{"F": {"ts_code": "002121.SZ", "name": "科陆电子", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "电网设备", "sw3": "电工仪器仪表", "ind": "电网设备", "fin_source": "tushare", "market": "主板", "list_date": "20070306", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 4.92, "pe_ttm": null, "pb": 42.198, "dv_ttm": null, "total_mv": 822894.8991, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [31.1, 29.0, 26.4, 29.1, 29.5, 22.8], "rev_series": [33.4, 32.0, 35.4, 42.0, 44.3, 63.1], "np_series": [1.9, -6.7, -1.0, -5.3, -4.6, -1.6], "roe_series": [14.0, -60.5, -14.3, -66.5, -64.4, -36.5], "period": "20260630", "rev_ttm": 59.2, "np_ttm": -5.7, "ocf_ttm": -3.2, "fcf_ttm": -4.4, "fcf_yield": -5.3, "ocf_yield": -3.9, "gm_median": 29.0, "gm_std": 2.5, "gm_stab": 0.91, "gm_chg_2022": -4.7, "npm_median": -11.1, "roe_median": -60.5, "commodity": false, "hard_ratio": 11.7, "fix_assets": 11.7, "goodwill_ratio": 0.7, "pb_calc": 42.2, "capex_dep": 0.9, "interest_debt": 38.0, "debt_ebitda": 28.5, "debt_ratio": 97.5, "debt_mv": 46.2, "payout": null, "div_years": 0, "rev_cagr3": 21.3, "np_cagr3": null, "rev_yoy": -15.1, "np_yoy": -215.2, "np_vol": 243.9, "loss_years": 5, "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", 50.0], ["储能业务", 25.0], ["智能电网", 24.0], ["综合能源管理及服务", 0.0]], "ret_prev_year": 77.0, "ret_prev2_year": -22.5, "ret_ytd": -36.1, "ret_pivot": 38.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -4.5, "ret_60": -17.0, "ret_120": -48.6, "ret_250": -30.5, "mdd_250": -55.2, "vol_250": 52.0, "pos_52w": 48.0}, "S": {"duration": 100, "pricing": 50, "hard": 19, "bondness": 15}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -5.7 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 98%,有息负债 38 亿,经营现金流/市值 -3.9%: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 12%,毛利率近 5 年中位 29.0%。", "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 -5.3%(经营现金流/市值 -3.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 29.0%,稳定度 91%,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 12%,资本开支/折旧 0.90 倍。没有资产可言。"], ["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 -55%,年化波动 52%,现价在 52 周高点的 48%;近 20 / 60 / 120 日 -4% / -17% / -49%。", "行业对照": ["同申万二级「电网设备」141 家中位:PE 43.5 / 股息率 1.0% / 毛利率 23.5% / 固定资产占比 15% / 分红率 40%。", "科陆电子:PE ;股息率 ;毛利率 比行业中位高 5.5个百分点;固定资产占比 比行业中位低 3.2个百分点。"]}}