, "debt_ratio": 75.9, "debt_mv": 14.0, "payout": null, "div_years": 0, "rev_cagr3": 28.0, "np_cagr3": null, "rev_yoy": 2411.7, "np_yoy": 222.9, "np_vol": 426.4, "loss_years": 5, "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", 50.0], ["新能源混动汽车核心零部件", 49.0], ["工程收入", 1.0], ["工程", 1.0]], "ret_prev_year": -40.0, "ret_prev2_year": 296.4, "ret_ytd": -14.9, "ret_pivot": 67.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.8, "ret_60": -3.7, "ret_120": -29.2, "ret_250": 6.0, "mdd_250": -53.9, "vol_250": 54.9, "pos_52w": 55.5}, "S": {"duration": 100, "pricing": 10, "hard": 11, "bondness": 3}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "商誉占比高", "资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -1.5 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 76%,有息负债 6 亿,经营现金流/市值 -0.1%: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 7%,毛利率近 5 年中位 12.3%。", "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 -2.3%(经营现金流/市值 -0.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 12.3%,稳定度 -205%,2020→2022 成本通胀期毛利率变化 -5.0 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 7%,资本开支/折旧 4.08 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 6%,最大回撤 -54%,年化波动 55%,现价在 52 周高点的 56%;近 20 / 60 / 120 日 6% / -4% / -29%。", "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%。", "顺景科技:PE ;股息率 ;毛利率 比行业中位低 9.1个百分点;固定资产占比 比行业中位低 18.5个百分点。"]}}