{"F": {"ts_code": "002168.SZ", "name": "ST惠程", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "电网设备", "sw3": "配电设备", "ind": "电网设备", "fin_source": "tushare", "market": "主板", "list_date": "20070919", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 3.78, "pe_ttm": null, "pb": null, "dv_ttm": null, "total_mv": 296413.7652, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [64.1, 34.6, 29.0, 29.5, 10.1, 51.0], "rev_series": [7.9, 3.3, 2.4, 2.5, 2.0, 3.7], "np_series": [-1.8, -2.2, -1.1, 0.0, -1.5, -0.8], "roe_series": [-16.1, -97.2, -184.2, 9.7, null, null], "period": "20260630", "rev_ttm": 3.6, "np_ttm": -0.7, "ocf_ttm": 0.5, "fcf_ttm": 0.5, "fcf_yield": 1.5, "ocf_yield": 1.6, "gm_median": 29.5, "gm_std": 13.1, "gm_stab": 0.56, "gm_chg_2022": -35.1, "npm_median": -49.4, "roe_median": -97.2, "commodity": false, "hard_ratio": 4.8, "fix_assets": 0.4, "goodwill_ratio": 3.7, "pb_calc": null, "capex_dep": 0.14, "interest_debt": 3.3, "debt_ebitda": 21.2, "debt_ratio": 93.9, "debt_mv": 11.0, "payout": null, "div_years": 0, "rev_cagr3": 14.7, "np_cagr3": null, "rev_yoy": -5.1, "np_yoy": 29.4, "np_vol": 3210.0, "loss_years": 4, "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", 49.0], ["医药类", 42.0], ["绝缘产品类", 4.0], ["电气产品类", 1.0]], "ret_prev_year": 51.6, "ret_prev2_year": -39.5, "ret_ytd": -10.0, "ret_pivot": 67.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.2, "ret_60": 1.1, "ret_120": -5.0, "ret_250": -21.7, "mdd_250": -31.9, "vol_250": 37.2, "pos_52w": 74.9}, "S": {"duration": 100, "pricing": 38, "hard": 8, "bondness": 20}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.7 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 94%,有息负债 3 亿,经营现金流/市值 1.6%: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 5%,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 1.5%(经营现金流/市值 1.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 29.5%,稳定度 56%,2020→2022 成本通胀期毛利率变化 -35.1 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 5%,资本开支/折旧 0.14 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 -22%,最大回撤 -32%,年化波动 37%,现价在 52 周高点的 75%;近 20 / 60 / 120 日 2% / 1% / -5%。", "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%。", "ST惠程:PE ;股息率 ;毛利率 比行业中位高 6.0个百分点;固定资产占比 比行业中位低 10.1个百分点。"]}}