{"F": {"ts_code": "002347.SZ", "name": "泰尔股份", "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": "20100128", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 6.21, "pe_ttm": null, "pb": 2.8716, "dv_ttm": null, "total_mv": 313420.1283, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [24.2, 20.2, 17.8, 17.2, 19.4, 13.5], "rev_series": [8.1, 10.6, 10.8, 11.1, 10.7, 10.9], "np_series": [0.3, 0.2, -0.4, -0.4, 0.1, -0.9], "roe_series": [2.3, 1.5, -3.0, -3.5, 1.2, -8.2], "period": "20260630", "rev_ttm": 11.0, "np_ttm": -1.0, "ocf_ttm": 0.6, "fcf_ttm": 0.2, "fcf_yield": 0.6, "ocf_yield": 1.9, "gm_median": 17.8, "gm_std": 2.3, "gm_stab": 0.87, "gm_chg_2022": -6.3, "npm_median": -3.3, "roe_median": -3.0, "commodity": false, "hard_ratio": 12.3, "fix_assets": 3.0, "goodwill_ratio": 0.0, "pb_calc": 2.87, "capex_dep": 1.06, "interest_debt": 1.8, "debt_ebitda": null, "debt_ratio": 54.3, "debt_mv": 5.6, "payout": 69.2, "div_years": 1, "rev_cagr3": 0.2, "np_cagr3": null, "rev_yoy": 1.4, "np_yoy": -1.9, "np_vol": 313.6, "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": [["核心备件", 43.0], ["总包服务", 17.0], ["再制造业务", 14.0], ["核心设备", 12.0]], "ret_prev_year": 84.2, "ret_prev2_year": 6.2, "ret_ytd": -49.8, "ret_pivot": 73.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.1, "ret_60": -3.1, "ret_120": -30.3, "ret_250": -16.5, "mdd_250": -63.3, "vol_250": 50.5, "pos_52w": 45.3}, "S": {"duration": 100, "pricing": 43, "hard": 20, "bondness": 47}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -1.0 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 54%,有息负债 2 亿,经营现金流/市值 1.9%: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 12%,毛利率近 5 年中位 17.8%。", "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 0.6%(经营现金流/市值 1.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 17.8%,稳定度 87%,2020→2022 成本通胀期毛利率变化 -6.3 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 12%,资本开支/折旧 1.06 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 -16%,最大回撤 -63%,年化波动 50%,现价在 52 周高点的 45%;近 20 / 60 / 120 日 5% / -3% / -30%。", "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%。", "泰尔股份:PE ;股息率 ;毛利率 比行业中位低 10.7个百分点;固定资产占比 比行业中位低 8.5个百分点。"]}}