{"F": {"ts_code": "300417.SZ", "name": "南华仪器", "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": "20150123", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 11.92, "pe_ttm": null, "pb": 3.5813, "dv_ttm": 0.5872, "total_mv": 160399.3344, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [47.1, 41.1, 40.4, 38.8, 39.0, 40.0], "rev_series": [3.1, 1.8, 1.3, 1.1, 1.2, 2.0], "np_series": [0.7, 0.1, -0.3, -0.0, 0.1, -0.0], "roe_series": [12.8, 2.4, -6.9, -0.9, 3.2, -0.6], "period": "20260630", "rev_ttm": 2.6, "np_ttm": -0.0, "ocf_ttm": 0.1, "fcf_ttm": 0.1, "fcf_yield": 0.7, "ocf_yield": 0.9, "gm_median": 40.0, "gm_std": 0.8, "gm_stab": 0.98, "gm_chg_2022": -6.7, "npm_median": -0.7, "roe_median": -0.6, "commodity": false, "hard_ratio": 23.6, "fix_assets": 1.5, "goodwill_ratio": 4.4, "pb_calc": 3.58, "capex_dep": 0.24, "interest_debt": 0.1, "debt_ebitda": 0.4, "debt_ratio": 15.2, "debt_mv": 0.4, "payout": 72.9, "div_years": 3, "rev_cagr3": 15.3, "np_cagr3": null, "rev_yoy": 97.5, "np_yoy": 195.8, "np_vol": 273.2, "loss_years": 3, "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], ["机动车检测设备及系统", 26.0], ["清洁设备及系统服务", 21.0], ["车驾管行业联网软件类", 1.0]], "ret_prev_year": 18.9, "ret_prev2_year": -5.6, "ret_ytd": -14.4, "ret_pivot": 50.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 12.5, "ret_60": 4.6, "ret_120": -16.5, "ret_250": -12.5, "mdd_250": -43.6, "vol_250": 38.7, "pos_52w": 76.5}, "S": {"duration": 100, "pricing": 58, "hard": 38, "bondness": 35}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.0 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 15%,有息负债 0 亿,经营现金流/市值 0.9%: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": "只占定价权一条(毛利率 40.0%),硬资产占比 24%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "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 0.7%(经营现金流/市值 0.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 40.0%,稳定度 98%,2020→2022 成本通胀期毛利率变化 -6.7 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 24%,资本开支/折旧 0.24 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 -44%,年化波动 39%,现价在 52 周高点的 76%;近 20 / 60 / 120 日 12% / 5% / -16%。", "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%。", "南华仪器:PE ;股息率 比行业中位低 0.2个百分点;毛利率 比行业中位高 11.5个百分点;固定资产占比 比行业中位高 2.8个百分点。"]}}