{"F": {"ts_code": "300173.SZ", "name": "ST福能", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "电池", "sw3": "锂电专用设备", "ind": "电池", "fin_source": "tushare", "market": "创业板", "list_date": "20110201", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 3.35, "pe_ttm": null, "pb": 3.1919, "dv_ttm": null, "total_mv": 246133.1095, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [33.6, 24.5, 23.3, 26.7, 23.0, 13.8], "rev_series": [6.1, 11.6, 14.1, 15.0, 13.4, 11.8], "np_series": [0.1, -3.2, -2.9, 0.7, 0.8, -1.2], "roe_series": [-1.7, -22.5, -29.0, 8.0, 8.8, -13.4], "period": "20260630", "rev_ttm": 10.7, "np_ttm": -1.8, "ocf_ttm": -0.4, "fcf_ttm": -1.3, "fcf_yield": -5.3, "ocf_yield": -1.7, "gm_median": 23.3, "gm_std": 4.4, "gm_stab": 0.81, "gm_chg_2022": -10.3, "npm_median": -10.4, "roe_median": -13.4, "commodity": false, "hard_ratio": 3.2, "fix_assets": 1.2, "goodwill_ratio": 5.9, "pb_calc": 3.19, "capex_dep": 6.43, "interest_debt": 8.2, "debt_ebitda": null, "debt_ratio": 79.0, "debt_mv": 33.3, "payout": null, "div_years": 0, "rev_cagr3": -5.7, "np_cagr3": null, "rev_yoy": -30.6, "np_yoy": -605.0, "np_vol": 429.7, "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", 45.0], ["锂电池设备及自动化生产线", 36.0], ["精密功能结构件", 7.0], ["精密功能及结构件", 7.0]], "ret_prev_year": -25.1, "ret_prev2_year": 15.1, "ret_ytd": -20.8, "ret_pivot": 0.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.5, "ret_60": -5.9, "ret_120": -28.7, "ret_250": -45.7, "mdd_250": -56.8, "vol_250": 39.4, "pos_52w": 49.3}, "S": {"duration": 100, "pricing": 44, "hard": 5, "bondness": 23}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -1.8 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 79%,有息负债 8 亿,经营现金流/市值 -1.7%: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 3%,毛利率近 5 年中位 23.3%。", "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 -5.3%(经营现金流/市值 -1.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 23.3%,稳定度 81%,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 3%,资本开支/折旧 6.43 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 -46%,最大回撤 -57%,年化波动 39%,现价在 52 周高点的 49%;近 20 / 60 / 120 日 2% / -6% / -29%。", "行业对照": ["同申万二级「电池」111 家中位:PE 35.8 / 股息率 0.7% / 毛利率 17.8% / 固定资产占比 28% / 分红率 36%。", "ST福能:PE ;股息率 ;毛利率 比行业中位高 5.5个百分点;固定资产占比 比行业中位低 24.6个百分点。"]}}