{"F": {"ts_code": "603335.SH", "name": "迪生力", "mkt": "CN", "ccy": "元", "sw1": "汽车", "sw2": "汽车零部件", "sw3": "轮胎轮毂", "ind": "汽车零部件", "fin_source": "tushare", "market": "主板", "list_date": "20170620", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 6.42, "pe_ttm": 42.2908, "pb": 10.6234, "dv_ttm": null, "total_mv": 274868.8332, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [25.9, 23.0, 13.6, 4.5, 10.5, 11.7], "rev_series": [9.8, 13.0, 16.8, 16.9, 10.4, 9.8], "np_series": [0.6, 0.3, -0.4, -1.5, -1.4, 0.5], "roe_series": [10.3, 5.5, -6.9, -32.7, -43.8, 17.2], "period": "20260630", "rev_ttm": 8.3, "np_ttm": 0.6, "ocf_ttm": 0.8, "fcf_ttm": 0.6, "fcf_yield": 2.0, "ocf_yield": 2.8, "gm_median": 11.7, "gm_std": 6.0, "gm_stab": 0.49, "gm_chg_2022": -12.4, "npm_median": -2.0, "roe_median": -6.9, "commodity": false, "hard_ratio": 19.8, "fix_assets": 2.1, "goodwill_ratio": 0.3, "pb_calc": 10.62, "capex_dep": 0.68, "interest_debt": 4.8, "debt_ebitda": null, "debt_ratio": 69.0, "debt_mv": 17.5, "payout": null, "div_years": 1, "rev_cagr3": -16.3, "np_cagr3": null, "rev_yoy": -30.9, "np_yoy": 28.6, "np_vol": 151.5, "loss_years": 3, "far_share": 88.0, "earn_yield": 2.4, "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], ["轮胎", 38.0], ["轮毂", 11.0], ["配件及其他", 1.0]], "ret_prev_year": 1.4, "ret_prev2_year": -17.3, "ret_ytd": 14.0, "ret_pivot": 58.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -7.8, "ret_60": -12.3, "ret_120": 1.4, "ret_250": 20.2, "mdd_250": -42.5, "vol_250": 55.5, "pos_52w": 69.4}, "S": {"duration": 65, "pricing": 27, "hard": 32, "bondness": 23}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 0.6 亿,近 5 年亏损 3 年;PE 42 倍(盈利极薄),估值指标失真。", "资产负债率 69%,有息负债 5 亿,经营现金流/市值 2.8%: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 20%,毛利率近 5 年中位 11.7%。", "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 2.0%(经营现金流/市值 2.8%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 11.7%,稳定度 49%,2020→2022 成本通胀期毛利率变化 -12.4 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 20%,资本开支/折旧 0.68 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 42.3 倍 粗算,约 88%(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 20%,最大回撤 -42%,年化波动 56%,现价在 52 周高点的 69%;近 20 / 60 / 120 日 -8% / -12% / 1%。", "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%。", "迪生力:PE 比行业中位高 12.1倍;股息率 ;毛利率 比行业中位低 9.7个百分点;固定资产占比 比行业中位低 5.7个百分点。"]}}