{"F": {"ts_code": "300670.SZ", "name": "大烨智能", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "电网设备", "sw3": "配电设备", "ind": "电网设备", "fin_source": "tushare", "market": "创业板", "list_date": "20170703", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 7.22, "pe_ttm": null, "pb": 5.1946, "dv_ttm": null, "total_mv": 228816.601, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [31.1, 30.1, 29.4, 17.3, 4.8, -8.5], "rev_series": [5.4, 5.1, 2.7, 4.4, 3.4, 2.4], "np_series": [0.6, 0.4, -1.7, -1.4, 0.1, -2.1], "roe_series": [7.1, 4.4, -19.5, -20.3, 1.2, -38.8], "period": "20260630", "rev_ttm": 2.2, "np_ttm": -1.6, "ocf_ttm": 1.2, "fcf_ttm": 0.8, "fcf_yield": 3.5, "ocf_yield": 5.1, "gm_median": 17.3, "gm_std": 14.8, "gm_stab": 0.14, "gm_chg_2022": -1.7, "npm_median": -33.2, "roe_median": -19.5, "commodity": false, "hard_ratio": 67.1, "fix_assets": 10.5, "goodwill_ratio": 0.0, "pb_calc": 5.19, "capex_dep": 0.51, "interest_debt": 8.3, "debt_ebitda": 211.4, "debt_ratio": 71.9, "debt_mv": 36.2, "payout": null, "div_years": 0, "rev_cagr3": -3.8, "np_cagr3": null, "rev_yoy": -11.1, "np_yoy": 116.3, "np_vol": 1069.1, "loss_years": 3, "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": [["智能配电设备", 48.0], ["资产租赁", 26.0], ["工程建设", 9.0], ["光伏建设", 9.0]], "ret_prev_year": 22.8, "ret_prev2_year": -26.1, "ret_ytd": 1.5, "ret_pivot": 30.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 19.7, "ret_60": 17.8, "ret_120": 0.4, "ret_250": -7.4, "mdd_250": -45.6, "vol_250": 51.4, "pos_52w": 76.9}, "S": {"duration": 100, "pricing": 20, "hard": 100, "bondness": 35}, "label": "重资产陷阱", "tags": ["亏损或困境", "近5年≥2年亏损"], "text": {"像什么": ["资产很重:固定资产占总资产 67%,但毛利率近 5 年中位只有 17.3%,产品同质、售价涨不动。", "2020→2022 成本通胀期毛利率变化 -1.7 个百分点;有息负债/EBITDA 211.4 倍,折旧与利息两头吃。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 67%),没有定价权:毛利率近 5 年中位 17.3%,稳定度 14%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "加息期怎么走": "滞胀里两头挤,成本全涨售价涨不动还吃折旧,跌得比成长股狠。除非商品价格反转,否则回避。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 3.5%(经营现金流/市值 5.1%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 17.3%,稳定度 14%,2020→2022 成本通胀期毛利率变化 -1.7 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 67%,资本开支/折旧 0.51 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 -7%,最大回撤 -46%,年化波动 51%,现价在 52 周高点的 77%;近 20 / 60 / 120 日 20% / 18% / 0%。", "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%。", "大烨智能:PE ;股息率 ;毛利率 比行业中位低 6.2个百分点;固定资产占比 比行业中位高 52.2个百分点。"]}}