{"F": {"ts_code": "002843.SZ", "name": "泰嘉股份", "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": "20170120", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 16.2, "pe_ttm": null, "pb": 3.0257, "dv_ttm": null, "total_mv": 407814.912, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [34.2, 40.5, 29.7, 18.8, 16.5, 19.4], "rev_series": [4.0, 5.3, 9.8, 18.4, 17.3, 15.3], "np_series": [0.4, 0.7, 1.3, 1.3, 0.5, -0.4], "roe_series": [7.7, 13.0, 20.2, 12.4, 3.6, -2.8], "period": "20260630", "rev_ttm": 16.0, "np_ttm": -0.5, "ocf_ttm": 0.2, "fcf_ttm": -1.3, "fcf_yield": -3.2, "ocf_yield": 0.4, "gm_median": 19.4, "gm_std": 9.0, "gm_stab": 0.53, "gm_chg_2022": -4.5, "npm_median": 6.4, "roe_median": 12.4, "commodity": false, "hard_ratio": 28.2, "fix_assets": 7.0, "goodwill_ratio": 2.7, "pb_calc": 3.03, "capex_dep": 1.99, "interest_debt": 4.4, "debt_ebitda": 2.2, "debt_ratio": 45.1, "debt_mv": 10.9, "payout": 41.7, "div_years": 3, "rev_cagr3": 16.0, "np_cagr3": null, "rev_yoy": 10.2, "np_yoy": -30.7, "np_vol": 94.9, "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": [["锯切-锯切工具", 40.0], ["电源-消费电子电源", 40.0], ["电源-大功率电源", 8.0], ["大功率电源", 8.0]], "ret_prev_year": -5.6, "ret_prev2_year": -19.0, "ret_ytd": -19.2, "ret_pivot": 33.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -2.4, "ret_60": -23.8, "ret_120": -30.7, "ret_250": -39.0, "mdd_250": -51.9, "vol_250": 60.9, "pos_52w": 54.1}, "S": {"duration": 100, "pricing": 32, "hard": 45, "bondness": 25}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -0.5 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 45%,有息负债 4 亿,经营现金流/市值 0.4%: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 28%,毛利率近 5 年中位 19.4%。", "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 -3.2%(经营现金流/市值 0.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 19.4%,稳定度 53%,2020→2022 成本通胀期毛利率变化 -4.5 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 28%,资本开支/折旧 1.99 倍。有一些。"], ["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 -52%,年化波动 61%,现价在 52 周高点的 54%;近 20 / 60 / 120 日 -2% / -24% / -31%。", "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%。", "泰嘉股份:PE ;股息率 ;毛利率 比行业中位低 9.1个百分点;固定资产占比 比行业中位高 7.4个百分点。"]}}