{"F": {"ts_code": "US.AMTX", "name": "Aemetis", "mkt": "US", "ccy": "美元", "sw1": "特殊化工用品", "sw2": "特殊化工用品", "sw3": "", "ind": "特殊化工用品", "fin_source": "futu", "market": "NASDAQ", "list_date": null, "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 1.83, "pe_ttm": -2.127, "pb": -0.41, "dv_ttm": 0.0, "total_mv": 13207.035702, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [-0.4], "rev_series": [2.0], "np_series": [-0.8], "roe_series": [0.0], "rev_ttm": 2.0, "np_ttm": -0.6, "ocf_ttm": -0.0, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": -2.7, "gm_median": -0.4, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": -39.0, "roe_median": 0.0, "commodity": false, "hard_ratio": 51.1, "fix_assets": 1.3, "hard_note": "PP&E 毛额 × 0.5 近似净额", "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": -0.3, "debt_ratio": 218.1, "debt_mv": null, "payout": null, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -26.2, "np_yoy": 12.0, "np_vol": null, "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": [], "ret_prev_year": null, "ret_prev2_year": null, "ret_pivot": null, "prev_year": "", "prev2_year": "", "ret_ytd": 31.7, "ret_20": 6.4, "ret_60": -9.0, "ret_120": -16.8, "ret_250": -19.0, "mdd_250": null, "vol_250": null, "pos_52w": 48.2, "eps": -1.28}, "S": {"duration": 100, "pricing": 32, "hard": 82, "bondness": 13}, "label": "重资产陷阱", "tags": ["亏损或困境"], "text": {"像什么": ["资产很重:固定资产占总资产 51%,但毛利率最新年报只有 -0.4%,产品同质、售价涨不动。", "资产负债率 218%,折旧与利息两头吃。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 51%),没有定价权:毛利率最新年报 -0.4%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "加息期怎么走": "滞胀里两头挤,成本全涨售价涨不动还吃折旧,跌得比成长股狠。除非商品价格反转,否则回避。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 -2.7%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率最新年报 -0.4%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 51%。涨。"], ["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 -19%,现价在 52 周高点的 48%;近 20 / 60 / 120 日 6% / -9% / -17%。", "行业对照": ["同富途行业「特殊化工用品」62 家中位:PE 28.8 / 股息率 0.7% / 毛利率 29.5% / 固定资产占比 28% / 分红率 32%。", "Aemetis:PE 比行业中位低 30.9倍;股息率 比行业中位低 0.7个百分点;毛利率 比行业中位低 29.9个百分点;固定资产占比 比行业中位高 23.1个百分点。"]}}