{"F": {"ts_code": "300340.SZ", "name": "科恒股份", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "电池", "sw3": "电池化学品", "ind": "电池", "fin_source": "tushare", "market": "创业板", "list_date": "20120726", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 8.93, "pe_ttm": null, "pb": 47.1344, "dv_ttm": null, "total_mv": 246034.6271, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [2.8, 13.7, 6.1, 6.9, 6.8, 6.8], "rev_series": [16.5, 33.3, 39.6, 30.3, 21.2, 20.7], "np_series": [-7.4, 0.1, -4.6, -5.2, -1.9, -2.2], "roe_series": [-69.5, 2.0, -98.2, -209.7, -121.2, -314.0], "period": "20260630", "rev_ttm": 21.5, "np_ttm": -1.5, "ocf_ttm": 0.1, "fcf_ttm": 0.1, "fcf_yield": 0.3, "ocf_yield": 0.6, "gm_median": 6.8, "gm_std": 2.8, "gm_stab": 0.58, "gm_chg_2022": 3.3, "npm_median": -11.5, "roe_median": -121.2, "commodity": false, "hard_ratio": 12.4, "fix_assets": 2.8, "goodwill_ratio": 0.0, "pb_calc": 47.13, "capex_dep": 0.12, "interest_debt": 5.6, "debt_ebitda": null, "debt_ratio": 101.9, "debt_mv": 22.6, "payout": null, "div_years": 0, "rev_cagr3": -19.4, "np_cagr3": null, "rev_yoy": 10.2, "np_yoy": 65.5, "np_vol": 1371.4, "loss_years": 4, "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", 49.0], ["新能源正极材料", 33.0], ["新能源智能装备", 11.0], ["稀土功能材料", 3.0]], "ret_prev_year": 29.3, "ret_prev2_year": -21.9, "ret_ytd": -27.5, "ret_pivot": 22.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.6, "ret_60": -4.2, "ret_120": -27.8, "ret_250": -50.9, "mdd_250": -58.6, "vol_250": 46.4, "pos_52w": 50.4}, "S": {"duration": 100, "pricing": 34, "hard": 20, "bondness": 23}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -1.5 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 102%,有息负债 6 亿,经营现金流/市值 0.6%: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 12%,毛利率近 5 年中位 6.8%。", "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 0.3%(经营现金流/市值 0.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 6.8%,稳定度 58%,2020→2022 成本通胀期毛利率变化 3.3 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 12%,资本开支/折旧 0.12 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 -51%,最大回撤 -59%,年化波动 46%,现价在 52 周高点的 50%;近 20 / 60 / 120 日 6% / -4% / -28%。", "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%。", "科恒股份:PE ;股息率 ;毛利率 比行业中位低 11.0个百分点;固定资产占比 比行业中位低 15.4个百分点。"]}}