{"F": {"ts_code": "US.NNBR", "name": "NN Inc", "mkt": "US", "ccy": "美元", "sw1": "综合企业", "sw2": "综合企业", "sw3": "", "ind": "综合企业", "fin_source": "futu", "market": "NASDAQ", "list_date": null, "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 3.66, "pe_ttm": -3.773, "pb": 14.241, "dv_ttm": 0.0, "total_mv": 30224.443236000003, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [14.1], "rev_series": [4.2], "np_series": [-0.3], "roe_series": [-97.5], "rev_ttm": 4.2, "np_ttm": -0.5, "ocf_ttm": 0.2, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 7.1, "gm_median": 14.1, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": -8.1, "roe_median": -97.5, "commodity": false, "hard_ratio": 50.2, "fix_assets": 2.3, "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": 0.2, "debt_ratio": 92.3, "debt_mv": null, "payout": null, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -9.1, "np_yoy": 11.2, "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": 185.9, "ret_20": -2.9, "ret_60": 27.1, "ret_120": 183.7, "ret_250": 45.8, "mdd_250": null, "vol_250": null, "pos_52w": 81.7, "eps": -1.07}, "S": {"duration": 100, "pricing": 39, "hard": 80, "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 50%,但毛利率最新年报只有 14.1%,产品同质、售价涨不动。", "资产负债率 92%,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 50%),没有定价权:毛利率最新年报 14.1%。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 7.1%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。一般。"], ["能否每年提价而不掉量?", "毛利率最新年报 14.1%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 50%。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 46%,现价在 52 周高点的 82%;近 20 / 60 / 120 日 -3% / 27% / 184%。", "行业对照": ["同富途行业「综合企业」26 家中位:PE 10.2 / 股息率 0.0% / 毛利率 29.9% / 固定资产占比 20% / 分红率 8%。", "NN Inc:PE 比行业中位低 14.0倍;股息率 与行业中位持平;毛利率 比行业中位低 15.8个百分点;固定资产占比 比行业中位高 30.2个百分点。"]}}