{"F": {"ts_code": "600545.SH", "name": "卓郎智能", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "专用设备", "sw3": "纺织服装设备", "ind": "专用设备", "fin_source": "tushare", "market": "主板", "list_date": "20031203", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 4.07, "pe_ttm": null, "pb": 2.8986, "dv_ttm": null, "total_mv": 727680.2654, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [20.2, 11.9, 15.7, 20.2, 18.5, 15.1], "rev_series": [48.5, 54.7, 51.1, 60.2, 40.3, 35.6], "np_series": [-5.6, -4.7, -3.2, 0.4, -1.3, -6.1], "roe_series": [-12.6, -12.9, -10.1, 1.1, -3.9, -20.8], "period": "20260630", "rev_ttm": 38.1, "np_ttm": -4.9, "ocf_ttm": 2.3, "fcf_ttm": 1.8, "fcf_yield": 2.5, "ocf_yield": 3.1, "gm_median": 15.7, "gm_std": 2.9, "gm_stab": 0.82, "gm_chg_2022": -4.5, "npm_median": -7.3, "roe_median": -10.1, "commodity": false, "hard_ratio": 13.7, "fix_assets": 12.4, "goodwill_ratio": 5.3, "pb_calc": 2.9, "capex_dep": 0.45, "interest_debt": 22.3, "debt_ebitda": null, "debt_ratio": 63.4, "debt_mv": 30.6, "payout": null, "div_years": 0, "rev_cagr3": -11.4, "np_cagr3": null, "rev_yoy": 15.4, "np_yoy": 61.9, "np_vol": 234.6, "loss_years": 4, "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", 33.0], ["销售机器设备和辅助产品", 27.0], ["纺纱", 25.0], ["技术", 8.0]], "ret_prev_year": 6.7, "ret_prev2_year": -10.8, "ret_ytd": 59.0, "ret_pivot": 190.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -8.5, "ret_60": -29.3, "ret_120": 6.3, "ret_250": 52.4, "mdd_250": -55.0, "vol_250": 73.7, "pos_52w": 50.6}, "S": {"duration": 100, "pricing": 41, "hard": 22, "bondness": 23}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -4.9 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 63%,有息负债 22 亿,经营现金流/市值 3.1%: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 14%,毛利率近 5 年中位 15.7%。", "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 2.5%(经营现金流/市值 3.1%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 15.7%,稳定度 82%,2020→2022 成本通胀期毛利率变化 -4.5 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 14%,资本开支/折旧 0.45 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 52%,最大回撤 -55%,年化波动 74%,现价在 52 周高点的 51%;近 20 / 60 / 120 日 -8% / -29% / 6%。", "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%。", "卓郎智能:PE ;股息率 ;毛利率 比行业中位低 10.6个百分点;固定资产占比 比行业中位低 4.3个百分点。"]}}