{"F": {"ts_code": "300700.SZ", "name": "岱勒新材", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "通用设备", "sw3": "磨具磨料", "ind": "通用设备", "fin_source": "tushare", "market": "创业板", "list_date": "20170912", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 19.25, "pe_ttm": null, "pb": 9.8372, "dv_ttm": null, "total_mv": 764280.6325, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [21.2, 13.8, 35.3, 36.4, -6.1, 1.5], "rev_series": [2.4, 2.7, 6.4, 8.5, 3.6, 4.5], "np_series": [0.0, -0.8, 0.9, 1.1, -2.4, -1.9], "roe_series": [0.3, -15.8, 15.0, 11.0, -21.9, -22.6], "period": "20260630", "rev_ttm": 5.2, "np_ttm": -1.2, "ocf_ttm": -0.1, "fcf_ttm": -0.1, "fcf_yield": -0.2, "ocf_yield": -0.1, "gm_median": 13.8, "gm_std": 17.3, "gm_stab": -0.25, "gm_chg_2022": 14.1, "npm_median": -29.5, "roe_median": -15.8, "commodity": false, "hard_ratio": 38.3, "fix_assets": 5.9, "goodwill_ratio": 2.9, "pb_calc": 9.84, "capex_dep": 0.08, "interest_debt": 4.6, "debt_ebitda": 16.3, "debt_ratio": 49.5, "debt_mv": 6.1, "payout": 27.2, "div_years": 1, "rev_cagr3": -11.2, "np_cagr3": null, "rev_yoy": 37.3, "np_yoy": 111.8, "np_vol": 2119.4, "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": [["产品", 41.0], ["金刚石线产品", 18.0], ["金刚石线", 18.0], ["其他业务", 16.0]], "ret_prev_year": 40.7, "ret_prev2_year": -27.0, "ret_ytd": 55.9, "ret_pivot": 246.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 6.6, "ret_60": -15.8, "ret_120": 37.0, "ret_250": 42.4, "mdd_250": -46.0, "vol_250": 52.4, "pos_52w": 78.4}, "S": {"duration": 100, "pricing": 18, "hard": 61, "bondness": 45}, "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 38%,但毛利率近 5 年中位只有 13.8%,产品同质、售价涨不动。", "2020→2022 成本通胀期毛利率变化 14.1 个百分点;有息负债/EBITDA 16.3 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 38%),没有定价权:毛利率近 5 年中位 13.8%,稳定度 -25%。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 -0.2%(经营现金流/市值 -0.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 13.8%,稳定度 -25%,2020→2022 成本通胀期毛利率变化 14.1 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 38%,资本开支/折旧 0.08 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 42%,最大回撤 -46%,年化波动 52%,现价在 52 周高点的 78%;近 20 / 60 / 120 日 7% / -16% / 37%。", "行业对照": ["同申万二级「通用设备」248 家中位:PE 50.6 / 股息率 0.8% / 毛利率 28.5% / 固定资产占比 21% / 分红率 45%。", "岱勒新材:PE ;股息率 ;毛利率 比行业中位低 14.7个百分点;固定资产占比 比行业中位高 17.5个百分点。"]}}