{"F": {"ts_code": "300084.SZ", "name": "海默科技", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "专用设备", "sw3": "能源及重型设备", "ind": "专用设备", "fin_source": "tushare", "market": "创业板", "list_date": "20100520", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 10.93, "pe_ttm": null, "pb": 4.7094, "dv_ttm": null, "total_mv": 599794.5707, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [26.5, 40.1, 38.9, 39.9, 36.6, 40.3], "rev_series": [5.0, 6.1, 6.3, 7.4, 6.0, 6.4], "np_series": [-6.0, -2.6, 0.1, 0.3, -2.3, -0.4], "roe_series": [-37.6, -22.9, 1.4, 3.1, -19.1, -2.8], "period": "20260630", "rev_ttm": 5.7, "np_ttm": -0.6, "ocf_ttm": 0.2, "fcf_ttm": 0.0, "fcf_yield": 0.1, "ocf_yield": 0.4, "gm_median": 39.9, "gm_std": 1.4, "gm_stab": 0.97, "gm_chg_2022": 12.4, "npm_median": -4.9, "roe_median": -2.8, "commodity": false, "hard_ratio": 8.6, "fix_assets": 1.6, "goodwill_ratio": 0.0, "pb_calc": 4.71, "capex_dep": 0.71, "interest_debt": 1.4, "debt_ebitda": 12.6, "debt_ratio": 29.8, "debt_mv": 2.3, "payout": null, "div_years": 0, "rev_cagr3": 0.5, "np_cagr3": null, "rev_yoy": -34.2, "np_yoy": -185.5, "np_vol": 359.7, "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", 49.0], ["多相计量产品及相关服务", 37.0], ["压裂设备及相关服务", 8.0], ["油气销售收入", 3.0]], "ret_prev_year": 85.7, "ret_prev2_year": -29.6, "ret_ytd": 9.4, "ret_pivot": 112.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -12.2, "ret_60": -7.0, "ret_120": 1.2, "ret_250": 29.0, "mdd_250": -31.7, "vol_250": 52.6, "pos_52w": 77.1}, "S": {"duration": 100, "pricing": 65, "hard": 14, "bondness": 34}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.6 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 30%,有息负债 1 亿,经营现金流/市值 0.4%: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": "只占定价权一条(毛利率 39.9%),硬资产占比 9%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "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 0.1%(经营现金流/市值 0.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 39.9%,稳定度 97%,2020→2022 成本通胀期毛利率变化 12.4 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 9%,资本开支/折旧 0.71 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 29%,最大回撤 -32%,年化波动 53%,现价在 52 周高点的 77%;近 20 / 60 / 120 日 -12% / -7% / 1%。", "行业对照": ["同申万二级「专用设备」205 家中位:PE 42.3 / 股息率 1.1% / 毛利率 26.3% / 固定资产占比 18% / 分红率 44%。", "海默科技:PE ;股息率 ;毛利率 比行业中位高 13.6个百分点;固定资产占比 比行业中位低 9.4个百分点。"]}}