{"F": {"ts_code": "002175.SZ", "name": "*ST东智", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "通用设备", "sw3": "仪器仪表", "ind": "通用设备", "fin_source": "tushare", "market": "主板", "list_date": "20071012", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 2.6, "pe_ttm": null, "pb": 4.2597, "dv_ttm": null, "total_mv": 331962.982, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [32.7, 33.5, 35.5, 30.1, 32.9, 27.2], "rev_series": [2.1, 2.3, 2.7, 2.7, 3.3, 3.2], "np_series": [-10.8, 4.1, 1.1, 0.4, 0.2, -0.3], "roe_series": [null, null, 26.4, 8.2, 2.8, -4.8], "period": "20260630", "rev_ttm": 3.5, "np_ttm": -0.3, "ocf_ttm": -0.3, "fcf_ttm": -0.5, "fcf_yield": -1.6, "ocf_yield": -0.8, "gm_median": 32.9, "gm_std": 2.9, "gm_stab": 0.91, "gm_chg_2022": 2.8, "npm_median": 15.6, "roe_median": 5.5, "commodity": false, "hard_ratio": 39.4, "fix_assets": 3.9, "goodwill_ratio": 0.0, "pb_calc": 4.26, "capex_dep": 1.21, "interest_debt": 0.6, "debt_ebitda": 2.4, "debt_ratio": 19.5, "debt_mv": 1.9, "payout": null, "div_years": 0, "rev_cagr3": 5.1, "np_cagr3": null, "rev_yoy": 18.7, "np_yoy": -29.7, "np_vol": 137.9, "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", 37.0], ["量具量仪", 26.0], ["量仪量具产品", 26.0], ["智能物流分拣设备", 7.0]], "ret_prev_year": 6.0, "ret_prev2_year": 50.4, "ret_ytd": -41.3, "ret_pivot": 46.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 7.9, "ret_60": 17.6, "ret_120": -25.1, "ret_250": -46.1, "mdd_250": -63.5, "vol_250": 55.2, "pos_52w": 46.3}, "S": {"duration": 100, "pricing": 58, "hard": 63, "bondness": 22}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -0.3 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 20%,有息负债 1 亿,经营现金流/市值 -0.8%: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": "硬资产占比 39%、毛利率 32.9% 两条都占,但所在行业(机械设备)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "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 -1.6%(经营现金流/市值 -0.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 32.9%,稳定度 91%,2020→2022 成本通胀期毛利率变化 2.8 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 39%,资本开支/折旧 1.21 倍。涨。"], ["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 -46%,最大回撤 -64%,年化波动 55%,现价在 52 周高点的 46%;近 20 / 60 / 120 日 8% / 18% / -25%。", "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东智:PE ;股息率 ;毛利率 比行业中位高 4.4个百分点;固定资产占比 比行业中位高 18.6个百分点。"]}}