{"F": {"ts_code": "603121.SH", "name": "华培动力", "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": "20190111", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 13.35, "pe_ttm": null, "pb": 4.1234, "dv_ttm": null, "total_mv": 451942.4895, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [29.2, 26.4, 21.4, 25.9, 26.3, 23.1], "rev_series": [6.4, 9.2, 9.0, 12.6, 12.4, 11.6], "np_series": [0.6, 0.7, -0.1, 1.2, 0.7, -0.4], "roe_series": [5.3, 6.0, -0.7, 9.9, 5.3, -3.7], "period": "20260630", "rev_ttm": 11.8, "np_ttm": -0.7, "ocf_ttm": 0.8, "fcf_ttm": 0.3, "fcf_yield": 0.6, "ocf_yield": 1.7, "gm_median": 25.9, "gm_std": 2.0, "gm_stab": 0.92, "gm_chg_2022": -7.8, "npm_median": 4.2, "roe_median": 5.3, "commodity": false, "hard_ratio": 25.9, "fix_assets": 5.3, "goodwill_ratio": 8.5, "pb_calc": 4.12, "capex_dep": 0.64, "interest_debt": 6.1, "debt_ebitda": 5.1, "debt_ratio": 45.9, "debt_mv": 13.5, "payout": 200.0, "div_years": 2, "rev_cagr3": 8.7, "np_cagr3": null, "rev_yoy": 2.6, "np_yoy": -123.2, "np_vol": 629.4, "loss_years": 2, "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", 43.0], ["放气阀组件", 23.0], ["传感器产品", 8.0], ["传感器", 8.0]], "ret_prev_year": 95.4, "ret_prev2_year": 3.2, "ret_ytd": -36.9, "ret_pivot": 100.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 11.5, "ret_60": -9.3, "ret_120": -32.2, "ret_250": -27.1, "mdd_250": -61.0, "vol_250": 52.8, "pos_52w": 51.9}, "S": {"duration": 100, "pricing": 49, "hard": 41, "bondness": 61}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.7 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 46%,有息负债 6 亿,经营现金流/市值 1.7%: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 26%,毛利率近 5 年中位 25.9%。", "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 0.6%(经营现金流/市值 1.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 25.9%,稳定度 92%,2020→2022 成本通胀期毛利率变化 -7.8 个百分点。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 26%,资本开支/折旧 0.64 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 -27%,最大回撤 -61%,年化波动 53%,现价在 52 周高点的 52%;近 20 / 60 / 120 日 12% / -9% / -32%。", "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%。", "华培动力:PE ;股息率 ;毛利率 比行业中位高 4.5个百分点;固定资产占比 比行业中位高 0.4个百分点。"]}}