{"F": {"ts_code": "002903.SZ", "name": "宇环数控", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "通用设备", "sw3": "机床工具", "ind": "通用设备", "fin_source": "tushare", "market": "主板", "list_date": "20171013", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 27.24, "pe_ttm": null, "pb": 5.5347, "dv_ttm": null, "total_mv": 424021.926, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [47.1, 50.4, 49.9, 49.4, 33.9, 29.6], "rev_series": [3.0, 4.4, 3.6, 4.2, 4.7, 4.1], "np_series": [0.4, 0.7, 0.6, 0.4, 0.1, -0.2], "roe_series": [6.9, 10.6, 7.4, 5.2, 1.7, -2.5], "period": "20260630", "rev_ttm": 3.7, "np_ttm": -0.5, "ocf_ttm": -0.1, "fcf_ttm": -0.6, "fcf_yield": -1.4, "ocf_yield": -0.1, "gm_median": 49.4, "gm_std": 9.0, "gm_stab": 0.82, "gm_chg_2022": 2.8, "npm_median": 14.6, "roe_median": 5.2, "commodity": false, "hard_ratio": 18.9, "fix_assets": 2.2, "goodwill_ratio": 0.0, "pb_calc": 5.53, "capex_dep": 4.5, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 30.8, "debt_mv": null, "payout": 88.5, "div_years": 4, "rev_cagr3": 4.7, "np_cagr3": null, "rev_yoy": -19.0, "np_yoy": -965.3, "np_vol": 104.0, "loss_years": 1, "far_share": 100, "earn_yield": null, "consensus_n": 1, "fwd_pe": 340.5, "fwd_pe2": 143.4, "fwd_g1": null, "fwd_g2": 138.0, "peg": 2.47, "consensus_disp": null, "mainbz": [["产品", 48.0], ["数控研磨抛光机", 19.0], ["数控磨床", 15.0], ["拉床", 6.0]], "ret_prev_year": 42.2, "ret_prev2_year": -36.0, "ret_ytd": 18.4, "ret_pivot": 89.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.6, "ret_60": -38.7, "ret_120": -12.2, "ret_250": 20.9, "mdd_250": -58.9, "vol_250": 67.5, "pos_52w": 50.2}, "S": {"duration": 100, "pricing": 63, "hard": 30, "bondness": 49}, "label": "亏损或困境", "tags": ["资本开支扩张期"], "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 31%,有息负债 0 亿,经营现金流/市值 -0.1%: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 19%,毛利率近 5 年中位 49.4%。", "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 -1.4%(经营现金流/市值 -0.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 49.4%,稳定度 82%,2020→2022 成本通胀期毛利率变化 2.8 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 19%,资本开支/折旧 4.50 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 21%,最大回撤 -59%,年化波动 68%,现价在 52 周高点的 50%;近 20 / 60 / 120 日 -2% / -39% / -12%。", "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%。", "宇环数控:PE ;股息率 ;毛利率 比行业中位高 20.9个百分点;固定资产占比 比行业中位低 1.9个百分点。"]}}