{"F": {"ts_code": "300427.SZ", "name": "红相股份", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "电网设备", "sw3": "电网自动化设备", "ind": "电网设备", "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": 6.88, "pe_ttm": null, "pb": 2.9406, "dv_ttm": null, "total_mv": 349861.9664, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [41.5, 35.7, 30.6, 23.2, 32.9, 37.2], "rev_series": [13.5, 13.9, 16.2, 11.5, 6.3, 7.3], "np_series": [1.7, -6.4, 0.8, -4.6, -3.5, -0.2], "roe_series": [7.8, -31.5, 5.0, -39.1, -32.5, -1.6], "period": "20260630", "rev_ttm": 6.7, "np_ttm": -0.5, "ocf_ttm": 0.8, "fcf_ttm": 0.3, "fcf_yield": 0.7, "ocf_yield": 2.4, "gm_median": 32.9, "gm_std": 4.9, "gm_stab": 0.85, "gm_chg_2022": -10.9, "npm_median": -41.1, "roe_median": -31.5, "commodity": false, "hard_ratio": 17.3, "fix_assets": 2.8, "goodwill_ratio": 0.0, "pb_calc": 2.94, "capex_dep": 2.11, "interest_debt": 0.1, "debt_ebitda": null, "debt_ratio": 26.5, "debt_mv": 0.4, "payout": null, "div_years": 0, "rev_cagr3": -23.4, "np_cagr3": null, "rev_yoy": -19.5, "np_yoy": -185.7, "np_vol": 319.8, "loss_years": 4, "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", 34.0], ["电力设备状态检测、监测产品", 25.0], ["电力检测及电力设备产品", 25.0], ["通信设备", 8.0]], "ret_prev_year": 107.6, "ret_prev2_year": -11.9, "ret_ytd": -43.8, "ret_pivot": 56.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.9, "ret_60": 0.9, "ret_120": -50.2, "ret_250": -3.5, "mdd_250": -70.0, "vol_250": 78.0, "pos_52w": 38.0}, "S": {"duration": 100, "pricing": 50, "hard": 28, "bondness": 23}, "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 -0.5 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 26%,有息负债 0 亿,经营现金流/市值 2.4%: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 32.9%),硬资产占比 17%。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 2.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 32.9%,稳定度 85%,2020→2022 成本通胀期毛利率变化 -10.9 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 17%,资本开支/折旧 2.11 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 -4%,最大回撤 -70%,年化波动 78%,现价在 52 周高点的 38%;近 20 / 60 / 120 日 -1% / 1% / -50%。", "行业对照": ["同申万二级「电网设备」141 家中位:PE 43.5 / 股息率 1.0% / 毛利率 23.5% / 固定资产占比 15% / 分红率 40%。", "红相股份:PE ;股息率 ;毛利率 比行业中位高 9.4个百分点;固定资产占比 比行业中位高 2.4个百分点。"]}}