{"F": {"ts_code": "600732.SH", "name": "爱旭股份", "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": "19960816", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 10.87, "pe_ttm": null, "pb": 5.156, "dv_ttm": null, "total_mv": 2299216.5302, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [14.9, 5.6, 13.7, 16.5, -9.9, 2.6], "rev_series": [96.6, 154.7, 350.7, 271.7, 111.6, 156.1], "np_series": [8.1, -1.3, 23.3, 7.6, -53.2, -18.2], "roe_series": [21.7, -2.4, 32.9, 8.5, -87.0, -41.9], "period": "20260630", "rev_ttm": 163.5, "np_ttm": -23.4, "ocf_ttm": 20.2, "fcf_ttm": 6.5, "fcf_yield": 2.8, "ocf_yield": 8.8, "gm_median": 5.6, "gm_std": 9.3, "gm_stab": -0.67, "gm_chg_2022": -1.2, "npm_median": -0.7, "roe_median": -2.4, "commodity": false, "hard_ratio": 57.5, "fix_assets": 213.1, "goodwill_ratio": 0.0, "pb_calc": 5.16, "capex_dep": 0.77, "interest_debt": 135.3, "debt_ebitda": 12.5, "debt_ratio": 79.4, "debt_mv": 58.8, "payout": null, "div_years": 1, "rev_cagr3": -23.6, "np_cagr3": null, "rev_yoy": 8.7, "np_yoy": -217.2, "np_vol": 924.4, "loss_years": 3, "far_share": 100, "earn_yield": null, "consensus_n": 12, "fwd_pe": null, "fwd_pe2": 18.0, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["组件", 40.0], ["太阳能电池片", 7.0], ["受托加工", 3.0]], "ret_prev_year": 21.6, "ret_prev2_year": -37.5, "ret_ytd": -18.9, "ret_pivot": 45.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -10.8, "ret_60": -13.3, "ret_120": -28.5, "ret_250": -32.0, "mdd_250": -39.7, "vol_250": 48.4, "pos_52w": 61.3}, "S": {"duration": 100, "pricing": 9, "hard": 92, "bondness": 35}, "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 58%,但毛利率近 5 年中位只有 5.6%,产品同质、售价涨不动。", "2020→2022 成本通胀期毛利率变化 -1.2 个百分点;有息负债/EBITDA 12.5 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 58%),没有定价权:毛利率近 5 年中位 5.6%,稳定度 -67%。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 2.8%(经营现金流/市值 8.8%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 5.6%,稳定度 -67%,2020→2022 成本通胀期毛利率变化 -1.2 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 58%,资本开支/折旧 0.77 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 -32%,最大回撤 -40%,年化波动 48%,现价在 52 周高点的 61%;近 20 / 60 / 120 日 -11% / -13% / -28%。", "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%。", "爱旭股份:PE ;股息率 ;毛利率 比行业中位低 12.2个百分点;固定资产占比 比行业中位高 34.9个百分点。"]}}