{"F": {"ts_code": "300382.SZ", "name": "斯莱克", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "专用设备", "sw3": "其他专用设备", "ind": "专用设备", "fin_source": "tushare", "market": "创业板", "list_date": "20140129", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 17.41, "pe_ttm": null, "pb": 5.0697, "dv_ttm": null, "total_mv": 1128864.4, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [34.1, 37.3, 33.7, 27.4, 12.9, 16.1], "rev_series": [8.8, 10.0, 17.3, 16.5, 15.1, 21.0], "np_series": [0.6, 1.1, 2.3, 1.3, -1.4, -0.6], "roe_series": [6.2, 8.9, 12.1, 5.5, -6.4, -2.8], "period": "20260630", "rev_ttm": 22.8, "np_ttm": -1.2, "ocf_ttm": 3.0, "fcf_ttm": -0.5, "fcf_yield": -0.4, "ocf_yield": 2.7, "gm_median": 27.4, "gm_std": 9.5, "gm_stab": 0.65, "gm_chg_2022": -0.5, "npm_median": 5.8, "roe_median": 5.5, "commodity": false, "hard_ratio": 37.7, "fix_assets": 20.9, "goodwill_ratio": 0.1, "pb_calc": 5.07, "capex_dep": 2.9, "interest_debt": 21.1, "debt_ebitda": 17.4, "debt_ratio": 60.2, "debt_mv": 18.7, "payout": 47.6, "div_years": 3, "rev_cagr3": 6.7, "np_cagr3": null, "rev_yoy": 19.9, "np_yoy": -291.6, "np_vol": 113.3, "loss_years": 2, "far_share": 100, "earn_yield": null, "consensus_n": 1, "fwd_pe": 145.1, "fwd_pe2": 82.9, "fwd_g1": null, "fwd_g2": 75.0, "peg": 1.93, "consensus_disp": null, "mainbz": [["产品", 34.0], ["电池壳业务", 29.0], ["新能源电池壳", 29.0], ["其他专用设备及零备件", 2.0]], "ret_prev_year": 44.9, "ret_prev2_year": 9.3, "ret_ytd": 11.9, "ret_pivot": 126.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 21.6, "ret_60": 20.5, "ret_120": 40.2, "ret_250": 13.1, "mdd_250": -47.8, "vol_250": 67.3, "pos_52w": 75.3}, "S": {"duration": 100, "pricing": 44, "hard": 60, "bondness": 45}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -1.2 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 21 亿,经营现金流/市值 2.7%: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 38%),没有定价权:毛利率近 5 年中位 27.4%,稳定度 65%。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 -0.4%(经营现金流/市值 2.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 27.4%,稳定度 65%,2020→2022 成本通胀期毛利率变化 -0.5 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 38%,资本开支/折旧 2.90 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 13%,最大回撤 -48%,年化波动 67%,现价在 52 周高点的 75%;近 20 / 60 / 120 日 22% / 20% / 40%。", "行业对照": ["同申万二级「专用设备」205 家中位:PE 42.3 / 股息率 1.1% / 毛利率 26.3% / 固定资产占比 18% / 分红率 44%。", "斯莱克:PE ;股息率 ;毛利率 比行业中位高 1.1个百分点;固定资产占比 比行业中位高 19.7个百分点。"]}}