{"F": {"ts_code": "301112.SZ", "name": "信邦智能", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "自动化设备", "sw3": "机器人", "ind": "自动化设备", "fin_source": "tushare", "market": "创业板", "list_date": "20220629", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 30.39, "pe_ttm": null, "pb": 2.948, "dv_ttm": null, "total_mv": 335100.1974, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [28.3, 26.5, 27.6, 23.4, 15.1, 19.7], "rev_series": [6.3, 5.2, 5.5, 5.0, 6.7, 4.0], "np_series": [0.7, 0.8, 0.7, 0.4, 0.0, -0.8], "roe_series": [17.0, 17.1, 7.6, 3.5, 0.4, -6.5], "period": "20260630", "rev_ttm": 3.3, "np_ttm": -0.9, "ocf_ttm": -0.0, "fcf_ttm": -0.5, "fcf_yield": -1.6, "ocf_yield": -0.1, "gm_median": 23.4, "gm_std": 4.6, "gm_stab": 0.8, "gm_chg_2022": -0.7, "npm_median": 7.9, "roe_median": 3.5, "commodity": false, "hard_ratio": 13.6, "fix_assets": 2.1, "goodwill_ratio": 0.0, "pb_calc": 2.95, "capex_dep": 4.77, "interest_debt": 0.6, "debt_ebitda": null, "debt_ratio": 26.7, "debt_mv": 1.7, "payout": 140.8, "div_years": 3, "rev_cagr3": -10.0, "np_cagr3": null, "rev_yoy": -35.5, "np_yoy": -191.9, "np_vol": 643.2, "loss_years": 1, "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], ["工业自动化集成项目", 28.0], ["智能化生产装置及配件", 20.0], ["技术服务及其他", 1.0]], "ret_prev_year": 69.3, "ret_prev2_year": -21.8, "ret_ytd": -22.8, "ret_pivot": 67.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -4.9, "ret_60": -0.6, "ret_120": -14.7, "ret_250": -34.2, "mdd_250": -57.2, "vol_250": 54.9, "pos_52w": 50.0}, "S": {"duration": 100, "pricing": 47, "hard": 22, "bondness": 58}, "label": "亏损或困境", "tags": ["资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -0.9 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 27%,有息负债 1 亿,经营现金流/市值 -0.1%: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 23.4%。", "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 -1.6%(经营现金流/市值 -0.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 23.4%,稳定度 80%,2020→2022 成本通胀期毛利率变化 -0.7 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 14%,资本开支/折旧 4.77 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 -34%,最大回撤 -57%,年化波动 55%,现价在 52 周高点的 50%;近 20 / 60 / 120 日 -5% / -1% / -15%。", "行业对照": ["同申万二级「自动化设备」93 家中位:PE 77.4 / 股息率 0.7% / 毛利率 33.9% / 固定资产占比 14% / 分红率 42%。", "信邦智能:PE ;股息率 ;毛利率 比行业中位低 10.5个百分点;固定资产占比 比行业中位低 0.2个百分点。"]}}