{"F": {"ts_code": "300594.SZ", "name": "ST朗进", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "轨交设备Ⅱ", "sw3": "轨交设备Ⅲ", "ind": "轨交设备Ⅱ", "fin_source": "tushare", "market": "创业板", "list_date": "20190621", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 15.34, "pe_ttm": null, "pb": 1.9268, "dv_ttm": null, "total_mv": 140933.7956, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [38.9, 27.4, 21.7, 25.0, 20.4, 27.1], "rev_series": [5.8, 6.8, 7.7, 9.0, 8.8, 7.8], "np_series": [0.9, 0.1, -0.6, -0.0, -0.8, -0.2], "roe_series": [10.2, 0.6, -6.3, -0.3, -8.7, -1.9], "period": "20260630", "rev_ttm": 7.6, "np_ttm": -0.6, "ocf_ttm": 1.6, "fcf_ttm": 1.6, "fcf_yield": 11.1, "ocf_yield": 11.6, "gm_median": 25.0, "gm_std": 2.8, "gm_stab": 0.89, "gm_chg_2022": -17.2, "npm_median": -2.4, "roe_median": -1.9, "commodity": false, "hard_ratio": 12.9, "fix_assets": 2.0, "goodwill_ratio": 0.0, "pb_calc": 1.93, "capex_dep": 0.3, "interest_debt": 2.0, "debt_ebitda": null, "debt_ratio": 54.2, "debt_mv": 14.2, "payout": null, "div_years": 1, "rev_cagr3": 0.5, "np_cagr3": null, "rev_yoy": -5.7, "np_yoy": -3115.3, "np_vol": 937.8, "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", 50.0], ["轨道交通车辆空调及服务", 42.0], ["新能源及智能热管理产品", 5.0], ["数字能源智能环控产品", 1.0]], "ret_prev_year": 14.4, "ret_prev2_year": -17.5, "ret_ytd": -21.8, "ret_pivot": 13.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.7, "ret_60": -2.2, "ret_120": -51.2, "ret_250": -22.9, "mdd_250": -63.3, "vol_250": 58.1, "pos_52w": 47.0}, "S": {"duration": 100, "pricing": 47, "hard": 21, "bondness": 22}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.6 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 54%,有息负债 2 亿,经营现金流/市值 11.6%: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": "两条都不占:固定资产占比 13%,毛利率近 5 年中位 25.0%。", "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 11.1%(经营现金流/市值 11.6%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 25.0%,稳定度 89%,2020→2022 成本通胀期毛利率变化 -17.2 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 13%,资本开支/折旧 0.30 倍。没有资产可言。"], ["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 -23%,最大回撤 -63%,年化波动 58%,现价在 52 周高点的 47%;近 20 / 60 / 120 日 3% / -2% / -51%。", "行业对照": ["同申万二级「轨交设备Ⅱ」32 家中位:PE 26.2 / 股息率 1.8% / 毛利率 30.0% / 固定资产占比 13% / 分红率 49%。", "ST朗进:PE ;股息率 ;毛利率 比行业中位低 5.0个百分点;固定资产占比 比行业中位低 0.1个百分点。"]}}