{"F": {"ts_code": "300317.SZ", "name": "珈伟新能", "mkt": "CN", "ccy": "元", "sw1": "公用事业", "sw2": "电力", "sw3": "光伏发电", "ind": "电力", "fin_source": "tushare", "market": "创业板", "list_date": "20120511", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 4.12, "pe_ttm": null, "pb": 2.4156, "dv_ttm": null, "total_mv": 342037.6208, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [37.8, 25.4, 22.0, 22.9, 25.2, 21.7], "rev_series": [8.0, 5.8, 5.1, 8.5, 4.9, 6.3], "np_series": [0.3, -2.1, 0.9, 0.2, -2.8, -1.8], "roe_series": [1.6, -11.4, 5.1, 0.9, -16.0, -12.2], "period": "20260630", "rev_ttm": 6.9, "np_ttm": -1.8, "ocf_ttm": 0.6, "fcf_ttm": -0.2, "fcf_yield": -0.5, "ocf_yield": 1.8, "gm_median": 22.9, "gm_std": 1.6, "gm_stab": 0.93, "gm_chg_2022": -15.8, "npm_median": -33.6, "roe_median": -11.4, "commodity": false, "hard_ratio": 48.6, "fix_assets": 13.3, "goodwill_ratio": 0.3, "pb_calc": 2.42, "capex_dep": 1.01, "interest_debt": 6.2, "debt_ebitda": null, "debt_ratio": 50.3, "debt_mv": 18.1, "payout": null, "div_years": 0, "rev_cagr3": 7.7, "np_cagr3": null, "rev_yoy": 18.6, "np_yoy": 35.4, "np_vol": 743.0, "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": [["光伏电站转让", 16.0], ["光伏电站BT业务", 16.0], ["光伏草坪灯", 15.0], ["LED草坪灯", 15.0]], "ret_prev_year": 4.6, "ret_prev2_year": -27.9, "ret_ytd": 7.3, "ret_pivot": 32.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -9.8, "ret_60": -15.4, "ret_120": -22.4, "ret_250": -4.2, "mdd_250": -49.8, "vol_250": 64.7, "pos_52w": 59.1}, "S": {"duration": 100, "pricing": 48, "hard": 78, "bondness": 15}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "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 50%,有息负债 6 亿,经营现金流/市值 1.8%: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": "只占硬资产一条(占比 49%),没有定价权:毛利率近 5 年中位 22.9%,稳定度 93%。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": "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 -0.5%(经营现金流/市值 1.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 22.9%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -15.8 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 49%,资本开支/折旧 1.01 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 -4%,最大回撤 -50%,年化波动 65%,现价在 52 周高点的 59%;近 20 / 60 / 120 日 -10% / -15% / -22%。", "行业对照": ["同申万二级「电力」109 家中位:PE 27.8 / 股息率 1.8% / 毛利率 22.5% / 固定资产占比 61% / 分红率 42%。", "珈伟新能:PE ;股息率 ;毛利率 比行业中位高 0.4个百分点;固定资产占比 比行业中位低 12.1个百分点。"]}}