{"F": {"ts_code": "603776.SH", "name": "永安行", "mkt": "CN", "ccy": "元", "sw1": "汽车", "sw2": "摩托车及其他", "sw3": "摩托车", "ind": "摩托车及其他", "fin_source": "tushare", "market": "主板", "list_date": "20170817", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 20.22, "pe_ttm": null, "pb": 1.6638, "dv_ttm": null, "total_mv": 567697.9332, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [26.3, 22.1, 13.2, 12.2, 8.8, -4.1], "rev_series": [8.7, 8.7, 6.8, 5.5, 4.6, 4.1], "np_series": [4.9, 0.4, -0.7, -1.3, -0.7, -2.3], "roe_series": [16.2, 1.3, -2.0, -3.9, -2.2, -6.9], "period": "20260630", "rev_ttm": 5.4, "np_ttm": -1.8, "ocf_ttm": 0.8, "fcf_ttm": 0.9, "fcf_yield": 1.5, "ocf_yield": 1.4, "gm_median": 12.2, "gm_std": 8.5, "gm_stab": 0.31, "gm_chg_2022": -13.0, "npm_median": -14.4, "roe_median": -2.2, "commodity": false, "hard_ratio": 6.7, "fix_assets": 2.8, "goodwill_ratio": 2.6, "pb_calc": 1.66, "capex_dep": -0.1, "interest_debt": 0.2, "debt_ebitda": null, "debt_ratio": 17.5, "debt_mv": 0.3, "payout": null, "div_years": 4, "rev_cagr3": -15.3, "np_cagr3": null, "rev_yoy": 66.5, "np_yoy": 76.6, "np_vol": 109.8, "loss_years": 4, "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", 35.0], ["系统销售业务收入", 21.0], ["系统销售", 21.0], ["系统运营服务业务收入", 4.0]], "ret_prev_year": 40.6, "ret_prev2_year": -6.0, "ret_ytd": 13.1, "ret_pivot": 119.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -5.5, "ret_60": 3.7, "ret_120": -0.1, "ret_250": -9.4, "mdd_250": -22.9, "vol_250": 37.0, "pos_52w": 87.6}, "S": {"duration": 100, "pricing": 21, "hard": 11, "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 -1.8 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 18%,有息负债 0 亿,经营现金流/市值 1.4%: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 12.2%。", "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 1.5%(经营现金流/市值 1.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 12.2%,稳定度 31%,2020→2022 成本通胀期毛利率变化 -13.0 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 -0.10 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 -9%,最大回撤 -23%,年化波动 37%,现价在 52 周高点的 88%;近 20 / 60 / 120 日 -6% / 4% / -0%。", "行业对照": ["同申万二级「摩托车及其他」18 家中位:PE 28.8 / 股息率 1.9% / 毛利率 17.1% / 固定资产占比 12% / 分红率 50%。", "永安行:PE ;股息率 ;毛利率 比行业中位低 4.9个百分点;固定资产占比 比行业中位低 5.4个百分点。"]}}