{"F": {"ts_code": "300328.SZ", "name": "宜安科技", "mkt": "CN", "ccy": "元", "sw1": "有色金属", "sw2": "工业金属", "sw3": "铝", "ind": "工业金属", "fin_source": "tushare", "market": "创业板", "list_date": "20120619", "is_fin": false, "roles": {"fin": false, "commodity": true, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 15.67, "pe_ttm": null, "pb": 10.4601, "dv_ttm": null, "total_mv": 1081893.7812, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [20.8, 16.2, 14.6, 13.7, 13.5, 12.3], "rev_series": [9.5, 10.7, 16.2, 17.1, 16.5, 17.3], "np_series": [0.2, -2.0, 0.0, 0.0, 0.0, -0.2], "roe_series": [1.2, -16.8, 0.3, 0.3, 0.1, -1.6], "period": "20260630", "rev_ttm": 18.0, "np_ttm": -0.5, "ocf_ttm": 0.6, "fcf_ttm": -1.9, "fcf_yield": -1.7, "ocf_yield": 0.5, "gm_median": 13.7, "gm_std": 1.3, "gm_stab": 0.91, "gm_chg_2022": -6.3, "npm_median": -0.7, "roe_median": 0.1, "commodity": true, "hard_ratio": 44.2, "fix_assets": 13.5, "goodwill_ratio": 0.5, "pb_calc": 10.46, "capex_dep": 2.19, "interest_debt": 8.7, "debt_ebitda": 10.0, "debt_ratio": 60.0, "debt_mv": 8.1, "payout": 200.0, "div_years": 1, "rev_cagr3": 2.2, "np_cagr3": null, "rev_yoy": 10.7, "np_yoy": -183.3, "np_vol": 804.8, "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], ["镁制品", 24.0], ["铝制品", 19.0], ["合计特别调整", 7.0]], "ret_prev_year": 131.9, "ret_prev2_year": 5.8, "ret_ytd": -8.2, "ret_pivot": 185.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 7.1, "ret_60": -16.5, "ret_120": -19.6, "ret_250": -15.9, "mdd_250": -54.3, "vol_250": 63.3, "pos_52w": 70.8}, "S": {"duration": 100, "pricing": 70, "hard": 71, "bondness": 68}, "label": "亏损或困境", "tags": ["商品定价", "近5年≥2年亏损", "资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -0.5 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 9 亿,经营现金流/市值 0.5%: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": "硬资产占比 44%、毛利率 13.7% 两条都占,但所在行业(有色金属)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "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 -1.7%(经营现金流/市值 0.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 13.7%,稳定度 91%,2020→2022 成本通胀期毛利率变化 -6.3 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 44%,资本开支/折旧 2.19 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 -16%,最大回撤 -54%,年化波动 63%,现价在 52 周高点的 71%;近 20 / 60 / 120 日 7% / -16% / -20%。", "行业对照": ["同申万二级「工业金属」60 家中位:PE 20.5 / 股息率 1.1% / 毛利率 10.8% / 固定资产占比 28% / 分红率 32%。", "宜安科技:PE ;股息率 ;毛利率 比行业中位高 2.9个百分点;固定资产占比 比行业中位高 16.7个百分点。"]}}