{"F": {"ts_code": "300293.SZ", "name": "蓝英装备", "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": "20120308", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 14.75, "pe_ttm": null, "pb": 7.4814, "dv_ttm": null, "total_mv": 499196.1975, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [18.4, 22.3, 23.6, 27.2, 27.3, 21.3], "rev_series": [11.6, 11.1, 12.6, 14.4, 13.6, 12.0], "np_series": [-1.8, -0.7, -0.5, -0.2, -0.2, -1.4], "roe_series": [-26.5, -12.4, -10.8, -3.0, -2.5, -17.3], "period": "20260630", "rev_ttm": 11.5, "np_ttm": -1.5, "ocf_ttm": 0.5, "fcf_ttm": 0.4, "fcf_yield": 0.7, "ocf_yield": 1.0, "gm_median": 23.6, "gm_std": 2.5, "gm_stab": 0.89, "gm_chg_2022": 5.2, "npm_median": -4.3, "roe_median": -10.8, "commodity": false, "hard_ratio": 10.9, "fix_assets": 1.8, "goodwill_ratio": 18.2, "pb_calc": 7.48, "capex_dep": 4.96, "interest_debt": 2.1, "debt_ebitda": null, "debt_ratio": 60.5, "debt_mv": 4.3, "payout": null, "div_years": 0, "rev_cagr3": -1.6, "np_cagr3": null, "rev_yoy": -8.7, "np_yoy": -23.2, "np_vol": 235.3, "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", 50.0], ["工业清洗系统及表面处理", 48.0], ["合计特别调整", 2.0], ["其他业务", 0.0]], "ret_prev_year": -7.0, "ret_prev2_year": 54.6, "ret_ytd": -30.2, "ret_pivot": -8.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -7.4, "ret_60": -16.9, "ret_120": -20.1, "ret_250": -46.6, "mdd_250": -50.4, "vol_250": 46.9, "pos_52w": 53.2}, "S": {"duration": 100, "pricing": 54, "hard": 17, "bondness": 23}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "商誉占比高", "资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -1.5 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 60%,有息负债 2 亿,经营现金流/市值 1.0%: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 11%,毛利率近 5 年中位 23.6%。", "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 0.7%(经营现金流/市值 1.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 23.6%,稳定度 89%,2020→2022 成本通胀期毛利率变化 5.2 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 11%,资本开支/折旧 4.96 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 -47%,最大回撤 -50%,年化波动 47%,现价在 52 周高点的 53%;近 20 / 60 / 120 日 -7% / -17% / -20%。", "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%。", "蓝英装备:PE ;股息率 ;毛利率 比行业中位低 2.7个百分点;固定资产占比 比行业中位低 7.1个百分点。"]}}