{"F": {"ts_code": "002577.SZ", "name": "雷柏科技", "mkt": "CN", "ccy": "元", "sw1": "计算机", "sw2": "计算机设备", "sw3": "其他计算机设备", "ind": "计算机设备", "fin_source": "tushare", "market": "主板", "list_date": "20110428", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 19.3, "pe_ttm": null, "pb": 4.6177, "dv_ttm": null, "total_mv": 541727.84, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [27.2, 27.1, 27.0, 27.8, 30.1, 27.7], "rev_series": [4.5, 4.9, 4.5, 4.1, 4.4, 4.6], "np_series": [0.5, 0.4, 0.4, 0.3, 0.4, -0.0], "roe_series": [4.5, 4.0, 3.3, 2.8, 3.1, -0.4], "period": "20260630", "rev_ttm": 4.8, "np_ttm": -0.1, "ocf_ttm": 0.2, "fcf_ttm": 0.2, "fcf_yield": 0.3, "ocf_yield": 0.3, "gm_median": 27.7, "gm_std": 1.1, "gm_stab": 0.96, "gm_chg_2022": -0.2, "npm_median": 8.3, "roe_median": 3.1, "commodity": false, "hard_ratio": 0.2, "fix_assets": 0.0, "goodwill_ratio": 0.0, "pb_calc": 4.62, "capex_dep": 0.06, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 11.7, "debt_mv": 0.1, "payout": null, "div_years": 0, "rev_cagr3": 0.7, "np_cagr3": null, "rev_yoy": 10.1, "np_yoy": -2.5, "np_vol": 44.4, "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": [["计算机外设", 85.0], ["租赁业务", 5.0], ["租赁", 5.0], ["其他消费电子", 4.0]], "ret_prev_year": -5.9, "ret_prev2_year": 7.4, "ret_ytd": 8.4, "ret_pivot": 55.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.7, "ret_60": 5.8, "ret_120": 14.9, "ret_250": -12.9, "mdd_250": -34.2, "vol_250": 35.6, "pos_52w": 85.8}, "S": {"duration": 100, "pricing": 55, "hard": 0, "bondness": 22}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -0.1 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 12%,有息负债 0 亿,经营现金流/市值 0.3%: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 0%,毛利率近 5 年中位 27.7%。", "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 0.3%(经营现金流/市值 0.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 27.7%,稳定度 96%,2020→2022 成本通胀期毛利率变化 -0.2 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 0%,资本开支/折旧 0.06 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 -13%,最大回撤 -34%,年化波动 36%,现价在 52 周高点的 86%;近 20 / 60 / 120 日 3% / 6% / 15%。", "行业对照": ["同申万二级「计算机设备」88 家中位:PE 51.7 / 股息率 0.8% / 毛利率 35.8% / 固定资产占比 12% / 分红率 49%。", "雷柏科技:PE ;股息率 ;毛利率 比行业中位低 8.1个百分点;固定资产占比 比行业中位低 11.5个百分点。"]}}