{"F": {"ts_code": "600537.SH", "name": "*ST亿晶", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "光伏设备", "sw3": "光伏电池组件", "ind": "光伏设备", "fin_source": "tushare", "market": "主板", "list_date": "20030123", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 2.15, "pe_ttm": null, "pb": null, "dv_ttm": null, "total_mv": 254498.725, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [3.1, 0.9, 5.2, 9.1, -10.3, 1.5], "rev_series": [41.0, 40.8, 98.8, 81.0, 34.8, 19.3], "np_series": [-6.5, -6.0, 1.3, 0.7, -20.9, -5.3], "roe_series": [-21.8, -24.3, 5.4, 2.7, -141.3, -297.5], "period": "20260630", "rev_ttm": 10.9, "np_ttm": -5.1, "ocf_ttm": 1.7, "fcf_ttm": 1.0, "fcf_yield": 4.1, "ocf_yield": 6.5, "gm_median": 1.5, "gm_std": 6.5, "gm_stab": -3.32, "gm_chg_2022": 2.1, "npm_median": -17.2, "roe_median": -24.3, "commodity": false, "hard_ratio": 66.1, "fix_assets": 25.2, "goodwill_ratio": 0.0, "pb_calc": null, "capex_dep": 0.23, "interest_debt": 3.8, "debt_ebitda": 4.1, "debt_ratio": 106.4, "debt_mv": 14.9, "payout": null, "div_years": 0, "rev_cagr3": -42.0, "np_cagr3": null, "rev_yoy": -71.3, "np_yoy": 13.1, "np_vol": 1293.9, "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", 45.0], ["光伏产品", 36.0], ["发电业务", 9.0], ["发电", 9.0]], "ret_prev_year": 35.5, "ret_prev2_year": -44.3, "ret_ytd": -48.3, "ret_pivot": -3.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.8, "ret_60": -12.6, "ret_120": -37.9, "ret_250": -43.9, "mdd_250": -59.6, "vol_250": 61.8, "pos_52w": 42.0}, "S": {"duration": 100, "pricing": 10, "hard": 100, "bondness": 32}, "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 66%,但毛利率近 5 年中位只有 1.5%,产品同质、售价涨不动。", "2020→2022 成本通胀期毛利率变化 2.1 个百分点;有息负债/EBITDA 4.1 倍,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 66%),没有定价权:毛利率近 5 年中位 1.5%,稳定度 -332%。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 4.1%(经营现金流/市值 6.5%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 1.5%,稳定度 -332%,2020→2022 成本通胀期毛利率变化 2.1 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 66%,资本开支/折旧 0.23 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 -44%,最大回撤 -60%,年化波动 62%,现价在 52 周高点的 42%;近 20 / 60 / 120 日 -2% / -13% / -38%。", "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%。", "*ST亿晶:PE ;股息率 ;毛利率 比行业中位低 16.3个百分点;固定资产占比 比行业中位高 43.5个百分点。"]}}