{"F": {"ts_code": "301046.SZ", "name": "能辉科技", "mkt": "CN", "ccy": "元", "sw1": "建筑装饰", "sw2": "专业工程", "sw3": "其他专业工程", "ind": "专业工程", "fin_source": "tushare", "market": "创业板", "list_date": "20210817", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 27.4, "pe_ttm": null, "pb": 4.232, "dv_ttm": 1.4627, "total_mv": 461929.75, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [30.3, 29.3, 25.9, 22.8, 16.5, 12.6], "rev_series": [4.2, 5.9, 3.8, 5.9, 11.0, 11.8], "np_series": [0.9, 1.0, 0.3, 0.6, 0.5, 0.1], "roe_series": [22.4, 16.9, 3.4, 7.2, 6.2, 0.7], "period": "20260630", "rev_ttm": 5.8, "np_ttm": -0.5, "ocf_ttm": -0.6, "fcf_ttm": -0.7, "fcf_yield": -1.6, "ocf_yield": -1.2, "gm_median": 22.8, "gm_std": 6.1, "gm_stab": 0.73, "gm_chg_2022": -4.4, "npm_median": 6.6, "roe_median": 6.2, "commodity": false, "hard_ratio": 13.5, "fix_assets": 2.2, "goodwill_ratio": 0.0, "pb_calc": 4.23, "capex_dep": 1.08, "interest_debt": 0.2, "debt_ebitda": null, "debt_ratio": 33.9, "debt_mv": 0.4, "payout": 85.7, "div_years": 4, "rev_cagr3": 45.8, "np_cagr3": -35.6, "rev_yoy": -66.7, "np_yoy": -180.7, "np_vol": 75.2, "loss_years": 0, "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", 45.0], ["光伏电站系统集成", 29.0], ["储能系统集成", 9.0], ["储能及商用车充换电系统集成", 9.0]], "ret_prev_year": 20.9, "ret_prev2_year": -25.9, "ret_ytd": 17.1, "ret_pivot": 68.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 40.8, "ret_60": 7.4, "ret_120": 0.1, "ret_250": 28.6, "mdd_250": -50.2, "vol_250": 63.0, "pos_52w": 84.8}, "S": {"duration": 100, "pricing": 41, "hard": 22, "bondness": 42}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -0.5 亿,近 5 年亏损 0 年;PE 为负,估值指标失真。", "资产负债率 34%,有息负债 0 亿,经营现金流/市值 -1.2%: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": "两条都不占:固定资产占比 14%,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 -1.6%(经营现金流/市值 -1.2%)。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 73%,2020→2022 成本通胀期毛利率变化 -4.4 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 14%,资本开支/折旧 1.08 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 29%,最大回撤 -50%,年化波动 63%,现价在 52 周高点的 85%;近 20 / 60 / 120 日 41% / 7% / 0%。", "行业对照": ["同申万二级「专业工程」39 家中位:PE 40.2 / 股息率 1.1% / 毛利率 13.6% / 固定资产占比 10% / 分红率 38%。", "能辉科技:PE ;股息率 比行业中位高 0.4个百分点;毛利率 比行业中位高 9.2个百分点;固定资产占比 比行业中位高 3.2个百分点。"]}}