{"F": {"ts_code": "300165.SZ", "name": "天瑞仪器", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "通用设备", "sw3": "仪器仪表", "ind": "通用设备", "fin_source": "tushare", "market": "创业板", "list_date": "20110125", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 5.33, "pe_ttm": null, "pb": 2.4835, "dv_ttm": null, "total_mv": 264107.7361, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [44.7, 27.7, 29.2, 36.2, 36.3, 43.1], "rev_series": [9.4, 15.4, 14.0, 10.2, 8.5, 6.2], "np_series": [0.2, -0.5, -0.9, -1.1, -1.0, -2.3], "roe_series": [1.3, -3.6, -5.6, -7.9, -7.3, -20.1], "period": "20260630", "rev_ttm": 6.2, "np_ttm": -2.0, "ocf_ttm": 1.8, "fcf_ttm": 1.7, "fcf_yield": 6.5, "ocf_yield": 6.6, "gm_median": 36.2, "gm_std": 5.6, "gm_stab": 0.85, "gm_chg_2022": -15.6, "npm_median": -11.3, "roe_median": -7.3, "commodity": false, "hard_ratio": 3.5, "fix_assets": 1.0, "goodwill_ratio": 0.0, "pb_calc": 2.48, "capex_dep": 0.22, "interest_debt": 11.6, "debt_ebitda": 44.3, "debt_ratio": 62.9, "debt_mv": 43.8, "payout": null, "div_years": 0, "rev_cagr3": -23.9, "np_cagr3": null, "rev_yoy": -0.5, "np_yoy": 303.7, "np_vol": 141.3, "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], ["实验分析仪器及系统", 32.0], ["环保工程及服务", 6.0], ["第三方检测", 6.0]], "ret_prev_year": 59.8, "ret_prev2_year": -54.9, "ret_ytd": 10.8, "ret_pivot": 98.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.7, "ret_60": -2.6, "ret_120": -5.3, "ret_250": 6.8, "mdd_250": -48.8, "vol_250": 50.1, "pos_52w": 61.8}, "S": {"duration": 100, "pricing": 52, "hard": 6, "bondness": 35}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -2.0 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 63%,有息负债 12 亿,经营现金流/市值 6.6%: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 36.2%),硬资产占比 4%。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 6.5%(经营现金流/市值 6.6%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 36.2%,稳定度 85%,2020→2022 成本通胀期毛利率变化 -15.6 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 4%,资本开支/折旧 0.22 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 7%,最大回撤 -49%,年化波动 50%,现价在 52 周高点的 62%;近 20 / 60 / 120 日 2% / -3% / -5%。", "行业对照": ["同申万二级「通用设备」248 家中位:PE 50.6 / 股息率 0.8% / 毛利率 28.5% / 固定资产占比 21% / 分红率 45%。", "天瑞仪器:PE ;股息率 ;毛利率 比行业中位高 7.7个百分点;固定资产占比 比行业中位低 17.3个百分点。"]}}