{"F": {"ts_code": "603358.SH", "name": "华达科技", "mkt": "CN", "ccy": "元", "sw1": "汽车", "sw2": "汽车零部件", "sw3": "其他汽车零部件", "ind": "汽车零部件", "fin_source": "tushare", "market": "主板", "list_date": "20170125", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 46.4, "pe_ttm": null, "pb": 6.3786, "dv_ttm": 0.8836, "total_mv": 2179607.52, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [16.8, 17.2, 14.8, 15.2, 16.0, 12.4], "rev_series": [41.3, 47.2, 51.6, 53.7, 51.1, 49.9], "np_series": [2.3, 3.6, 2.6, 3.2, 2.2, 2.5], "roe_series": [8.4, 12.4, 8.4, 10.0, 6.7, 7.2], "period": "20260630", "rev_ttm": 47.8, "np_ttm": -0.3, "ocf_ttm": -3.6, "fcf_ttm": -4.5, "fcf_yield": -2.0, "ocf_yield": -1.6, "gm_median": 15.2, "gm_std": 1.6, "gm_stab": 0.89, "gm_chg_2022": -2.0, "npm_median": 5.3, "roe_median": 8.4, "commodity": false, "hard_ratio": 27.2, "fix_assets": 20.1, "goodwill_ratio": 1.0, "pb_calc": 6.38, "capex_dep": 0.39, "interest_debt": 15.4, "debt_ebitda": 11.4, "debt_ratio": 52.9, "debt_mv": 7.1, "payout": 74.5, "div_years": 5, "rev_cagr3": -1.1, "np_cagr3": -0.9, "rev_yoy": -7.6, "np_yoy": -141.8, "np_vol": 32.8, "loss_years": 0, "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], ["主营业务", 46.0], ["其他业务", 4.0]], "ret_prev_year": 54.2, "ret_prev2_year": 46.9, "ret_ytd": -7.4, "ret_pivot": 62.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 10.7, "ret_60": 24.8, "ret_120": -3.8, "ret_250": 13.5, "mdd_250": -48.4, "vol_250": 54.9, "pos_52w": 82.2}, "S": {"duration": 100, "pricing": 45, "hard": 44, "bondness": 66}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -0.3 亿,近 5 年亏损 0 年;PE 为负,估值指标失真。", "资产负债率 53%,有息负债 15 亿,经营现金流/市值 -1.6%: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 27%,毛利率近 5 年中位 15.2%。", "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 -1.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 15.2%,稳定度 89%,2020→2022 成本通胀期毛利率变化 -2.0 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 27%,资本开支/折旧 0.39 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 14%,最大回撤 -48%,年化波动 55%,现价在 52 周高点的 82%;近 20 / 60 / 120 日 11% / 25% / -4%。", "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%。", "华达科技:PE ;股息率 比行业中位低 0.2个百分点;毛利率 比行业中位低 6.2个百分点;固定资产占比 比行业中位高 1.7个百分点。"]}}