{"F": {"ts_code": "600397.SH", "name": "江钨装备", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "专用设备", "sw3": "能源及重型设备", "ind": "专用设备", "fin_source": "tushare", "market": "主板", "list_date": "20020702", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 16.78, "pe_ttm": null, "pb": 85.9886, "dv_ttm": null, "total_mv": 1661152.7122, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [5.1, 6.6, 5.2, 5.9, 3.5, 1.8], "rev_series": [76.0, 93.8, 89.2, 68.7, 54.0, 25.8], "np_series": [-2.2, 0.6, -0.8, -1.1, -2.7, -2.9], "roe_series": [-30.1, 8.5, -12.2, -21.7, -77.4, -136.0], "period": "20260630", "rev_ttm": 9.7, "np_ttm": -0.0, "ocf_ttm": -0.3, "fcf_ttm": -0.5, "fcf_yield": -0.3, "ocf_yield": -0.2, "gm_median": 5.2, "gm_std": 1.7, "gm_stab": 0.67, "gm_chg_2022": 0.2, "npm_median": -1.7, "roe_median": -21.7, "commodity": false, "hard_ratio": 18.8, "fix_assets": 1.7, "goodwill_ratio": 0.0, "pb_calc": 85.99, "capex_dep": 0.48, "interest_debt": 1.2, "debt_ebitda": 1.3, "debt_ratio": 56.4, "debt_mv": 0.7, "payout": null, "div_years": 0, "rev_cagr3": -33.9, "np_cagr3": null, "rev_yoy": -93.7, "np_yoy": 100.4, "np_vol": 121.7, "loss_years": 4, "far_share": 100, "earn_yield": null, "consensus_n": 2, "fwd_pe": 223.7, "fwd_pe2": 186.4, "fwd_g1": null, "fwd_g2": 20.0, "peg": 11.18, "consensus_disp": null, "mainbz": [["产品", 50.0], ["磁选装备产品销售", 47.0], ["其他业务", 3.0]], "ret_prev_year": 80.1, "ret_prev2_year": 39.3, "ret_ytd": 120.8, "ret_pivot": 756.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -8.9, "ret_60": 17.7, "ret_120": 5.1, "ret_250": 127.4, "mdd_250": -58.8, "vol_250": 74.6, "pos_52w": 56.0}, "S": {"duration": 100, "pricing": 34, "hard": 30, "bondness": 24}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.0 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 56%,有息负债 1 亿,经营现金流/市值 -0.2%: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 19%,毛利率近 5 年中位 5.2%。", "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 -0.3%(经营现金流/市值 -0.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 5.2%,稳定度 67%,2020→2022 成本通胀期毛利率变化 0.2 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 19%,资本开支/折旧 0.48 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 127%,最大回撤 -59%,年化波动 75%,现价在 52 周高点的 56%;近 20 / 60 / 120 日 -9% / 18% / 5%。", "行业对照": ["同申万二级「专用设备」205 家中位:PE 42.3 / 股息率 1.1% / 毛利率 26.3% / 固定资产占比 18% / 分红率 44%。", "江钨装备:PE ;股息率 ;毛利率 比行业中位低 21.1个百分点;固定资产占比 比行业中位高 0.8个百分点。"]}}