{"F": {"ts_code": "300048.SZ", "name": "合康新能", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "自动化设备", "sw3": "工控设备", "ind": "自动化设备", "fin_source": "tushare", "market": "创业板", "list_date": "20100120", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 5.09, "pe_ttm": null, "pb": 3.234, "dv_ttm": null, "total_mv": 576364.8266, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [19.9, 30.2, 22.9, 17.0, 13.5, 9.4], "rev_series": [12.6, 12.0, 14.2, 14.9, 47.8, 74.5], "np_series": [-5.2, 0.5, 0.3, -2.2, 0.1, 0.6], "roe_series": [-25.8, 2.8, 1.4, -12.4, 0.6, 3.5], "period": "20260630", "rev_ttm": 63.7, "np_ttm": -0.7, "ocf_ttm": -3.8, "fcf_ttm": -4.5, "fcf_yield": -7.8, "ocf_yield": -6.6, "gm_median": 17.0, "gm_std": 7.3, "gm_stab": 0.57, "gm_chg_2022": 3.1, "npm_median": 1.0, "roe_median": 1.4, "commodity": false, "hard_ratio": 9.9, "fix_assets": 5.7, "goodwill_ratio": 0.4, "pb_calc": 3.23, "capex_dep": 1.1, "interest_debt": 0.7, "debt_ebitda": 1.0, "debt_ratio": 67.7, "debt_mv": 1.2, "payout": null, "div_years": 0, "rev_cagr3": 73.6, "np_cagr3": 34.2, "rev_yoy": -24.1, "np_yoy": -192.0, "np_vol": 485.7, "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": [["产品", 33.0], ["光伏EPC类", 29.0], ["光伏EPC", 29.0], ["高压变频器类", 3.0]], "ret_prev_year": 18.1, "ret_prev2_year": -0.4, "ret_ytd": -14.5, "ret_pivot": 17.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.2, "ret_60": -3.0, "ret_120": -36.1, "ret_250": -25.1, "mdd_250": -45.7, "vol_250": 40.4, "pos_52w": 61.2}, "S": {"duration": 100, "pricing": 38, "hard": 16, "bondness": 3}, "label": "亏损或困境", "tags": [], "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 68%,有息负债 1 亿,经营现金流/市值 -6.6%: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 10%,毛利率近 5 年中位 17.0%。", "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 -7.8%(经营现金流/市值 -6.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 17.0%,稳定度 57%,2020→2022 成本通胀期毛利率变化 3.1 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 10%,资本开支/折旧 1.10 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 -25%,最大回撤 -46%,年化波动 40%,现价在 52 周高点的 61%;近 20 / 60 / 120 日 -3% / -3% / -36%。", "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%。", "合康新能:PE ;股息率 ;毛利率 比行业中位低 16.9个百分点;固定资产占比 比行业中位低 3.9个百分点。"]}}