{"F": {"ts_code": "300875.SZ", "name": "捷强装备", "mkt": "CN", "ccy": "元", "sw1": "国防军工", "sw2": "地面兵装Ⅱ", "sw3": "地面兵装Ⅲ", "ind": "地面兵装Ⅱ", "fin_source": "tushare", "market": "创业板", "list_date": "20200824", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 34.69, "pe_ttm": null, "pb": 4.0818, "dv_ttm": null, "total_mv": 346326.9212, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [59.6, 49.5, 46.0, 35.2, -6.9, 26.4], "rev_series": [2.7, 2.0, 2.4, 2.9, 1.4, 3.2], "np_series": [1.0, 0.3, -0.2, -0.7, -2.8, -1.1], "roe_series": [11.8, 2.3, -1.3, -5.2, -24.9, -12.3], "period": "20260630", "rev_ttm": 3.9, "np_ttm": -1.1, "ocf_ttm": 0.2, "fcf_ttm": 0.1, "fcf_yield": 0.2, "ocf_yield": 0.6, "gm_median": 35.2, "gm_std": 20.2, "gm_stab": 0.43, "gm_chg_2022": -13.6, "npm_median": -23.4, "roe_median": -5.2, "commodity": false, "hard_ratio": 23.4, "fix_assets": 3.0, "goodwill_ratio": 4.2, "pb_calc": 4.08, "capex_dep": 1.1, "interest_debt": 0.4, "debt_ebitda": null, "debt_ratio": 28.1, "debt_mv": 1.2, "payout": null, "div_years": 1, "rev_cagr3": 9.8, "np_cagr3": null, "rev_yoy": 63.9, "np_yoy": -10.7, "np_vol": 138.2, "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": [["新材料应用产品", 50.0], ["核辐射监测设备", 38.0], ["其他核生化安全装备及配件和技术服务", 3.0], ["其他核生化安全装备及配件、技术服务", 3.0]], "ret_prev_year": 43.8, "ret_prev2_year": -3.5, "ret_ytd": -14.3, "ret_pivot": 46.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.2, "ret_60": 7.5, "ret_120": -24.8, "ret_250": -42.6, "mdd_250": -53.6, "vol_250": 60.8, "pos_52w": 59.6}, "S": {"duration": 100, "pricing": 36, "hard": 37, "bondness": 13}, "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 28%,有息负债 0 亿,经营现金流/市值 0.6%: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 23%,毛利率近 5 年中位 35.2%。", "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 0.2%(经营现金流/市值 0.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 35.2%,稳定度 43%,2020→2022 成本通胀期毛利率变化 -13.6 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 23%,资本开支/折旧 1.10 倍。有一些。"], ["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 -43%,最大回撤 -54%,年化波动 61%,现价在 52 周高点的 60%;近 20 / 60 / 120 日 -0% / 8% / -25%。", "行业对照": ["同申万二级「地面兵装Ⅱ」12 家中位:PE 107.3 / 股息率 0.2% / 毛利率 28.6% / 固定资产占比 25% / 分红率 42%。", "捷强装备:PE ;股息率 ;毛利率 比行业中位高 6.6个百分点;固定资产占比 比行业中位低 1.2个百分点。"]}}