{"F": {"ts_code": "300931.SZ", "name": "通用电梯", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "专用设备", "sw3": "楼宇设备", "ind": "专用设备", "fin_source": "tushare", "market": "创业板", "list_date": "20210121", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 15.09, "pe_ttm": null, "pb": 6.2046, "dv_ttm": null, "total_mv": 366945.039, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [30.7, 25.1, 26.9, 29.2, 26.4, 29.4], "rev_series": [4.5, 4.7, 4.3, 4.7, 5.3, 4.2], "np_series": [0.6, 0.5, -0.8, 0.1, -0.5, -0.5], "roe_series": [11.0, 7.1, -10.7, 1.5, -7.3, -8.8], "period": "20260630", "rev_ttm": 4.1, "np_ttm": -0.5, "ocf_ttm": 0.4, "fcf_ttm": 0.3, "fcf_yield": 0.8, "ocf_yield": 1.0, "gm_median": 26.9, "gm_std": 1.7, "gm_stab": 0.94, "gm_chg_2022": -3.7, "npm_median": -9.3, "roe_median": -7.3, "commodity": false, "hard_ratio": 20.6, "fix_assets": 1.9, "goodwill_ratio": 0.0, "pb_calc": 6.2, "capex_dep": 0.43, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 36.1, "debt_mv": 0.0, "payout": 221.7, "div_years": 2, "rev_cagr3": -0.7, "np_cagr3": null, "rev_yoy": -4.3, "np_yoy": 2.2, "np_vol": 237.7, "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", 49.0], ["电梯销售", 43.0], ["工程收入", 3.0], ["电梯销售、维保及配件销售", 2.0]], "ret_prev_year": 68.5, "ret_prev2_year": -21.2, "ret_ytd": 36.3, "ret_pivot": 204.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 26.3, "ret_60": 5.5, "ret_120": 17.6, "ret_250": 56.9, "mdd_250": -42.1, "vol_250": 58.6, "pos_52w": 87.8}, "S": {"duration": 100, "pricing": 51, "hard": 33, "bondness": 58}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.5 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 36%,有息负债 0 亿,经营现金流/市值 1.0%: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": "两条都不占:固定资产占比 21%,毛利率近 5 年中位 26.9%。", "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 0.8%(经营现金流/市值 1.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 26.9%,稳定度 94%,2020→2022 成本通胀期毛利率变化 -3.7 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 21%,资本开支/折旧 0.43 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 57%,最大回撤 -42%,年化波动 59%,现价在 52 周高点的 88%;近 20 / 60 / 120 日 26% / 6% / 18%。", "行业对照": ["同申万二级「专用设备」205 家中位:PE 42.3 / 股息率 1.1% / 毛利率 26.3% / 固定资产占比 18% / 分红率 44%。", "通用电梯:PE ;股息率 ;毛利率 比行业中位高 0.6个百分点;固定资产占比 比行业中位高 2.6个百分点。"]}}