{"F": {"ts_code": "600212.SH", "name": "绿能慧充", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "其他电源设备Ⅱ", "sw3": "其他电源设备Ⅲ", "ind": "其他电源设备Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "19990817", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 6.37, "pe_ttm": null, "pb": 7.8119, "dv_ttm": null, "total_mv": 448543.6774, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [18.4, 14.3, 20.6, 26.7, 26.9, 28.4], "rev_series": [2.8, 2.4, 2.9, 6.5, 10.2, 13.9], "np_series": [0.2, -0.2, -1.0, 0.2, 0.1, 0.2], "roe_series": [8.1, -8.3, -52.1, 4.7, 2.5, 3.0], "period": "20260630", "rev_ttm": 15.3, "np_ttm": -0.1, "ocf_ttm": -0.6, "fcf_ttm": -0.8, "fcf_yield": -1.9, "ocf_yield": -1.3, "gm_median": 26.7, "gm_std": 5.3, "gm_stab": 0.8, "gm_chg_2022": 2.3, "npm_median": 1.2, "roe_median": 2.5, "commodity": false, "hard_ratio": 3.0, "fix_assets": 0.8, "goodwill_ratio": 3.0, "pb_calc": 7.81, "capex_dep": 1.85, "interest_debt": 4.6, "debt_ebitda": 9.5, "debt_ratio": 76.9, "debt_mv": 10.2, "payout": null, "div_years": 0, "rev_cagr3": 69.4, "np_cagr3": null, "rev_yoy": 23.9, "np_yoy": -3975.8, "np_vol": 177.4, "loss_years": 2, "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", 36.0], ["充电桩销售", 20.0], ["充电桩", 20.0], ["工程施工业务", 8.0]], "ret_prev_year": 6.5, "ret_prev2_year": 5.3, "ret_ytd": -20.9, "ret_pivot": 40.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 17.3, "ret_60": 9.8, "ret_120": -16.0, "ret_250": -29.3, "mdd_250": -46.4, "vol_250": 36.6, "pos_52w": 70.8}, "S": {"duration": 100, "pricing": 51, "hard": 5, "bondness": 15}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.1 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 77%,有息负债 5 亿,经营现金流/市值 -1.3%: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 3%,毛利率近 5 年中位 26.7%。", "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 -1.9%(经营现金流/市值 -1.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 26.7%,稳定度 80%,2020→2022 成本通胀期毛利率变化 2.3 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 3%,资本开支/折旧 1.85 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 -46%,年化波动 37%,现价在 52 周高点的 71%;近 20 / 60 / 120 日 17% / 10% / -16%。", "行业对照": ["同申万二级「其他电源设备Ⅱ」33 家中位:PE 69.0 / 股息率 0.6% / 毛利率 25.3% / 固定资产占比 16% / 分红率 34%。", "绿能慧充:PE ;股息率 ;毛利率 比行业中位高 1.4个百分点;固定资产占比 比行业中位低 13.1个百分点。"]}}