{"F": {"ts_code": "300713.SZ", "name": "英可瑞", "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": "20171101", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 13.45, "pe_ttm": null, "pb": 5.0582, "dv_ttm": null, "total_mv": 213640.876, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [33.0, 28.2, 21.8, 23.2, 20.4, 17.8], "rev_series": [2.7, 2.6, 3.4, 2.7, 2.5, 4.0], "np_series": [0.3, 0.1, -0.6, -0.4, -0.9, -0.9], "roe_series": [4.0, 1.2, -8.7, -6.2, -14.9, -18.6], "period": "20260630", "rev_ttm": 3.5, "np_ttm": -1.1, "ocf_ttm": -0.4, "fcf_ttm": -0.6, "fcf_yield": -2.8, "ocf_yield": -2.0, "gm_median": 21.8, "gm_std": 3.5, "gm_stab": 0.84, "gm_chg_2022": -11.2, "npm_median": -18.9, "roe_median": -8.7, "commodity": false, "hard_ratio": 44.7, "fix_assets": 4.4, "goodwill_ratio": 0.0, "pb_calc": 5.06, "capex_dep": 0.59, "interest_debt": 1.9, "debt_ebitda": null, "debt_ratio": 57.4, "debt_mv": 9.1, "payout": null, "div_years": 0, "rev_cagr3": 5.5, "np_cagr3": null, "rev_yoy": -29.0, "np_yoy": -59.3, "np_vol": 300.2, "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", 33.0], ["电动汽车充电电源", 16.0], ["新能源汽车行业", 16.0], ["其他电源行业", 11.0]], "ret_prev_year": 9.7, "ret_prev2_year": -13.7, "ret_ytd": -22.3, "ret_pivot": 3.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.7, "ret_60": -0.5, "ret_120": -29.1, "ret_250": -32.1, "mdd_250": -46.6, "vol_250": 42.1, "pos_52w": 65.6}, "S": {"duration": 100, "pricing": 44, "hard": 72, "bondness": 18}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -1.1 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 57%,有息负债 2 亿,经营现金流/市值 -2.0%: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": "只占硬资产一条(占比 45%),没有定价权:毛利率近 5 年中位 21.8%,稳定度 84%。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": "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 -2.8%(经营现金流/市值 -2.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 21.8%,稳定度 84%,2020→2022 成本通胀期毛利率变化 -11.2 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 45%,资本开支/折旧 0.59 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 -32%,最大回撤 -47%,年化波动 42%,现价在 52 周高点的 66%;近 20 / 60 / 120 日 6% / -0% / -29%。", "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%。", "英可瑞:PE ;股息率 ;毛利率 比行业中位低 3.5个百分点;固定资产占比 比行业中位高 28.6个百分点。"]}}