{"F": {"ts_code": "300593.SZ", "name": "新雷能", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "其他电源设备Ⅱ", "sw3": "其他电源设备Ⅲ", "ind": "其他电源设备Ⅱ", "fin_source": "tushare", "market": "创业板", "list_date": "20170113", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 31.8, "pe_ttm": null, "pb": 7.4336, "dv_ttm": null, "total_mv": 1725145.23, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [48.3, 47.3, 47.8, 45.5, 40.0, 38.4], "rev_series": [8.4, 14.8, 17.1, 14.7, 9.2, 11.9], "np_series": [1.2, 2.7, 2.8, 1.0, -5.0, -2.0], "roe_series": [17.0, 28.5, 13.8, 3.2, -18.3, -8.2], "period": "20260630", "rev_ttm": 13.6, "np_ttm": -1.7, "ocf_ttm": 1.1, "fcf_ttm": -2.5, "fcf_yield": -1.4, "ocf_yield": 0.6, "gm_median": 45.5, "gm_std": 3.8, "gm_stab": 0.92, "gm_chg_2022": -0.5, "npm_median": 7.1, "roe_median": 3.2, "commodity": false, "hard_ratio": 32.1, "fix_assets": 14.2, "goodwill_ratio": 0.0, "pb_calc": 7.43, "capex_dep": 4.79, "interest_debt": 13.5, "debt_ebitda": null, "debt_ratio": 43.8, "debt_mv": 7.8, "payout": 55.6, "div_years": 3, "rev_cagr3": -11.5, "np_cagr3": null, "rev_yoy": 31.2, "np_yoy": 21.8, "np_vol": 266.3, "loss_years": 2, "far_share": 100, "earn_yield": null, "consensus_n": 8, "fwd_pe": 255.9, "fwd_pe2": 50.6, "fwd_g1": null, "fwd_g2": 406.0, "peg": 0.63, "consensus_disp": null, "mainbz": [["产品", 50.0], ["电源类", 45.0], ["合计特别调整", 4.0], ["其他业务", 1.0]], "ret_prev_year": 165.7, "ret_prev2_year": -23.7, "ret_ytd": 6.9, "ret_pivot": 261.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 13.1, "ret_60": -8.8, "ret_120": 17.3, "ret_250": 67.8, "mdd_250": -48.3, "vol_250": 85.2, "pos_52w": 78.7}, "S": {"duration": 100, "pricing": 62, "hard": 51, "bondness": 42}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["TTM 归母净利 -1.7 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 44%,有息负债 14 亿,经营现金流/市值 0.6%: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": "硬资产占比 32%、毛利率 45.5% 两条都占,但所在行业(电力设备)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "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 -1.4%(经营现金流/市值 0.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 45.5%,稳定度 92%,2020→2022 成本通胀期毛利率变化 -0.5 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 32%,资本开支/折旧 4.79 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 68%,最大回撤 -48%,年化波动 85%,现价在 52 周高点的 79%;近 20 / 60 / 120 日 13% / -9% / 17%。", "行业对照": ["同申万二级「其他电源设备Ⅱ」33 家中位:PE 69.0 / 股息率 0.6% / 毛利率 25.3% / 固定资产占比 16% / 分红率 34%。", "新雷能:PE ;股息率 ;毛利率 比行业中位高 20.2个百分点;固定资产占比 比行业中位高 16.0个百分点。"]}}