{"F": {"ts_code": "300376.SZ", "name": "易事特", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "其他电源设备Ⅱ", "sw3": "其他电源设备Ⅲ", "ind": "其他电源设备Ⅱ", "fin_source": "tushare", "market": "创业板", "list_date": "20140127", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 4.37, "pe_ttm": null, "pb": 1.6092, "dv_ttm": 0.0451, "total_mv": 1017441.0985, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [31.7, 31.6, 27.5, 29.6, 34.6, 26.2], "rev_series": [41.7, 43.0, 47.4, 47.9, 30.4, 36.7], "np_series": [4.5, 5.2, 3.7, 5.6, 1.9, 0.2], "roe_series": [8.1, 8.7, 5.9, 8.4, 2.7, 0.4], "period": "20260630", "rev_ttm": 36.9, "np_ttm": -2.1, "ocf_ttm": 2.6, "fcf_ttm": 0.0, "fcf_yield": 0.0, "ocf_yield": 2.6, "gm_median": 29.6, "gm_std": 3.0, "gm_stab": 0.9, "gm_chg_2022": -4.1, "npm_median": 8.7, "roe_median": 5.9, "commodity": false, "hard_ratio": 28.8, "fix_assets": 35.5, "goodwill_ratio": 0.1, "pb_calc": 1.61, "capex_dep": 0.98, "interest_debt": 13.6, "debt_ebitda": 2.6, "debt_ratio": 47.9, "debt_mv": 13.3, "payout": 20.4, "div_years": 5, "rev_cagr3": -8.2, "np_cagr3": -59.7, "rev_yoy": 1.4, "np_yoy": -271.8, "np_vol": 51.4, "loss_years": 0, "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", 35.0], ["储能产品及系统收入", 15.0], ["储能产品及系统", 15.0], ["高端电源装备及数据中心", 14.0]], "ret_prev_year": 82.4, "ret_prev2_year": -43.5, "ret_ytd": -32.6, "ret_pivot": 86.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -8.2, "ret_60": -24.8, "ret_120": -41.6, "ret_250": -12.4, "mdd_250": -46.0, "vol_250": 48.4, "pos_52w": 54.0}, "S": {"duration": 100, "pricing": 51, "hard": 46, "bondness": 35}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -2.1 亿,近 5 年亏损 0 年;PE 为负,估值指标失真。", "资产负债率 48%,有息负债 14 亿,经营现金流/市值 2.6%: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 29%,毛利率近 5 年中位 29.6%。", "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 0.0%(经营现金流/市值 2.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 29.6%,稳定度 90%,2020→2022 成本通胀期毛利率变化 -4.1 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 29%,资本开支/折旧 0.98 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 -12%,最大回撤 -46%,年化波动 48%,现价在 52 周高点的 54%;近 20 / 60 / 120 日 -8% / -25% / -42%。", "行业对照": ["同申万二级「其他电源设备Ⅱ」33 家中位:PE 69.0 / 股息率 0.6% / 毛利率 25.3% / 固定资产占比 16% / 分红率 34%。", "易事特:PE ;股息率 比行业中位低 0.6个百分点;毛利率 比行业中位高 4.3个百分点;固定资产占比 比行业中位高 12.7个百分点。"]}}