{"F": {"ts_code": "002102.SZ", "name": "ST能特", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "化学制药", "sw3": "原料药", "ind": "化学制药", "fin_source": "tushare", "market": "主板", "list_date": "20061229", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 2.42, "pe_ttm": null, "pb": 1.9354, "dv_ttm": null, "total_mv": 584731.1932, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [3.8, 3.3, 3.0, 3.0, 2.5, 1.9], "rev_series": [128.4, 135.3, 122.6, 96.6, 122.8, 72.7], "np_series": [1.3, 1.0, 4.4, 2.4, -5.9, 2.5], "roe_series": [3.9, 3.0, 12.2, 6.0, -15.9, 7.6], "period": "20260630", "rev_ttm": 57.1, "np_ttm": -0.1, "ocf_ttm": -8.6, "fcf_ttm": -10.3, "fcf_yield": -17.7, "ocf_yield": -14.7, "gm_median": 3.0, "gm_std": 0.5, "gm_stab": 0.83, "gm_chg_2022": -0.8, "npm_median": 2.6, "roe_median": 6.0, "commodity": false, "hard_ratio": 15.4, "fix_assets": 9.6, "goodwill_ratio": 5.7, "pb_calc": 1.94, "capex_dep": 1.25, "interest_debt": 11.4, "debt_ebitda": 5.4, "debt_ratio": 48.5, "debt_mv": 19.5, "payout": null, "div_years": 0, "rev_cagr3": -16.0, "np_cagr3": -17.6, "rev_yoy": -36.7, "np_yoy": -73.6, "np_vol": 228.7, "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": [["产品", 36.0], ["塑料原材料等", 28.0], ["塑料原料", 28.0], ["医药中间体", 7.0]], "ret_prev_year": 27.1, "ret_prev2_year": -3.3, "ret_ytd": -27.3, "ret_pivot": 7.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 8.0, "ret_60": 7.6, "ret_120": -34.8, "ret_250": -42.7, "mdd_250": -54.9, "vol_250": 37.4, "pos_52w": 52.7}, "S": {"duration": 100, "pricing": 37, "hard": 25, "bondness": 35}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -0.1 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 48%,有息负债 11 亿,经营现金流/市值 -14.7%: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 15%,毛利率近 5 年中位 3.0%。", "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 -17.7%(经营现金流/市值 -14.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 3.0%,稳定度 83%,2020→2022 成本通胀期毛利率变化 -0.8 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 15%,资本开支/折旧 1.25 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 -43%,最大回撤 -55%,年化波动 37%,现价在 52 周高点的 53%;近 20 / 60 / 120 日 8% / 8% / -35%。", "行业对照": ["同申万二级「化学制药」157 家中位:PE 37.5 / 股息率 1.2% / 毛利率 52.5% / 固定资产占比 30% / 分红率 38%。", "ST能特:PE ;股息率 ;毛利率 比行业中位低 49.5个百分点;固定资产占比 比行业中位低 14.4个百分点。"]}}