{"F": {"ts_code": "002857.SZ", "name": "三晖电气", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "电网设备", "sw3": "电工仪器仪表", "ind": "电网设备", "fin_source": "tushare", "market": "主板", "list_date": "20170323", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 19.15, "pe_ttm": null, "pb": 5.5458, "dv_ttm": null, "total_mv": 250164.3015, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [36.3, 37.4, 38.0, 25.0, 22.5, 17.1], "rev_series": [2.1, 2.2, 2.0, 3.3, 6.8, 3.6], "np_series": [0.2, 0.2, 0.1, 0.1, 0.2, -0.4], "roe_series": [4.8, 3.9, 2.5, 1.1, 3.4, -8.3], "period": "20260630", "rev_ttm": 3.2, "np_ttm": -0.7, "ocf_ttm": -0.7, "fcf_ttm": -0.7, "fcf_yield": -2.8, "ocf_yield": -2.7, "gm_median": 25.0, "gm_std": 8.3, "gm_stab": 0.67, "gm_chg_2022": 1.7, "npm_median": 3.9, "roe_median": 2.5, "commodity": false, "hard_ratio": 12.9, "fix_assets": 1.2, "goodwill_ratio": 0.0, "pb_calc": 5.55, "capex_dep": 0.38, "interest_debt": 0.1, "debt_ebitda": null, "debt_ratio": 51.2, "debt_mv": 0.6, "payout": 41.4, "div_years": 2, "rev_cagr3": 22.9, "np_cagr3": null, "rev_yoy": -29.1, "np_yoy": -173.3, "np_vol": 171.1, "loss_years": 1, "far_share": 100, "earn_yield": null, "consensus_n": 1, "fwd_pe": 39.9, "fwd_pe2": 20.8, "fwd_g1": null, "fwd_g2": 92.0, "peg": 0.43, "consensus_disp": null, "mainbz": [["电能计量配套产品系列 ", 47.0], ["储能设备", 46.0], ["电能表标准与校验装置产品系列 ", 4.0], ["其他业务", 3.0]], "ret_prev_year": 65.3, "ret_prev2_year": -23.7, "ret_ytd": -7.7, "ret_pivot": 90.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 17.6, "ret_60": 15.1, "ret_120": -26.9, "ret_250": -26.4, "mdd_250": -53.4, "vol_250": 50.1, "pos_52w": 63.8}, "S": {"duration": 100, "pricing": 45, "hard": 21, "bondness": 17}, "label": "亏损或困境", "tags": ["PEG<0.8"], "text": {"像什么": ["TTM 归母净利 -0.7 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 51%,有息负债 0 亿,经营现金流/市值 -2.7%: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 13%,毛利率近 5 年中位 25.0%。", "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 -2.8%(经营现金流/市值 -2.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 25.0%,稳定度 67%,2020→2022 成本通胀期毛利率变化 1.7 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 13%,资本开支/折旧 0.38 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 -26%,最大回撤 -53%,年化波动 50%,现价在 52 周高点的 64%;近 20 / 60 / 120 日 18% / 15% / -27%。", "行业对照": ["同申万二级「电网设备」141 家中位:PE 43.5 / 股息率 1.0% / 毛利率 23.5% / 固定资产占比 15% / 分红率 40%。", "三晖电气:PE ;股息率 ;毛利率 比行业中位高 1.5个百分点;固定资产占比 比行业中位低 2.0个百分点。"]}}