{"F": {"ts_code": "300757.SZ", "name": "罗博特科", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "自动化设备", "sw3": "其他自动化设备", "ind": "自动化设备", "fin_source": "tushare", "market": "创业板", "list_date": "20190108", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 573.99, "pe_ttm": null, "pb": 57.794, "dv_ttm": null, "total_mv": 9620537.3319, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [11.2, 15.3, 22.2, 22.8, 28.7, 34.5], "rev_series": [5.3, 10.9, 9.0, 15.7, 11.1, 9.5], "np_series": [-0.7, -0.5, 0.3, 0.8, 0.6, -0.7], "roe_series": [-9.3, -6.1, 3.0, 8.3, 6.4, -5.0], "period": "20260630", "rev_ttm": 13.1, "np_ttm": -0.3, "ocf_ttm": 4.6, "fcf_ttm": 3.3, "fcf_yield": 0.3, "ocf_yield": 0.5, "gm_median": 22.8, "gm_std": 6.5, "gm_stab": 0.72, "gm_chg_2022": 11.0, "npm_median": 2.8, "roe_median": 3.0, "commodity": false, "hard_ratio": 9.6, "fix_assets": 3.7, "goodwill_ratio": 25.6, "pb_calc": 57.79, "capex_dep": 5.02, "interest_debt": 13.5, "debt_ebitda": 12.0, "debt_ratio": 57.3, "debt_mv": 1.4, "payout": 30.3, "div_years": 3, "rev_cagr3": 1.7, "np_cagr3": null, "rev_yoy": 144.8, "np_yoy": 119.7, "np_vol": 141.4, "loss_years": 2, "far_share": 100, "earn_yield": null, "consensus_n": 3, "fwd_pe": 630.8, "fwd_pe2": 303.2, "fwd_g1": null, "fwd_g2": 108.0, "peg": 5.84, "consensus_disp": null, "mainbz": [["产品", 50.0], ["光电子及半导体封测设备", 40.0], ["光伏设备及整体解决方案", 7.0], ["合计特别调整", 2.0]], "ret_prev_year": 3.6, "ret_prev2_year": 289.0, "ret_ytd": 146.0, "ret_pivot": 617.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 12.5, "ret_60": -7.4, "ret_120": 48.0, "ret_250": 112.3, "mdd_250": -47.9, "vol_250": 81.6, "pos_52w": 83.5}, "S": {"duration": 100, "pricing": 48, "hard": 15, "bondness": 44}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "商誉占比高", "资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -0.3 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 57%,有息负债 14 亿,经营现金流/市值 0.5%: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 10%,毛利率近 5 年中位 22.8%。", "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 0.3%(经营现金流/市值 0.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 22.8%,稳定度 72%,2020→2022 成本通胀期毛利率变化 11.0 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 10%,资本开支/折旧 5.02 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 112%,最大回撤 -48%,年化波动 82%,现价在 52 周高点的 84%;近 20 / 60 / 120 日 12% / -7% / 48%。", "行业对照": ["同申万二级「自动化设备」93 家中位:PE 77.4 / 股息率 0.7% / 毛利率 33.9% / 固定资产占比 14% / 分红率 42%。", "罗博特科:PE ;股息率 ;毛利率 比行业中位低 11.1个百分点;固定资产占比 比行业中位低 4.2个百分点。"]}}