{"F": {"ts_code": "002021.SZ", "name": "中捷资源", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "专用设备", "sw3": "纺织服装设备", "ind": "专用设备", "fin_source": "tushare", "market": "主板", "list_date": "20040715", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 2.67, "pe_ttm": null, "pb": 5.168, "dv_ttm": null, "total_mv": 319192.4391, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [13.5, 15.9, 15.8, 17.1, 17.2, 17.4], "rev_series": [5.3, 9.6, 8.7, 7.2, 9.1, 8.4], "np_series": [-0.8, -5.2, -4.1, 5.9, 0.2, -0.0], "roe_series": [-11.7, -139.3, null, 370.3, 2.8, -0.6], "period": "20260630", "rev_ttm": 8.4, "np_ttm": -0.2, "ocf_ttm": 1.1, "fcf_ttm": 0.9, "fcf_yield": 2.8, "ocf_yield": 3.5, "gm_median": 17.1, "gm_std": 0.7, "gm_stab": 0.96, "gm_chg_2022": 2.3, "npm_median": -0.6, "roe_median": 1.1, "commodity": false, "hard_ratio": 20.1, "fix_assets": 1.8, "goodwill_ratio": 0.0, "pb_calc": 5.17, "capex_dep": 1.15, "interest_debt": 0.1, "debt_ebitda": 0.4, "debt_ratio": 31.7, "debt_mv": 0.2, "payout": 0.0, "div_years": 0, "rev_cagr3": -1.2, "np_cagr3": null, "rev_yoy": -1.2, "np_yoy": -111.0, "np_vol": 262.5, "loss_years": 3, "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", 48.0], ["机头销售", 42.0], ["其他销售", 4.0], ["其他主营业务", 4.0]], "ret_prev_year": 0.8, "ret_prev2_year": -7.9, "ret_ytd": 8.1, "ret_pivot": 70.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.1, "ret_60": 11.3, "ret_120": -22.4, "ret_250": 8.1, "mdd_250": -41.9, "vol_250": 49.2, "pos_52w": 70.8}, "S": {"duration": 100, "pricing": 51, "hard": 32, "bondness": 21}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.2 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 32%,有息负债 0 亿,经营现金流/市值 3.5%: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 20%,毛利率近 5 年中位 17.1%。", "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 2.8%(经营现金流/市值 3.5%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 17.1%,稳定度 96%,2020→2022 成本通胀期毛利率变化 2.3 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 20%,资本开支/折旧 1.15 倍。有一些。"], ["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 8%,最大回撤 -42%,年化波动 49%,现价在 52 周高点的 71%;近 20 / 60 / 120 日 -1% / 11% / -22%。", "行业对照": ["同申万二级「专用设备」205 家中位:PE 42.3 / 股息率 1.1% / 毛利率 26.3% / 固定资产占比 18% / 分红率 44%。", "中捷资源:PE ;股息率 ;毛利率 比行业中位低 9.2个百分点;固定资产占比 比行业中位高 2.1个百分点。"]}}