{"F": {"ts_code": "300626.SZ", "name": "华瑞股份", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "电机Ⅱ", "sw3": "电机Ⅲ", "ind": "电机Ⅱ", "fin_source": "tushare", "market": "创业板", "list_date": "20170320", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 26.67, "pe_ttm": 337.2148, "pb": 9.0353, "dv_ttm": 0.0637, "total_mv": 480060.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [17.4, 20.2, 16.4, 17.0, 17.6, 16.7], "rev_series": [7.3, 9.8, 6.7, 6.7, 7.5, 8.2], "np_series": [0.1, 0.4, 0.2, -0.9, -0.0, 0.1], "roe_series": [2.1, 7.3, 4.1, -16.0, -0.6, 1.9], "period": "20260630", "rev_ttm": 8.5, "np_ttm": 0.1, "ocf_ttm": 0.6, "fcf_ttm": 0.3, "fcf_yield": 0.7, "ocf_yield": 1.2, "gm_median": 17.0, "gm_std": 1.4, "gm_stab": 0.92, "gm_chg_2022": -1.1, "npm_median": 1.2, "roe_median": 1.9, "commodity": false, "hard_ratio": 17.0, "fix_assets": 1.6, "goodwill_ratio": 0.0, "pb_calc": 9.04, "capex_dep": 0.73, "interest_debt": 2.2, "debt_ebitda": 2.3, "debt_ratio": 44.5, "debt_mv": 4.5, "payout": 28.3, "div_years": 3, "rev_cagr3": 7.1, "np_cagr3": -26.3, "rev_yoy": 7.9, "np_yoy": 91.6, "np_vol": 298.1, "loss_years": 2, "far_share": 99.0, "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", 50.0], ["全塑型", 20.0], ["其他业务", 14.0], ["普通型", 12.0]], "ret_prev_year": 74.6, "ret_prev2_year": -15.8, "ret_ytd": 67.8, "ret_pivot": 234.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -15.6, "ret_60": -26.7, "ret_120": 37.2, "ret_250": 128.1, "mdd_250": -46.4, "vol_250": 83.8, "pos_52w": 62.5}, "S": {"duration": 100, "pricing": 47, "hard": 27, "bondness": 30}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 0.1 亿,近 5 年亏损 2 年;PE 337 倍(盈利极薄),估值指标失真。", "资产负债率 44%,有息负债 2 亿,经营现金流/市值 1.2%: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 17.0%。", "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 0.7%(经营现金流/市值 1.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 17.0%,稳定度 92%,2020→2022 成本通胀期毛利率变化 -1.1 个百分点。不能。"], ["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 0.73 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 337.2 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 128%,最大回撤 -46%,年化波动 84%,现价在 52 周高点的 62%;近 20 / 60 / 120 日 -16% / -27% / 37%。", "行业对照": ["同申万二级「电机Ⅱ」28 家中位:PE 46.1 / 股息率 0.6% / 毛利率 20.8% / 固定资产占比 20% / 分红率 38%。", "华瑞股份:PE 比行业中位高 291.1倍;股息率 比行业中位低 0.5个百分点;毛利率 比行业中位低 3.8个百分点;固定资产占比 比行业中位低 2.8个百分点。"]}}