{"F": {"ts_code": "002176.SZ", "name": "江特电机", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "电机Ⅱ", "sw3": "电机Ⅲ", "ind": "电机Ⅱ", "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": 8.71, "pe_ttm": null, "pb": 5.0752, "dv_ttm": null, "total_mv": 1482660.2726, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [14.3, 30.2, 52.9, 4.5, -0.6, 2.0], "rev_series": [18.4, 29.8, 65.7, 28.0, 21.0, 19.6], "np_series": [0.1, 3.9, 23.3, -4.0, -3.2, -3.7], "roe_series": [0.9, 21.9, 74.8, -9.8, -8.7, -11.4], "period": "20260630", "rev_ttm": 19.4, "np_ttm": -4.7, "ocf_ttm": 2.2, "fcf_ttm": 1.2, "fcf_yield": 0.8, "ocf_yield": 1.5, "gm_median": 4.5, "gm_std": 20.7, "gm_stab": -3.61, "gm_chg_2022": 38.6, "npm_median": -14.0, "roe_median": -8.7, "commodity": false, "hard_ratio": 31.6, "fix_assets": 18.3, "goodwill_ratio": 0.8, "pb_calc": 5.08, "capex_dep": 0.44, "interest_debt": 16.2, "debt_ebitda": null, "debt_ratio": 48.9, "debt_mv": 10.9, "payout": null, "div_years": 0, "rev_cagr3": -33.2, "np_cagr3": null, "rev_yoy": -1.9, "np_yoy": -86.5, "np_vol": 1020.8, "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", 33.0], ["电动机", 17.0], ["锂矿采选及锂盐制造业", 15.0], ["电动机：工业电机", 11.0]], "ret_prev_year": 31.4, "ret_prev2_year": -45.1, "ret_ytd": -10.6, "ret_pivot": 35.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.8, "ret_60": -21.7, "ret_120": -13.0, "ret_250": -4.8, "mdd_250": -53.7, "vol_250": 50.4, "pos_52w": 54.1}, "S": {"duration": 100, "pricing": 14, "hard": 51, "bondness": 23}, "label": "重资产陷阱", "tags": ["亏损或困境", "近5年≥2年亏损"], "text": {"像什么": ["资产很重:固定资产占总资产 32%,但毛利率近 5 年中位只有 4.5%,产品同质、售价涨不动。", "2020→2022 成本通胀期毛利率变化 38.6 个百分点;资产负债率 49%,折旧与利息两头吃。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 32%),没有定价权:毛利率近 5 年中位 4.5%,稳定度 -361%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "加息期怎么走": "滞胀里两头挤,成本全涨售价涨不动还吃折旧,跌得比成长股狠。除非商品价格反转,否则回避。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 0.8%(经营现金流/市值 1.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 4.5%,稳定度 -361%,2020→2022 成本通胀期毛利率变化 38.6 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 32%,资本开支/折旧 0.44 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 -5%,最大回撤 -54%,年化波动 50%,现价在 52 周高点的 54%;近 20 / 60 / 120 日 -7% / -22% / -13%。", "行业对照": ["同申万二级「电机Ⅱ」28 家中位:PE 46.1 / 股息率 0.6% / 毛利率 20.8% / 固定资产占比 20% / 分红率 38%。", "江特电机:PE ;股息率 ;毛利率 比行业中位低 16.3个百分点;固定资产占比 比行业中位高 11.8个百分点。"]}}