{"F": {"ts_code": "300527.SZ", "name": "ST应急", "mkt": "CN", "ccy": "元", "sw1": "国防军工", "sw2": "地面兵装Ⅱ", "sw3": "地面兵装Ⅲ", "ind": "地面兵装Ⅱ", "fin_source": "tushare", "market": "创业板", "list_date": "20160805", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 8.47, "pe_ttm": 316.3446, "pb": 2.9349, "dv_ttm": 0.0621, "total_mv": 861204.5288, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [21.0, 21.3, 21.6, -3.9, 21.2, 23.0], "rev_series": [18.2, 17.0, 16.6, 6.0, 11.6, 10.0], "np_series": [0.8, 0.7, -0.1, -2.2, 0.1, 0.2], "roe_series": [3.2, 2.4, -0.2, -8.2, 0.3, 0.6], "period": "20260630", "rev_ttm": 10.2, "np_ttm": 0.3, "ocf_ttm": 1.1, "fcf_ttm": 1.0, "fcf_yield": 1.2, "ocf_yield": 1.3, "gm_median": 21.3, "gm_std": 10.3, "gm_stab": 0.52, "gm_chg_2022": 0.6, "npm_median": 0.7, "roe_median": 0.3, "commodity": false, "hard_ratio": 16.6, "fix_assets": 6.2, "goodwill_ratio": 0.0, "pb_calc": 2.93, "capex_dep": 0.21, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 20.6, "debt_mv": null, "payout": 26.3, "div_years": 4, "rev_cagr3": -15.4, "np_cagr3": null, "rev_yoy": 3.3, "np_yoy": 182.4, "np_vol": 1609.6, "loss_years": 2, "far_share": 98.0, "earn_yield": 0.3, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 47.0], ["应急交通工程装备", 41.0], ["其他主营业务", 6.0], ["其他", 6.0]], "ret_prev_year": 0.0, "ret_prev2_year": 5.9, "ret_ytd": 5.0, "ret_pivot": 30.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 8.7, "ret_60": 18.4, "ret_120": 1.3, "ret_250": -5.9, "mdd_250": -30.0, "vol_250": 24.9, "pos_52w": 92.2}, "S": {"duration": 100, "pricing": 37, "hard": 27, "bondness": 33}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 0.3 亿,近 5 年亏损 2 年;PE 316 倍(盈利极薄),估值指标失真。", "资产负债率 21%,有息负债 0 亿,经营现金流/市值 1.3%: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 17%,毛利率近 5 年中位 21.3%。", "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 1.2%(经营现金流/市值 1.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 21.3%,稳定度 52%,2020→2022 成本通胀期毛利率变化 0.6 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 0.21 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 316.3 倍 粗算,约 98%(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 -6%,最大回撤 -30%,年化波动 25%,现价在 52 周高点的 92%;近 20 / 60 / 120 日 9% / 18% / 1%。", "行业对照": ["同申万二级「地面兵装Ⅱ」12 家中位:PE 107.3 / 股息率 0.2% / 毛利率 28.6% / 固定资产占比 25% / 分红率 42%。", "ST应急:PE 比行业中位高 209.0倍;股息率 比行业中位低 0.1个百分点;毛利率 比行业中位低 7.3个百分点;固定资产占比 比行业中位低 8.0个百分点。"]}}