{"F": {"ts_code": "300420.SZ", "name": "五洋自控", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "通用设备", "sw3": "其他通用设备", "ind": "通用设备", "fin_source": "tushare", "market": "创业板", "list_date": "20150217", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 8.04, "pe_ttm": 432.244, "pb": 3.7728, "dv_ttm": 0.1244, "total_mv": 897572.4144, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [31.8, 16.7, 25.8, 28.0, 26.7, 27.9], "rev_series": [16.3, 15.6, 14.6, 13.6, 10.1, 8.5], "np_series": [1.5, -1.8, 0.5, 0.4, -0.9, 0.5], "roe_series": [7.0, -7.2, 2.3, 1.7, -3.7, 2.0], "period": "20260630", "rev_ttm": 7.2, "np_ttm": 0.2, "ocf_ttm": 0.3, "fcf_ttm": 0.2, "fcf_yield": 0.3, "ocf_yield": 0.3, "gm_median": 26.7, "gm_std": 4.2, "gm_stab": 0.84, "gm_chg_2022": -5.9, "npm_median": 3.1, "roe_median": 1.7, "commodity": false, "hard_ratio": 9.7, "fix_assets": 2.9, "goodwill_ratio": 11.7, "pb_calc": 3.77, "capex_dep": 0.07, "interest_debt": 1.2, "debt_ebitda": 1.2, "debt_ratio": 20.7, "debt_mv": 1.3, "payout": 30.6, "div_years": 3, "rev_cagr3": -16.5, "np_cagr3": -4.8, "rev_yoy": -27.7, "np_yoy": -114.1, "np_vol": 185.8, "loss_years": 2, "far_share": 99.0, "earn_yield": 0.2, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["智能停车设施", 38.0], ["自动化装备与智能物流仓储系统", 28.0], ["散料智能搬运装备及管控系统", 20.0], ["停车场投资运营", 12.0]], "ret_prev_year": 28.4, "ret_prev2_year": 2.8, "ret_ytd": 102.0, "ret_pivot": 286.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -2.4, "ret_60": 38.6, "ret_120": 98.5, "ret_250": 80.7, "mdd_250": -46.2, "vol_250": 67.3, "pos_52w": 81.4}, "S": {"duration": 100, "pricing": 46, "hard": 16, "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 0.2 亿,近 5 年亏损 2 年;PE 432 倍(盈利极薄),估值指标失真。", "资产负债率 21%,有息负债 1 亿,经营现金流/市值 0.3%: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 10%,毛利率近 5 年中位 26.7%。", "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 0.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 26.7%,稳定度 84%,2020→2022 成本通胀期毛利率变化 -5.9 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 10%,资本开支/折旧 0.07 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 432.2 倍 粗算,约 99%(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 81%,最大回撤 -46%,年化波动 67%,现价在 52 周高点的 81%;近 20 / 60 / 120 日 -2% / 39% / 98%。", "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%。", "五洋自控:PE 比行业中位高 381.6倍;股息率 比行业中位低 0.7个百分点;毛利率 比行业中位低 1.8个百分点;固定资产占比 比行业中位低 11.1个百分点。"]}}