{"F": {"ts_code": "002131.SZ", "name": "利欧股份", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "通用设备", "sw3": "金属制品", "ind": "通用设备", "fin_source": "tushare", "market": "主板", "list_date": "20070427", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 4.81, "pe_ttm": null, "pb": 2.4608, "dv_ttm": 0.7052, "total_mv": 3257225.5547, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [8.8, 7.3, 8.7, 8.5, 9.0, 8.8], "rev_series": [155.5, 202.8, 202.7, 204.7, 211.7, 200.5], "np_series": [47.7, -10.2, -4.4, 19.7, -2.6, 0.3], "roe_series": [45.2, -8.2, -3.8, 15.6, -2.0, 0.3], "period": "20260630", "rev_ttm": 206.0, "np_ttm": -3.1, "ocf_ttm": -1.6, "fcf_ttm": -3.6, "fcf_yield": -1.1, "ocf_yield": -0.5, "gm_median": 8.7, "gm_std": 0.6, "gm_stab": 0.93, "gm_chg_2022": -0.1, "npm_median": -1.4, "roe_median": -2.0, "commodity": false, "hard_ratio": 5.7, "fix_assets": 12.0, "goodwill_ratio": 1.6, "pb_calc": 2.46, "capex_dep": 1.0, "interest_debt": 25.6, "debt_ebitda": 8.3, "debt_ratio": 37.2, "debt_mv": 7.8, "payout": 341.7, "div_years": 3, "rev_cagr3": -0.4, "np_cagr3": null, "rev_yoy": 5.7, "np_yoy": -71.1, "np_vol": 242.9, "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", 35.0], ["媒体代理业务", 29.0], ["媒介代理业务", 29.0], ["机械制造业务", 6.0]], "ret_prev_year": 85.5, "ret_prev2_year": 38.4, "ret_ytd": -14.3, "ret_pivot": 249.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -11.9, "ret_60": -8.6, "ret_120": -37.5, "ret_250": 0.3, "mdd_250": -63.3, "vol_250": 65.7, "pos_52w": 46.4}, "S": {"duration": 100, "pricing": 44, "hard": 9, "bondness": 74}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -3.1 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 37%,有息负债 26 亿,经营现金流/市值 -0.5%: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 6%,毛利率近 5 年中位 8.7%。", "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 -1.1%(经营现金流/市值 -0.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 8.7%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -0.1 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 6%,资本开支/折旧 1.00 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 0%,最大回撤 -63%,年化波动 66%,现价在 52 周高点的 46%;近 20 / 60 / 120 日 -12% / -9% / -38%。", "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%。", "利欧股份:PE ;股息率 比行业中位低 0.1个百分点;毛利率 比行业中位低 19.8个百分点;固定资产占比 比行业中位低 15.1个百分点。"]}}