{"F": {"ts_code": "300370.SZ", "name": "安控科技", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "通用设备", "sw3": "仪器仪表", "ind": "通用设备", "fin_source": "tushare", "market": "创业板", "list_date": "20140123", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 2.2, "pe_ttm": null, "pb": 8.4158, "dv_ttm": null, "total_mv": 344382.764, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [11.8, 16.6, 18.3, 19.5, 25.4, 24.1], "rev_series": [6.3, 5.6, 4.6, 4.7, 4.0, 4.1], "np_series": [-4.1, -8.7, -4.1, -2.0, -0.9, -1.2], "roe_series": [-65.4, -8888.5, -203.6, -28.0, -16.0, -24.2], "period": "20260630", "rev_ttm": 3.9, "np_ttm": -1.4, "ocf_ttm": 0.4, "fcf_ttm": 0.2, "fcf_yield": 0.5, "ocf_yield": 1.0, "gm_median": 19.5, "gm_std": 3.4, "gm_stab": 0.82, "gm_chg_2022": 6.5, "npm_median": -41.7, "roe_median": -28.0, "commodity": false, "hard_ratio": 15.7, "fix_assets": 2.0, "goodwill_ratio": 5.0, "pb_calc": 8.42, "capex_dep": 1.07, "interest_debt": 5.7, "debt_ebitda": null, "debt_ratio": 60.7, "debt_mv": 16.6, "payout": null, "div_years": 0, "rev_cagr3": -3.8, "np_cagr3": null, "rev_yoy": -17.9, "np_yoy": -48.6, "np_vol": 65.0, "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], ["整体解决方案", 29.0], ["产品销售", 8.0], ["运维及服务", 7.0]], "ret_prev_year": -17.4, "ret_prev2_year": 26.9, "ret_ytd": -15.7, "ret_pivot": 16.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.8, "ret_60": -3.9, "ret_120": -22.8, "ret_250": -30.2, "mdd_250": -43.3, "vol_250": 34.1, "pos_52w": 64.0}, "S": {"duration": 100, "pricing": 50, "hard": 25, "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 -1.4 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 61%,有息负债 6 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 16%,毛利率近 5 年中位 19.5%。", "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 1.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 19.5%,稳定度 82%,2020→2022 成本通胀期毛利率变化 6.5 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 16%,资本开支/折旧 1.07 倍。有一些。"], ["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 -30%,最大回撤 -43%,年化波动 34%,现价在 52 周高点的 64%;近 20 / 60 / 120 日 4% / -4% / -23%。", "行业对照": ["同申万二级「通用设备」248 家中位:PE 50.6 / 股息率 0.8% / 毛利率 28.5% / 固定资产占比 21% / 分红率 45%。", "安控科技:PE ;股息率 ;毛利率 比行业中位低 9.0个百分点;固定资产占比 比行业中位低 5.1个百分点。"]}}