{"F": {"ts_code": "600202.SH", "name": "哈空调", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "通用设备", "sw3": "制冷空调设备", "ind": "通用设备", "fin_source": "tushare", "market": "主板", "list_date": "19990603", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 5.11, "pe_ttm": null, "pb": 2.4819, "dv_ttm": null, "total_mv": 195887.0977, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [19.3, 7.4, 14.6, 16.4, 13.2, 13.4], "rev_series": [9.2, 8.5, 11.0, 14.2, 14.1, 15.2], "np_series": [0.5, 0.7, 0.4, 0.2, 0.1, 0.1], "roe_series": [7.3, 8.9, 4.7, 2.6, 0.9, 0.9], "period": "20260630", "rev_ttm": 14.3, "np_ttm": -0.4, "ocf_ttm": -0.6, "fcf_ttm": -0.9, "fcf_yield": -4.6, "ocf_yield": -3.0, "gm_median": 13.4, "gm_std": 3.0, "gm_stab": 0.77, "gm_chg_2022": -4.7, "npm_median": 1.7, "roe_median": 2.6, "commodity": false, "hard_ratio": 16.0, "fix_assets": 4.5, "goodwill_ratio": 0.0, "pb_calc": 2.48, "capex_dep": 1.04, "interest_debt": 8.4, "debt_ebitda": 24.7, "debt_ratio": 71.2, "debt_mv": 43.0, "payout": 104.2, "div_years": 1, "rev_cagr3": 11.4, "np_cagr3": -42.0, "rev_yoy": -17.4, "np_yoy": -587.4, "np_vol": 34.8, "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", 49.0], ["石化空冷器", 26.0], ["电站空冷器", 13.0], ["其他定制产品", 8.0]], "ret_prev_year": 32.2, "ret_prev2_year": -28.6, "ret_ytd": -12.9, "ret_pivot": 38.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.8, "ret_60": 1.8, "ret_120": -20.9, "ret_250": -16.5, "mdd_250": -36.3, "vol_250": 32.3, "pos_52w": 77.3}, "S": {"duration": 100, "pricing": 38, "hard": 26, "bondness": 59}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -0.4 亿,近 5 年亏损 0 年;PE 为负,估值指标失真。", "资产负债率 71%,有息负债 8 亿,经营现金流/市值 -3.0%: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 16%,毛利率近 5 年中位 13.4%。", "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 -4.6%(经营现金流/市值 -3.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 13.4%,稳定度 77%,2020→2022 成本通胀期毛利率变化 -4.7 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 16%,资本开支/折旧 1.04 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 -16%,最大回撤 -36%,年化波动 32%,现价在 52 周高点的 77%;近 20 / 60 / 120 日 6% / 2% / -21%。", "行业对照": ["同申万二级「通用设备」248 家中位:PE 50.6 / 股息率 0.8% / 毛利率 28.5% / 固定资产占比 21% / 分红率 45%。", "哈空调:PE ;股息率 ;毛利率 比行业中位低 15.1个百分点;固定资产占比 比行业中位低 4.8个百分点。"]}}