{"F": {"ts_code": "300103.SZ", "name": "达刚控股", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "专用设备", "sw3": "其他专用设备", "ind": "专用设备", "fin_source": "tushare", "market": "创业板", "list_date": "20100812", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 8.49, "pe_ttm": null, "pb": 6.5274, "dv_ttm": null, "total_mv": 269643.249, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [14.8, 15.2, 11.6, 6.2, 16.9, 25.9], "rev_series": [12.8, 10.1, 3.9, 2.5, 1.6, 1.5], "np_series": [0.6, 0.3, -3.4, -1.1, -1.2, -0.6], "roe_series": [6.3, 2.5, -37.3, -15.9, -20.2, -12.6], "period": "20260630", "rev_ttm": 1.2, "np_ttm": -0.6, "ocf_ttm": 0.1, "fcf_ttm": 0.0, "fcf_yield": 0.0, "ocf_yield": 0.2, "gm_median": 15.2, "gm_std": 6.5, "gm_stab": 0.57, "gm_chg_2022": -3.2, "npm_median": -52.5, "roe_median": -15.9, "commodity": false, "hard_ratio": 36.7, "fix_assets": 2.4, "goodwill_ratio": 0.0, "pb_calc": 6.53, "capex_dep": 0.21, "interest_debt": 0.3, "debt_ebitda": null, "debt_ratio": 34.7, "debt_mv": 1.2, "payout": null, "div_years": 0, "rev_cagr3": -26.8, "np_cagr3": null, "rev_yoy": -34.2, "np_yoy": 0.4, "np_vol": 549.0, "loss_years": 4, "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": [["高端路面装备研制业务板块", 29.0], ["高端路面装备研制业务分部", 29.0], ["新能源相关业务分部", 26.0], ["城市道路智慧运维管理业务板块", 8.0]], "ret_prev_year": 27.7, "ret_prev2_year": -0.9, "ret_ytd": 5.7, "ret_pivot": 68.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.8, "ret_60": -0.8, "ret_120": 9.4, "ret_250": 2.0, "mdd_250": -36.4, "vol_250": 49.9, "pos_52w": 86.6}, "S": {"duration": 100, "pricing": 33, "hard": 59, "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 37%,但毛利率近 5 年中位只有 15.2%,产品同质、售价涨不动。", "2020→2022 成本通胀期毛利率变化 -3.2 个百分点;资产负债率 35%,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 37%),没有定价权:毛利率近 5 年中位 15.2%,稳定度 57%。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 0.0%(经营现金流/市值 0.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 15.2%,稳定度 57%,2020→2022 成本通胀期毛利率变化 -3.2 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 37%,资本开支/折旧 0.21 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 2%,最大回撤 -36%,年化波动 50%,现价在 52 周高点的 87%;近 20 / 60 / 120 日 5% / -1% / 9%。", "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%。", "达刚控股:PE ;股息率 ;毛利率 比行业中位低 11.1个百分点;固定资产占比 比行业中位高 18.7个百分点。"]}}