{"F": {"ts_code": "002527.SZ", "name": "新时达", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "专用设备", "sw3": "楼宇设备", "ind": "专用设备", "fin_source": "tushare", "market": "主板", "list_date": "20101224", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 11.05, "pe_ttm": null, "pb": 5.9372, "dv_ttm": null, "total_mv": 732682.7365, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [19.5, 19.7, 17.4, 18.1, 17.5, 17.6], "rev_series": [39.6, 42.6, 31.0, 33.9, 33.6, 35.3], "np_series": [0.9, 1.5, -10.6, -3.8, -2.9, 0.1], "roe_series": [3.2, 5.2, -42.6, -22.1, -20.7, 0.4], "period": "20260630", "rev_ttm": 37.8, "np_ttm": -0.1, "ocf_ttm": 0.4, "fcf_ttm": -0.1, "fcf_yield": -0.1, "ocf_yield": 0.5, "gm_median": 17.6, "gm_std": 0.9, "gm_stab": 0.95, "gm_chg_2022": -2.1, "npm_median": -8.6, "roe_median": -20.7, "commodity": false, "hard_ratio": 9.3, "fix_assets": 3.7, "goodwill_ratio": 0.0, "pb_calc": 5.94, "capex_dep": 0.87, "interest_debt": 8.2, "debt_ebitda": 7.6, "debt_ratio": 67.9, "debt_mv": 11.2, "payout": null, "div_years": 1, "rev_cagr3": 4.5, "np_cagr3": null, "rev_yoy": 15.0, "np_yoy": -704.5, "np_vol": 348.7, "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], ["通用控制与驱动产品及系统", 18.0], ["节能与工业传动类", 18.0], ["机器人产品及系统", 8.0]], "ret_prev_year": 102.1, "ret_prev2_year": -10.5, "ret_ytd": -37.7, "ret_pivot": 80.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.6, "ret_60": -20.7, "ret_120": -25.5, "ret_250": -37.7, "mdd_250": -53.2, "vol_250": 45.6, "pos_52w": 52.5}, "S": {"duration": 100, "pricing": 48, "hard": 15, "bondness": 30}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.1 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 68%,有息负债 8 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 9%,毛利率近 5 年中位 17.6%。", "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 -0.1%(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 17.6%,稳定度 95%,2020→2022 成本通胀期毛利率变化 -2.1 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 9%,资本开支/折旧 0.87 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 -38%,最大回撤 -53%,年化波动 46%,现价在 52 周高点的 52%;近 20 / 60 / 120 日 -7% / -21% / -26%。", "行业对照": ["同申万二级「专用设备」205 家中位:PE 42.3 / 股息率 1.1% / 毛利率 26.3% / 固定资产占比 18% / 分红率 44%。", "新时达:PE ;股息率 ;毛利率 比行业中位低 8.7个百分点;固定资产占比 比行业中位低 8.7个百分点。"]}}