{"F": {"ts_code": "001211.SZ", "name": "双枪科技", "mkt": "CN", "ccy": "元", "sw1": "轻工制造", "sw2": "家居用品", "sw3": "其他家居用品", "ind": "家居用品", "fin_source": "tushare", "market": "主板", "list_date": "20210805", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 23.15, "pe_ttm": null, "pb": 2.6754, "dv_ttm": null, "total_mv": 231500.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [37.8, 37.0, 33.2, 32.7, 30.8, 33.0], "rev_series": [8.3, 9.8, 9.6, 10.1, 13.7, 16.0], "np_series": [0.9, 0.7, -0.2, -0.1, 0.3, 0.0], "roe_series": [20.8, 10.0, -1.7, -1.4, 3.3, 0.3], "period": "20260630", "rev_ttm": 17.1, "np_ttm": -0.0, "ocf_ttm": 1.4, "fcf_ttm": -0.1, "fcf_yield": -0.3, "ocf_yield": 6.0, "gm_median": 33.0, "gm_std": 2.0, "gm_stab": 0.94, "gm_chg_2022": -4.7, "npm_median": 0.2, "roe_median": 0.3, "commodity": false, "hard_ratio": 43.0, "fix_assets": 8.8, "goodwill_ratio": 0.3, "pb_calc": 2.68, "capex_dep": 2.88, "interest_debt": 8.2, "debt_ebitda": 8.4, "debt_ratio": 57.1, "debt_mv": 35.5, "payout": 54.2, "div_years": 2, "rev_cagr3": 18.7, "np_cagr3": null, "rev_yoy": 17.1, "np_yoy": -24.1, "np_vol": 165.1, "loss_years": 2, "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", 43.0], ["其他餐厨具", 13.0], ["其他主营业务", 13.0], ["砧板", 10.0]], "ret_prev_year": 37.8, "ret_prev2_year": -19.9, "ret_ytd": 22.1, "ret_pivot": 129.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.9, "ret_60": -35.9, "ret_120": 12.4, "ret_250": 30.3, "mdd_250": -58.3, "vol_250": 55.9, "pos_52w": 53.1}, "S": {"duration": 100, "pricing": 53, "hard": 69, "bondness": 35}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -0.0 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 57%,有息负债 8 亿,经营现金流/市值 6.0%: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": "硬资产占比 43%、毛利率 33.0% 两条都占,但所在行业(轻工制造)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "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 -0.3%(经营现金流/市值 6.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 33.0%,稳定度 94%,2020→2022 成本通胀期毛利率变化 -4.7 个百分点。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 43%,资本开支/折旧 2.88 倍。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 30%,最大回撤 -58%,年化波动 56%,现价在 52 周高点的 53%;近 20 / 60 / 120 日 4% / -36% / 12%。", "行业对照": ["同申万二级「家居用品」77 家中位:PE 28.3 / 股息率 1.7% / 毛利率 28.3% / 固定资产占比 32% / 分红率 50%。", "双枪科技:PE ;股息率 ;毛利率 比行业中位高 4.7个百分点;固定资产占比 比行业中位高 11.4个百分点。"]}}