{"F": {"ts_code": "002122.SZ", "name": "ST汇洲", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "通用设备", "sw3": "机床工具", "ind": "通用设备", "fin_source": "tushare", "market": "主板", "list_date": "20070328", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 2.73, "pe_ttm": null, "pb": 2.5809, "dv_ttm": null, "total_mv": 546409.6365, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [28.6, 30.7, 22.6, 20.4, 20.6, 25.2], "rev_series": [7.2, 8.4, 7.0, 8.0, 9.4, 10.7], "np_series": [1.6, -7.3, 0.9, 1.4, -3.7, 0.5], "roe_series": [9.3, -61.8, 5.9, 6.4, -17.8, 2.3], "period": "20260630", "rev_ttm": 11.4, "np_ttm": -0.4, "ocf_ttm": -0.7, "fcf_ttm": -0.9, "fcf_yield": -1.7, "ocf_yield": -1.2, "gm_median": 22.6, "gm_std": 3.8, "gm_stab": 0.83, "gm_chg_2022": -5.9, "npm_median": 2.3, "roe_median": 2.3, "commodity": false, "hard_ratio": 8.7, "fix_assets": 3.3, "goodwill_ratio": 1.9, "pb_calc": 2.58, "capex_dep": 1.27, "interest_debt": 1.8, "debt_ebitda": null, "debt_ratio": 37.0, "debt_mv": 3.3, "payout": null, "div_years": 0, "rev_cagr3": 15.2, "np_cagr3": -18.6, "rev_yoy": 11.7, "np_yoy": -474.9, "np_vol": 279.4, "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", 50.0], ["机床", 44.0], ["技术服务", 5.0], ["其他业务", 0.0]], "ret_prev_year": -11.8, "ret_prev2_year": -18.5, "ret_ytd": -9.0, "ret_pivot": 29.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 9.6, "ret_60": 2.6, "ret_120": -9.6, "ret_250": -33.1, "mdd_250": -50.7, "vol_250": 33.2, "pos_52w": 61.8}, "S": {"duration": 100, "pricing": 44, "hard": 14, "bondness": 8}, "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 2 年;PE 为负,估值指标失真。", "资产负债率 37%,有息负债 2 亿,经营现金流/市值 -1.2%: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 9%,毛利率近 5 年中位 22.6%。", "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 -1.7%(经营现金流/市值 -1.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 22.6%,稳定度 83%,2020→2022 成本通胀期毛利率变化 -5.9 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 9%,资本开支/折旧 1.27 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 -33%,最大回撤 -51%,年化波动 33%,现价在 52 周高点的 62%;近 20 / 60 / 120 日 10% / 3% / -10%。", "行业对照": ["同申万二级「通用设备」248 家中位:PE 50.6 / 股息率 0.8% / 毛利率 28.5% / 固定资产占比 21% / 分红率 45%。", "ST汇洲:PE ;股息率 ;毛利率 比行业中位低 5.9个百分点;固定资产占比 比行业中位低 12.1个百分点。"]}}