{"F": {"ts_code": "920436.BJ", "name": "大地电气", "mkt": "CN", "ccy": "元", "sw1": "汽车", "sw2": "汽车零部件", "sw3": "汽车电子电气系统", "ind": "汽车零部件", "fin_source": "tushare", "market": "北交所", "list_date": "20211115", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 12.51, "pe_ttm": 88.1472, "pb": 2.9806, "dv_ttm": null, "total_mv": 119067.2276, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [26.4, 22.3, 16.7, 19.0, 12.6, 12.6], "rev_series": [7.7, 8.0, 4.9, 8.1, 8.0, 17.1], "np_series": [0.6, 0.5, -0.2, 0.1, -0.6, -0.1], "roe_series": [25.1, 13.7, -5.2, 1.2, -13.7, -2.5], "period": "20260630", "rev_ttm": 23.5, "np_ttm": 0.1, "ocf_ttm": -0.7, "fcf_ttm": -1.6, "fcf_yield": -13.2, "ocf_yield": -5.5, "gm_median": 16.7, "gm_std": 3.8, "gm_stab": 0.77, "gm_chg_2022": -9.7, "npm_median": -1.1, "roe_median": -2.5, "commodity": false, "hard_ratio": 18.5, "fix_assets": 3.8, "goodwill_ratio": 2.6, "pb_calc": 2.98, "capex_dep": 1.85, "interest_debt": 6.1, "debt_ebitda": 7.0, "debt_ratio": 78.9, "debt_mv": 51.0, "payout": null, "div_years": 1, "rev_cagr3": 51.8, "np_cagr3": null, "rev_yoy": 96.2, "np_yoy": 171.4, "np_vol": 489.6, "loss_years": 3, "far_share": 94.0, "earn_yield": 1.1, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 34.0], ["乘用车线束", 20.0], ["乘用车用线束", 20.0], ["商用车线束", 13.0]], "ret_prev_year": 3.1, "ret_prev2_year": 53.7, "ret_ytd": -27.9, "ret_pivot": 97.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": null, "ret_60": null, "ret_120": null, "ret_250": null, "mdd_250": null, "vol_250": null, "pos_52w": null}, "S": {"duration": 89, "pricing": 39, "hard": 30, "bondness": 15}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 0.1 亿,近 5 年亏损 3 年;PE 88 倍(盈利极薄),估值指标失真。", "资产负债率 79%,有息负债 6 亿,经营现金流/市值 -5.5%: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 18%,毛利率近 5 年中位 16.7%。", "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 -13.2%(经营现金流/市值 -5.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 16.7%,稳定度 77%,2020→2022 成本通胀期毛利率变化 -9.7 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 18%,资本开支/折旧 1.85 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 88.1 倍 粗算,约 94%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "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%。", "大地电气:PE 比行业中位高 57.9倍;股息率 ;毛利率 比行业中位低 4.7个百分点;固定资产占比 比行业中位低 7.0个百分点。"]}}