{"F": {"ts_code": "002667.SZ", "name": "*ST威领", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "专用设备", "sw3": "能源及重型设备", "ind": "专用设备", "fin_source": "tushare", "market": "主板", "list_date": "20120329", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 18.02, "pe_ttm": null, "pb": null, "dv_ttm": null, "total_mv": 469585.883, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [18.2, 24.0, 42.1, 15.4, -1.3, 18.8], "rev_series": [2.9, 2.3, 11.9, 11.4, 5.3, 3.2], "np_series": [0.1, -1.0, 0.8, -2.2, -3.1, -4.1], "roe_series": [0.6, -13.1, 11.2, -30.6, -59.2, -248.7], "period": "20260630", "rev_ttm": 5.1, "np_ttm": -4.4, "ocf_ttm": 1.8, "fcf_ttm": 1.2, "fcf_yield": 2.6, "ocf_yield": 3.9, "gm_median": 18.8, "gm_std": 14.0, "gm_stab": 0.25, "gm_chg_2022": 23.9, "npm_median": -41.9, "roe_median": -30.6, "commodity": false, "hard_ratio": 45.9, "fix_assets": 7.6, "goodwill_ratio": 8.5, "pb_calc": null, "capex_dep": 0.81, "interest_debt": 6.3, "debt_ebitda": 68.4, "debt_ratio": 90.8, "debt_mv": 13.4, "payout": null, "div_years": 0, "rev_cagr3": -35.4, "np_cagr3": null, "rev_yoy": 219.5, "np_yoy": -1884.8, "np_vol": 794.0, "loss_years": 4, "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": [["原矿&精矿", 46.0], ["原矿", 46.0], ["锂精矿及伴生品", 7.0], ["租赁", 0.0]], "ret_prev_year": 23.5, "ret_prev2_year": -5.9, "ret_ytd": 37.7, "ret_pivot": 194.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 24.3, "ret_60": -4.7, "ret_120": -40.2, "ret_250": 38.8, "mdd_250": -76.9, "vol_250": 76.4, "pos_52w": 53.0}, "S": {"duration": 100, "pricing": 29, "hard": 73, "bondness": 35}, "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 46%,但毛利率近 5 年中位只有 18.8%,产品同质、售价涨不动。", "2020→2022 成本通胀期毛利率变化 23.9 个百分点;有息负债/EBITDA 68.4 倍,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 46%),没有定价权:毛利率近 5 年中位 18.8%,稳定度 25%。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 2.6%(经营现金流/市值 3.9%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 18.8%,稳定度 25%,2020→2022 成本通胀期毛利率变化 23.9 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 46%,资本开支/折旧 0.81 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 39%,最大回撤 -77%,年化波动 76%,现价在 52 周高点的 53%;近 20 / 60 / 120 日 24% / -5% / -40%。", "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%。", "*ST威领:PE ;股息率 ;毛利率 比行业中位低 7.5个百分点;固定资产占比 比行业中位高 27.9个百分点。"]}}