{"F": {"ts_code": "000159.SZ", "name": "国际实业", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "光伏设备", "sw3": "光伏辅材", "ind": "光伏设备", "fin_source": "tushare", "market": "主板", "list_date": "20000926", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 5.7, "pe_ttm": 96.1129, "pb": 1.3314, "dv_ttm": 0.3509, "total_mv": 273991.02, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [14.4, 9.1, 9.6, 6.0, 9.8, 12.3], "rev_series": [5.5, 11.2, 16.1, 45.1, 25.8, 19.9], "np_series": [0.9, 0.3, 3.0, 0.8, -4.4, 0.4], "roe_series": [4.0, 1.2, 12.5, 3.3, -19.7, 1.9], "period": "20260630", "rev_ttm": 19.6, "np_ttm": 0.3, "ocf_ttm": -3.2, "fcf_ttm": -5.5, "fcf_yield": -19.9, "ocf_yield": -11.7, "gm_median": 9.6, "gm_std": 2.0, "gm_stab": 0.79, "gm_chg_2022": -4.9, "npm_median": 1.9, "roe_median": 1.9, "commodity": false, "hard_ratio": 24.7, "fix_assets": 10.0, "goodwill_ratio": 18.6, "pb_calc": 1.33, "capex_dep": 6.52, "interest_debt": 11.6, "debt_ebitda": 8.3, "debt_ratio": 49.4, "debt_mv": 42.2, "payout": 25.3, "div_years": 1, "rev_cagr3": 7.2, "np_cagr3": -49.7, "rev_yoy": -2.5, "np_yoy": -38.4, "np_vol": 523.7, "loss_years": 1, "far_share": 95.0, "earn_yield": 1.0, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 39.0], ["油品及化工产品等批发业", 22.0], ["油品及化工产品批发业", 22.0], ["光伏支架", 13.0]], "ret_prev_year": -3.7, "ret_prev2_year": -7.6, "ret_ytd": -1.0, "ret_pivot": -4.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.4, "ret_60": -5.5, "ret_120": -15.2, "ret_250": -4.8, "mdd_250": -35.4, "vol_250": 40.9, "pos_52w": 73.2}, "S": {"duration": 91, "pricing": 36, "hard": 40, "bondness": 39}, "label": "中性", "tags": ["商誉占比高", "资本开支扩张期"], "text": {"像什么": ["PE 96.1 倍、股息率 0.4%、毛利率近 5 年中位 9.6%、固定资产占比 25%、有息负债/EBITDA 8.3 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 25%,毛利率近 5 年中位 9.6%。", "加息期怎么走": "按行业与估值常规看,没有明确的利率方向性。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 -19.9%(经营现金流/市值 -11.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 9.6%,稳定度 79%,2020→2022 成本通胀期毛利率变化 -4.9 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 25%,资本开支/折旧 6.52 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 96.1 倍 粗算,约 95%(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 -5%,最大回撤 -35%,年化波动 41%,现价在 52 周高点的 73%;近 20 / 60 / 120 日 1% / -6% / -15%。", "行业对照": ["同申万二级「光伏设备」73 家中位:PE 41.0 / 股息率 0.5% / 毛利率 17.8% / 固定资产占比 23% / 分红率 29%。", "国际实业:PE 比行业中位高 55.1倍;股息率 比行业中位低 0.1个百分点;毛利率 比行业中位低 8.2个百分点;固定资产占比 比行业中位高 2.1个百分点。"]}}