{"F": {"ts_code": "300095.SZ", "name": "华伍股份", "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": "20100728", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 8.68, "pe_ttm": null, "pb": 2.2845, "dv_ttm": null, "total_mv": 342360.9868, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [40.0, 38.0, 29.7, 28.5, 18.1, 21.6], "rev_series": [13.1, 14.4, 14.5, 13.5, 12.1, 12.9], "np_series": [1.6, 1.5, 0.9, 0.6, -2.9, -2.1], "roe_series": [12.7, 8.5, 4.2, 2.8, -15.3, -13.3], "period": "20260630", "rev_ttm": 12.5, "np_ttm": -1.5, "ocf_ttm": 1.4, "fcf_ttm": 1.1, "fcf_yield": 3.3, "ocf_yield": 4.2, "gm_median": 28.5, "gm_std": 6.9, "gm_stab": 0.76, "gm_chg_2022": -10.3, "npm_median": 3.4, "roe_median": 2.8, "commodity": false, "hard_ratio": 11.6, "fix_assets": 3.2, "goodwill_ratio": 0.0, "pb_calc": 2.28, "capex_dep": null, "interest_debt": 7.4, "debt_ebitda": null, "debt_ratio": 40.7, "debt_mv": 21.6, "payout": 68.4, "div_years": 4, "rev_cagr3": -3.8, "np_cagr3": null, "rev_yoy": -6.0, "np_yoy": 370.6, "np_vol": 230.0, "loss_years": 2, "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", 47.0], ["起重运输制动系统", 21.0], ["金属管件、阀门产品", 9.0], ["风电制动系统", 8.0]], "ret_prev_year": 81.2, "ret_prev2_year": -16.7, "ret_ytd": -28.4, "ret_pivot": 63.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.5, "ret_60": 0.1, "ret_120": -16.5, "ret_250": -21.9, "mdd_250": -43.6, "vol_250": 47.4, "pos_52w": 66.0}, "S": {"duration": 100, "pricing": 45, "hard": 19, "bondness": 47}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -1.5 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 41%,有息负债 7 亿,经营现金流/市值 4.2%: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 12%,毛利率近 5 年中位 28.5%。", "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 3.3%(经营现金流/市值 4.2%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 28.5%,稳定度 76%,2020→2022 成本通胀期毛利率变化 -10.3 个百分点。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 12%。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 -22%,最大回撤 -44%,年化波动 47%,现价在 52 周高点的 66%;近 20 / 60 / 120 日 4% / 0% / -16%。", "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%。", "华伍股份:PE ;股息率 ;毛利率 比行业中位高 2.2个百分点;固定资产占比 比行业中位低 6.4个百分点。"]}}