{"F": {"ts_code": "002058.SZ", "name": "紫竹高科", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "电池", "sw3": "电池化学品", "ind": "电池", "fin_source": "tushare", "market": "主板", "list_date": "20060802", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 16.54, "pe_ttm": 70.4666, "pb": 32.7535, "dv_ttm": null, "total_mv": 237263.4882, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [31.6, 34.6, 28.6, 29.5, 33.2, 26.0], "rev_series": [0.8, 2.4, 1.5, 1.6, 1.6, 8.1], "np_series": [-0.0, 0.1, -0.2, -0.2, -0.2, 2.0], "roe_series": [-0.4, 8.2, -12.3, -11.2, -12.8, 222.2], "period": "20260630", "rev_ttm": 11.5, "np_ttm": 0.4, "ocf_ttm": 1.0, "fcf_ttm": 0.8, "fcf_yield": 3.2, "ocf_yield": 4.3, "gm_median": 29.5, "gm_std": 3.1, "gm_stab": 0.89, "gm_chg_2022": -3.0, "npm_median": -6.1, "roe_median": -11.2, "commodity": false, "hard_ratio": 26.2, "fix_assets": 3.3, "goodwill_ratio": 0.0, "pb_calc": 32.75, "capex_dep": 0.53, "interest_debt": 7.1, "debt_ebitda": 3.3, "debt_ratio": 73.0, "debt_mv": 29.9, "payout": null, "div_years": 0, "rev_cagr3": 76.7, "np_cagr3": null, "rev_yoy": 1.0, "np_yoy": -91.0, "np_vol": 3498.8, "loss_years": 3, "far_share": 93.0, "earn_yield": 1.4, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["铝塑膜", 45.0], ["汽车检具", 4.0], ["其他业务", 1.0]], "ret_prev_year": 117.9, "ret_prev2_year": -22.9, "ret_ytd": -29.3, "ret_pivot": 102.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.0, "ret_60": -26.5, "ret_120": -22.0, "ret_250": 9.9, "mdd_250": -51.9, "vol_250": 49.1, "pos_52w": 53.9}, "S": {"duration": 83, "pricing": 51, "hard": 42, "bondness": 10}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 0.4 亿,近 5 年亏损 3 年;PE 70 倍(盈利极薄),估值指标失真。", "资产负债率 73%,有息负债 7 亿,经营现金流/市值 4.3%: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 26%,毛利率近 5 年中位 29.5%。", "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 3.2%(经营现金流/市值 4.3%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 29.5%,稳定度 89%,2020→2022 成本通胀期毛利率变化 -3.0 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 26%,资本开支/折旧 0.53 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 70.5 倍 粗算,约 93%(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 10%,最大回撤 -52%,年化波动 49%,现价在 52 周高点的 54%;近 20 / 60 / 120 日 -3% / -26% / -22%。", "行业对照": ["同申万二级「电池」111 家中位:PE 35.8 / 股息率 0.7% / 毛利率 17.8% / 固定资产占比 28% / 分红率 36%。", "紫竹高科:PE 比行业中位高 34.7倍;股息率 ;毛利率 比行业中位高 11.7个百分点;固定资产占比 比行业中位低 1.6个百分点。"]}}