{"F": {"ts_code": "600215.SH", "name": "派斯林", "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": "主板", "list_date": "19990909", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 6.71, "pe_ttm": null, "pb": 1.2622, "dv_ttm": null, "total_mv": 306568.4259, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [35.1, 15.8, 14.6, 15.6, 15.0, -15.7], "rev_series": [1.7, 14.2, 11.2, 21.4, 18.2, 8.8], "np_series": [0.8, 1.3, 1.4, 1.2, 0.6, -3.5], "roe_series": [3.3, 6.8, 9.4, 6.7, 3.2, -15.4], "period": "20260630", "rev_ttm": 10.2, "np_ttm": -3.4, "ocf_ttm": 0.2, "fcf_ttm": 0.2, "fcf_yield": 0.6, "ocf_yield": 0.6, "gm_median": 15.0, "gm_std": 12.4, "gm_stab": 0.17, "gm_chg_2022": -20.5, "npm_median": 5.7, "roe_median": 6.7, "commodity": false, "hard_ratio": 8.7, "fix_assets": 2.9, "goodwill_ratio": 20.0, "pb_calc": 1.26, "capex_dep": 0.05, "interest_debt": 3.1, "debt_ebitda": null, "debt_ratio": 26.3, "debt_mv": 10.1, "payout": 24.3, "div_years": 3, "rev_cagr3": -7.6, "np_cagr3": null, "rev_yoy": 26.6, "np_yoy": 21.0, "np_vol": 255.4, "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], ["汽车工业自动化产线", 27.0], ["智能仓储自动化产线", 23.0], ["其他业务", 0.0]], "ret_prev_year": 4.8, "ret_prev2_year": -19.0, "ret_ytd": -6.2, "ret_pivot": 24.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 6.5, "ret_60": 7.4, "ret_120": -6.8, "ret_250": -13.2, "mdd_250": -40.1, "vol_250": 42.8, "pos_52w": 77.4}, "S": {"duration": 100, "pricing": 17, "hard": 14, "bondness": 32}, "label": "亏损或困境", "tags": ["商誉占比高"], "text": {"像什么": ["TTM 归母净利 -3.4 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 26%,有息负债 3 亿,经营现金流/市值 0.6%: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 9%,毛利率近 5 年中位 15.0%。", "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 0.6%(经营现金流/市值 0.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 15.0%,稳定度 17%,2020→2022 成本通胀期毛利率变化 -20.5 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 9%,资本开支/折旧 0.05 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 -13%,最大回撤 -40%,年化波动 43%,现价在 52 周高点的 77%;近 20 / 60 / 120 日 6% / 7% / -7%。", "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%。", "派斯林:PE ;股息率 ;毛利率 比行业中位低 18.9个百分点;固定资产占比 比行业中位低 5.1个百分点。"]}}