{"F": {"ts_code": "300051.SZ", "name": "琏升科技", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "光伏设备", "sw3": "光伏电池组件", "ind": "光伏设备", "fin_source": "tushare", "market": "创业板", "list_date": "20100211", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 8.22, "pe_ttm": null, "pb": 29.2141, "dv_ttm": null, "total_mv": 305798.5494, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [52.2, 49.6, 51.5, 41.9, -2.4, -21.7], "rev_series": [2.2, 1.8, 1.6, 2.3, 5.0, 3.9], "np_series": [-0.7, -0.2, -0.3, -0.4, -1.1, -1.3], "roe_series": [-24.7, -10.5, -15.5, -15.4, -38.9, -73.0], "period": "20260630", "rev_ttm": 2.8, "np_ttm": -1.3, "ocf_ttm": -0.3, "fcf_ttm": -1.9, "fcf_yield": -6.1, "ocf_yield": -1.0, "gm_median": 41.9, "gm_std": 30.1, "gm_stab": 0.28, "gm_chg_2022": -0.7, "npm_median": -26.5, "roe_median": -15.5, "commodity": false, "hard_ratio": 64.9, "fix_assets": 16.4, "goodwill_ratio": 0.0, "pb_calc": 29.21, "capex_dep": 1.09, "interest_debt": 12.4, "debt_ebitda": null, "debt_ratio": 81.1, "debt_mv": 40.5, "payout": null, "div_years": 0, "rev_cagr3": 34.9, "np_cagr3": null, "rev_yoy": -53.9, "np_yoy": 12.2, "np_vol": 78.2, "loss_years": 5, "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", 49.0], ["太阳能电池及组件", 25.0], ["移动通信转售产品", 12.0], ["房屋租赁", 11.0]], "ret_prev_year": -3.6, "ret_prev2_year": -40.8, "ret_ytd": 27.4, "ret_pivot": 24.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.4, "ret_60": -13.3, "ret_120": -11.3, "ret_250": 5.7, "mdd_250": -62.5, "vol_250": 65.1, "pos_52w": 44.8}, "S": {"duration": 100, "pricing": 38, "hard": 100, "bondness": 3}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -1.3 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 81%,有息负债 12 亿,经营现金流/市值 -1.0%: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": "只占硬资产一条(占比 65%),没有定价权:毛利率近 5 年中位 41.9%,稳定度 28%。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 -6.1%(经营现金流/市值 -1.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 41.9%,稳定度 28%,2020→2022 成本通胀期毛利率变化 -0.7 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 65%,资本开支/折旧 1.09 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 6%,最大回撤 -62%,年化波动 65%,现价在 52 周高点的 45%;近 20 / 60 / 120 日 1% / -13% / -11%。", "行业对照": ["同申万二级「光伏设备」73 家中位:PE 41.0 / 股息率 0.5% / 毛利率 17.8% / 固定资产占比 23% / 分红率 29%。", "琏升科技:PE ;股息率 ;毛利率 比行业中位高 24.1个百分点;固定资产占比 比行业中位高 42.3个百分点。"]}}