{"F": {"ts_code": "300080.SZ", "name": "易成新能", "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": "20100625", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 3.68, "pe_ttm": null, "pb": 1.67, "dv_ttm": null, "total_mv": 689404.024, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [7.3, 5.7, 12.5, 10.4, 1.5, 3.5], "rev_series": [39.7, 57.8, 112.5, 98.8, 34.2, 35.3], "np_series": [-0.5, -1.6, 4.8, 0.5, -8.5, -6.7], "roe_series": [-1.0, -3.2, 8.9, 0.7, -14.1, -14.0], "period": "20260630", "rev_ttm": 31.3, "np_ttm": -7.9, "ocf_ttm": -0.9, "fcf_ttm": -2.2, "fcf_yield": -3.1, "ocf_yield": -1.4, "gm_median": 5.7, "gm_std": 4.1, "gm_stab": 0.28, "gm_chg_2022": 5.1, "npm_median": -4.4, "roe_median": -3.2, "commodity": false, "hard_ratio": 41.2, "fix_assets": 58.8, "goodwill_ratio": 0.3, "pb_calc": 1.67, "capex_dep": 0.33, "interest_debt": 44.0, "debt_ebitda": null, "debt_ratio": 66.8, "debt_mv": 63.8, "payout": null, "div_years": 0, "rev_cagr3": -32.0, "np_cagr3": null, "rev_yoy": -19.5, "np_yoy": -70.2, "np_vol": 817.3, "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": [["产品", 43.0], ["煤焦油深加工", 19.0], ["石墨负极及相关产品", 7.0], ["石墨产品", 7.0]], "ret_prev_year": 11.2, "ret_prev2_year": -9.7, "ret_ytd": -24.3, "ret_pivot": 28.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.8, "ret_60": -5.9, "ret_120": -39.5, "ret_250": -17.7, "mdd_250": -47.7, "vol_250": 56.3, "pos_52w": 57.5}, "S": {"duration": 100, "pricing": 24, "hard": 66, "bondness": 23}, "label": "重资产陷阱", "tags": ["亏损或困境", "近5年≥2年亏损"], "text": {"像什么": ["资产很重:固定资产占总资产 41%,但毛利率近 5 年中位只有 5.7%,产品同质、售价涨不动。", "2020→2022 成本通胀期毛利率变化 5.1 个百分点;资产负债率 67%,折旧与利息两头吃。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 41%),没有定价权:毛利率近 5 年中位 5.7%,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": "滞胀里两头挤,成本全涨售价涨不动还吃折旧,跌得比成长股狠。除非商品价格反转,否则回避。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 -3.1%(经营现金流/市值 -1.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 5.7%,稳定度 28%,2020→2022 成本通胀期毛利率变化 5.1 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 41%,资本开支/折旧 0.33 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 -18%,最大回撤 -48%,年化波动 56%,现价在 52 周高点的 58%;近 20 / 60 / 120 日 -1% / -6% / -40%。", "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%。", "易成新能:PE ;股息率 ;毛利率 比行业中位低 12.1个百分点;固定资产占比 比行业中位高 18.6个百分点。"]}}