{"F": {"ts_code": "300842.SZ", "name": "帝科股份", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "光伏设备", "sw3": "光伏辅材", "ind": "光伏设备", "fin_source": "tushare", "market": "创业板", "list_date": "20200618", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 61.79, "pe_ttm": null, "pb": 5.4656, "dv_ttm": null, "total_mv": 897683.2663, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [13.3, 10.1, 8.8, 11.1, 9.4, 9.1], "rev_series": [15.8, 28.1, 37.7, 96.0, 153.5, 180.5], "np_series": [0.8, 0.9, -0.2, 3.9, 3.6, -2.8], "roe_series": [13.3, 10.6, -1.9, 34.4, 24.0, -17.0], "period": "20260630", "rev_ttm": 213.7, "np_ttm": -3.1, "ocf_ttm": 5.2, "fcf_ttm": 3.7, "fcf_yield": 4.1, "ocf_yield": 5.8, "gm_median": 9.4, "gm_std": 0.8, "gm_stab": 0.91, "gm_chg_2022": -4.5, "npm_median": 2.2, "roe_median": 10.6, "commodity": false, "hard_ratio": 5.0, "fix_assets": 6.5, "goodwill_ratio": 5.0, "pb_calc": 5.47, "capex_dep": 2.47, "interest_debt": 43.6, "debt_ebitda": 3.9, "debt_ratio": 82.9, "debt_mv": 48.5, "payout": 16.2, "div_years": 2, "rev_cagr3": 68.6, "np_cagr3": null, "rev_yoy": 39.9, "np_yoy": -46.9, "np_vol": 965.9, "loss_years": 2, "far_share": 100, "earn_yield": null, "consensus_n": 10, "fwd_pe": 26.2, "fwd_pe2": 16.7, "fwd_g1": null, "fwd_g2": 57.0, "peg": 0.46, "consensus_disp": null, "mainbz": [["产品", 34.0], ["光伏材料", 32.0], ["光伏导电银浆", 32.0], ["存储芯片", 1.0]], "ret_prev_year": 45.6, "ret_prev2_year": -17.8, "ret_ytd": 4.3, "ret_pivot": 102.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 6.5, "ret_60": -19.8, "ret_120": -36.8, "ret_250": 30.0, "mdd_250": -60.5, "vol_250": 71.0, "pos_52w": 49.8}, "S": {"duration": 100, "pricing": 41, "hard": 8, "bondness": 17}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["TTM 归母净利 -3.1 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 83%,有息负债 44 亿,经营现金流/市值 5.8%: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 5%,毛利率近 5 年中位 9.4%。", "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 4.1%(经营现金流/市值 5.8%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 9.4%,稳定度 91%,2020→2022 成本通胀期毛利率变化 -4.5 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 5%,资本开支/折旧 2.47 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 30%,最大回撤 -60%,年化波动 71%,现价在 52 周高点的 50%;近 20 / 60 / 120 日 6% / -20% / -37%。", "行业对照": ["同申万二级「光伏设备」73 家中位:PE 41.0 / 股息率 0.5% / 毛利率 17.8% / 固定资产占比 23% / 分红率 29%。", "帝科股份:PE ;股息率 ;毛利率 比行业中位低 8.4个百分点;固定资产占比 比行业中位低 17.6个百分点。"]}}