{"F": {"ts_code": "300276.SZ", "name": "三丰智能", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "自动化设备", "sw3": "机器人", "ind": "自动化设备", "fin_source": "tushare", "market": "创业板", "list_date": "20111115", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 6.32, "pe_ttm": null, "pb": 4.9776, "dv_ttm": null, "total_mv": 885459.176, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [19.7, 20.0, 18.4, 18.1, 14.7, 13.1], "rev_series": [11.7, 14.3, 13.3, 17.4, 19.4, 17.7], "np_series": [-13.1, 1.0, -5.1, 0.2, 0.3, -1.9], "roe_series": [-44.0, 4.2, -23.6, 1.1, 1.5, -10.1], "period": "20260630", "rev_ttm": 15.6, "np_ttm": -1.9, "ocf_ttm": 3.0, "fcf_ttm": 2.8, "fcf_yield": 3.2, "ocf_yield": 3.4, "gm_median": 18.1, "gm_std": 2.6, "gm_stab": 0.86, "gm_chg_2022": -1.3, "npm_median": 1.4, "roe_median": 1.1, "commodity": false, "hard_ratio": 5.4, "fix_assets": 2.4, "goodwill_ratio": 0.8, "pb_calc": 4.98, "capex_dep": 0.67, "interest_debt": 0.6, "debt_ebitda": 1.4, "debt_ratio": 60.0, "debt_mv": 0.7, "payout": null, "div_years": 0, "rev_cagr3": 9.9, "np_cagr3": null, "rev_yoy": -23.7, "np_yoy": -28.3, "np_vol": 374.6, "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", 50.0], ["智能焊装生产线", 31.0], ["智能输送成套设备", 9.0], ["移动机器人及智能仓储系统集成", 5.0]], "ret_prev_year": 7.9, "ret_prev2_year": 123.6, "ret_ytd": -34.8, "ret_pivot": 88.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -8.4, "ret_60": -18.1, "ret_120": -17.9, "ret_250": -44.1, "mdd_250": -48.7, "vol_250": 51.0, "pos_52w": 53.3}, "S": {"duration": 100, "pricing": 46, "hard": 9, "bondness": 14}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -1.9 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 60%,有息负债 1 亿,经营现金流/市值 3.4%: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": "两条都不占:固定资产占比 5%,毛利率近 5 年中位 18.1%。", "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 3.2%(经营现金流/市值 3.4%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 18.1%,稳定度 86%,2020→2022 成本通胀期毛利率变化 -1.3 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 5%,资本开支/折旧 0.67 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 -44%,最大回撤 -49%,年化波动 51%,现价在 52 周高点的 53%;近 20 / 60 / 120 日 -8% / -18% / -18%。", "行业对照": ["同申万二级「自动化设备」93 家中位:PE 77.4 / 股息率 0.7% / 毛利率 33.9% / 固定资产占比 14% / 分红率 42%。", "三丰智能:PE ;股息率 ;毛利率 比行业中位低 15.8个百分点;固定资产占比 比行业中位低 8.4个百分点。"]}}