{"F": {"ts_code": "002943.SZ", "name": "宇晶股份", "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": "20181129", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 31.0, "pe_ttm": null, "pb": 10.1793, "dv_ttm": null, "total_mv": 827191.6, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [25.3, 26.3, 30.3, 29.0, 17.2, 25.1], "rev_series": [3.7, 4.6, 8.0, 13.0, 10.4, 8.3], "np_series": [-0.1, -0.1, 1.0, 1.1, -3.7, 0.1], "roe_series": [-0.8, -0.9, 9.9, 9.0, -34.4, 1.5], "period": "20260630", "rev_ttm": 5.1, "np_ttm": -0.7, "ocf_ttm": 1.9, "fcf_ttm": 1.2, "fcf_yield": 1.5, "ocf_yield": 2.3, "gm_median": 26.3, "gm_std": 4.6, "gm_stab": 0.83, "gm_chg_2022": 5.0, "npm_median": 0.6, "roe_median": 1.5, "commodity": false, "hard_ratio": 41.6, "fix_assets": 11.1, "goodwill_ratio": 0.0, "pb_calc": 10.18, "capex_dep": 1.0, "interest_debt": 6.9, "debt_ebitda": 22.5, "debt_ratio": 69.8, "debt_mv": 8.3, "payout": 55.4, "div_years": 1, "rev_cagr3": 1.3, "np_cagr3": -48.7, "rev_yoy": -67.4, "np_yoy": -713.3, "np_vol": 673.6, "loss_years": 2, "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": [["产品", 34.0], ["高精密数控切磨抛设备", 17.0], ["高精密数控切、磨、抛设备", 17.0], ["硅片及切片加工服务", 8.0]], "ret_prev_year": 99.6, "ret_prev2_year": -6.4, "ret_ytd": 1.8, "ret_pivot": 118.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -13.8, "ret_60": -38.2, "ret_120": -25.7, "ret_250": 19.2, "mdd_250": -61.7, "vol_250": 72.5, "pos_52w": 45.2}, "S": {"duration": 100, "pricing": 53, "hard": 67, "bondness": 53}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.7 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 70%,有息负债 7 亿,经营现金流/市值 2.3%: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": "只占硬资产一条(占比 42%),没有定价权:毛利率近 5 年中位 26.3%,稳定度 83%。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": "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 1.5%(经营现金流/市值 2.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 26.3%,稳定度 83%,2020→2022 成本通胀期毛利率变化 5.0 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 42%,资本开支/折旧 1.00 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 19%,最大回撤 -62%,年化波动 72%,现价在 52 周高点的 45%;近 20 / 60 / 120 日 -14% / -38% / -26%。", "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%。", "宇晶股份:PE ;股息率 ;毛利率 比行业中位低 2.2个百分点;固定资产占比 比行业中位高 20.8个百分点。"]}}