{"F": {"ts_code": "300024.SZ", "name": "机器人", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "自动化设备", "sw3": "机器人", "ind": "自动化设备", "fin_source": "tushare", "market": "创业板", "list_date": "20091030", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 14.28, "pe_ttm": null, "pb": 5.5159, "dv_ttm": null, "total_mv": 2235705.2172, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [19.2, 7.6, 8.6, 13.9, 14.6, 12.5], "rev_series": [26.6, 33.0, 35.8, 39.7, 41.4, 41.2], "np_series": [-4.0, -5.6, 0.4, 0.5, -1.9, -4.0], "roe_series": [-7.0, -12.6, 1.1, 1.1, -4.4, -9.3], "period": "20260630", "rev_ttm": 39.1, "np_ttm": -4.9, "ocf_ttm": -0.0, "fcf_ttm": -2.1, "fcf_yield": -1.0, "ocf_yield": -0.0, "gm_median": 12.5, "gm_std": 2.8, "gm_stab": 0.77, "gm_chg_2022": -10.6, "npm_median": -4.7, "roe_median": -4.4, "commodity": false, "hard_ratio": 14.5, "fix_assets": 18.1, "goodwill_ratio": 0.0, "pb_calc": 5.52, "capex_dep": 3.59, "interest_debt": 24.5, "debt_ebitda": null, "debt_ratio": 64.6, "debt_mv": 11.0, "payout": null, "div_years": 0, "rev_cagr3": 4.9, "np_cagr3": null, "rev_yoy": -12.6, "np_yoy": -98.3, "np_vol": 208.5, "loss_years": 3, "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": [["工业机器人", 42.0], ["自动化装配与检测生产线及系统集成", 24.0], ["半导体装备", 19.0], ["物流与仓储自动化成套装备", 9.0]], "ret_prev_year": 1.3, "ret_prev2_year": 51.2, "ret_ytd": -21.5, "ret_pivot": 54.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -9.6, "ret_60": -4.5, "ret_120": -13.3, "ret_250": -31.5, "mdd_250": -32.3, "vol_250": 46.7, "pos_52w": 68.1}, "S": {"duration": 100, "pricing": 37, "hard": 23, "bondness": 18}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -4.9 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 65%,有息负债 24 亿,经营现金流/市值 -0.0%: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 14%,毛利率近 5 年中位 12.5%。", "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 -1.0%(经营现金流/市值 -0.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 12.5%,稳定度 77%,2020→2022 成本通胀期毛利率变化 -10.6 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 14%,资本开支/折旧 3.59 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 -32%,最大回撤 -32%,年化波动 47%,现价在 52 周高点的 68%;近 20 / 60 / 120 日 -10% / -4% / -13%。", "行业对照": ["同申万二级「自动化设备」93 家中位:PE 77.4 / 股息率 0.7% / 毛利率 33.9% / 固定资产占比 14% / 分红率 42%。", "机器人:PE ;股息率 ;毛利率 比行业中位低 21.4个百分点;固定资产占比 比行业中位高 0.7个百分点。"]}}