{"F": {"ts_code": "603159.SH", "name": "上海亚虹", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "专用设备", "sw3": "其他专用设备", "ind": "专用设备", "fin_source": "tushare", "market": "主板", "list_date": "20160812", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 22.31, "pe_ttm": null, "pb": 6.2899, "dv_ttm": null, "total_mv": 312340.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [19.1, 15.9, 17.7, 19.2, 20.9, 16.7], "rev_series": [5.9, 6.8, 6.0, 5.6, 4.9, 4.2], "np_series": [0.4, 0.4, 0.3, 0.4, 0.3, -0.1], "roe_series": [9.2, 8.3, 6.4, 7.2, 5.7, -1.0], "period": "20260630", "rev_ttm": 3.9, "np_ttm": -0.1, "ocf_ttm": -0.1, "fcf_ttm": -0.1, "fcf_yield": -0.3, "ocf_yield": -0.2, "gm_median": 17.7, "gm_std": 1.8, "gm_stab": 0.9, "gm_chg_2022": -1.4, "npm_median": 5.5, "roe_median": 6.4, "commodity": false, "hard_ratio": 25.0, "fix_assets": 1.5, "goodwill_ratio": 0.0, "pb_calc": 6.29, "capex_dep": 0.45, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 16.0, "debt_mv": null, "payout": 37.5, "div_years": 4, "rev_cagr3": -11.3, "np_cagr3": null, "rev_yoy": -14.3, "np_yoy": -110.1, "np_vol": 46.3, "loss_years": 1, "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", 38.0], ["注塑件产品", 23.0], ["注塑产品", 23.0], ["SMT产品", 13.0]], "ret_prev_year": 66.4, "ret_prev2_year": -4.7, "ret_ytd": -13.2, "ret_pivot": 143.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 8.6, "ret_60": -15.8, "ret_120": -15.9, "ret_250": 6.2, "mdd_250": -43.5, "vol_250": 54.2, "pos_52w": 76.0}, "S": {"duration": 100, "pricing": 47, "hard": 40, "bondness": 36}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -0.1 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 16%,有息负债 0 亿,经营现金流/市值 -0.2%: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 25%,毛利率近 5 年中位 17.7%。", "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 -0.3%(经营现金流/市值 -0.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 17.7%,稳定度 90%,2020→2022 成本通胀期毛利率变化 -1.4 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 25%,资本开支/折旧 0.45 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 6%,最大回撤 -44%,年化波动 54%,现价在 52 周高点的 76%;近 20 / 60 / 120 日 9% / -16% / -16%。", "行业对照": ["同申万二级「专用设备」205 家中位:PE 42.3 / 股息率 1.1% / 毛利率 26.3% / 固定资产占比 18% / 分红率 44%。", "上海亚虹:PE ;股息率 ;毛利率 比行业中位低 8.6个百分点;固定资产占比 比行业中位高 7.0个百分点。"]}}