{"F": {"ts_code": "301013.SZ", "name": "利和兴", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "专用设备", "sw3": "其他专用设备", "ind": "专用设备", "fin_source": "tushare", "market": "创业板", "list_date": "20210629", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 36.06, "pe_ttm": null, "pb": 13.3856, "dv_ttm": null, "total_mv": 842877.258, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [32.5, 34.0, 21.3, 14.1, 20.4, -0.9], "rev_series": [4.7, 4.3, 3.1, 4.7, 5.8, 4.7], "np_series": [0.8, 0.5, -0.4, -0.4, 0.1, -1.7], "roe_series": [15.1, 6.2, -4.6, -4.4, 0.8, -22.3], "period": "20260630", "rev_ttm": 5.9, "np_ttm": -1.7, "ocf_ttm": -0.2, "fcf_ttm": -0.6, "fcf_yield": -0.7, "ocf_yield": -0.2, "gm_median": 20.4, "gm_std": 11.4, "gm_stab": 0.44, "gm_chg_2022": -11.2, "npm_median": -8.3, "roe_median": -4.4, "commodity": false, "hard_ratio": 37.5, "fix_assets": 6.2, "goodwill_ratio": 0.2, "pb_calc": 13.39, "capex_dep": 0.97, "interest_debt": 6.5, "debt_ebitda": null, "debt_ratio": 62.1, "debt_mv": 7.7, "payout": 166.7, "div_years": 2, "rev_cagr3": 15.3, "np_cagr3": null, "rev_yoy": 62.4, "np_yoy": 4.0, "np_vol": 983.7, "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", 50.0], ["智能制造设备", 21.0], ["电子元器件", 21.0], ["专用配件", 6.0]], "ret_prev_year": 139.4, "ret_prev2_year": -25.9, "ret_ytd": 28.7, "ret_pivot": 272.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -20.7, "ret_60": -38.1, "ret_120": 54.2, "ret_250": 85.0, "mdd_250": -58.4, "vol_250": 91.3, "pos_52w": 42.5}, "S": {"duration": 100, "pricing": 29, "hard": 60, "bondness": 43}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -1.7 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 62%,有息负债 6 亿,经营现金流/市值 -0.2%: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 38%),没有定价权:毛利率近 5 年中位 20.4%,稳定度 44%。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 -0.7%(经营现金流/市值 -0.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 20.4%,稳定度 44%,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 38%,资本开支/折旧 0.97 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 85%,最大回撤 -58%,年化波动 91%,现价在 52 周高点的 42%;近 20 / 60 / 120 日 -21% / -38% / 54%。", "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%。", "利和兴:PE ;股息率 ;毛利率 比行业中位低 5.9个百分点;固定资产占比 比行业中位高 19.5个百分点。"]}}