{"F": {"ts_code": "600207.SH", "name": "安彩高科", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "光伏设备", "sw3": "光伏辅材", "ind": "光伏设备", "fin_source": "tushare", "market": "主板", "list_date": "19990714", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 4.41, "pe_ttm": null, "pb": 2.8291, "dv_ttm": null, "total_mv": 480386.8566, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [16.2, 15.4, 12.1, 10.7, 2.8, -4.6], "rev_series": [22.9, 33.4, 41.4, 52.0, 43.4, 29.2], "np_series": [1.1, 2.1, 0.8, -0.2, -3.5, -7.3], "roe_series": [6.7, 11.7, 3.1, -0.6, -12.1, -30.5], "period": "20260630", "rev_ttm": 22.5, "np_ttm": -8.4, "ocf_ttm": -3.2, "fcf_ttm": -4.0, "fcf_yield": -8.3, "ocf_yield": -6.6, "gm_median": 10.7, "gm_std": 7.2, "gm_stab": 0.32, "gm_chg_2022": -4.1, "npm_median": 0.7, "roe_median": -0.6, "commodity": false, "hard_ratio": 52.4, "fix_assets": 29.9, "goodwill_ratio": 0.0, "pb_calc": 2.83, "capex_dep": 0.53, "interest_debt": 26.0, "debt_ebitda": null, "debt_ratio": 70.1, "debt_mv": 54.1, "payout": null, "div_years": 0, "rev_cagr3": -11.0, "np_cagr3": null, "rev_yoy": -38.2, "np_yoy": -52.1, "np_vol": 677.3, "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", 35.0], ["太阳能光伏玻璃", 21.0], ["光伏玻璃", 21.0], ["天然气销售", 6.0]], "ret_prev_year": 15.5, "ret_prev2_year": -6.5, "ret_ytd": -14.4, "ret_pivot": 18.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.9, "ret_60": -31.3, "ret_120": -21.4, "ret_250": -14.0, "mdd_250": -52.0, "vol_250": 54.8, "pos_52w": 54.6}, "S": {"duration": 100, "pricing": 21, "hard": 84, "bondness": 23}, "label": "重资产陷阱", "tags": ["亏损或困境", "近5年≥2年亏损"], "text": {"像什么": ["资产很重:固定资产占总资产 52%,但毛利率近 5 年中位只有 10.7%,产品同质、售价涨不动。", "2020→2022 成本通胀期毛利率变化 -4.1 个百分点;资产负债率 70%,折旧与利息两头吃。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 52%),没有定价权:毛利率近 5 年中位 10.7%,稳定度 32%。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": "滞胀里两头挤,成本全涨售价涨不动还吃折旧,跌得比成长股狠。除非商品价格反转,否则回避。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 -8.3%(经营现金流/市值 -6.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 10.7%,稳定度 32%,2020→2022 成本通胀期毛利率变化 -4.1 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 52%,资本开支/折旧 0.53 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 -14%,最大回撤 -52%,年化波动 55%,现价在 52 周高点的 55%;近 20 / 60 / 120 日 -1% / -31% / -21%。", "行业对照": ["同申万二级「光伏设备」73 家中位:PE 41.0 / 股息率 0.5% / 毛利率 17.8% / 固定资产占比 23% / 分红率 29%。", "安彩高科:PE ;股息率 ;毛利率 比行业中位低 7.1个百分点;固定资产占比 比行业中位高 29.8个百分点。"]}}