{"F": {"ts_code": "600843.SH", "name": "上工申贝", "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": "19940311", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 7.18, "pe_ttm": null, "pb": 1.9271, "dv_ttm": null, "total_mv": 512053.547, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [24.8, 23.4, 23.8, 24.7, 17.6, 16.7], "rev_series": [30.6, 31.2, 33.3, 37.9, 44.1, 43.5], "np_series": [0.8, 0.6, 0.7, 0.9, -2.4, -1.4], "roe_series": [3.6, 2.3, 2.3, 2.8, -7.7, -5.0], "period": "20260630", "rev_ttm": 43.7, "np_ttm": -1.2, "ocf_ttm": -1.0, "fcf_ttm": -2.5, "fcf_yield": -4.8, "ocf_yield": -2.0, "gm_median": 23.4, "gm_std": 3.4, "gm_stab": 0.86, "gm_chg_2022": -0.9, "npm_median": 2.4, "roe_median": 2.3, "commodity": false, "hard_ratio": 15.1, "fix_assets": 10.0, "goodwill_ratio": 0.7, "pb_calc": 1.93, "capex_dep": 1.27, "interest_debt": 20.2, "debt_ebitda": null, "debt_ratio": 54.1, "debt_mv": 39.5, "payout": 39.2, "div_years": 3, "rev_cagr3": 9.3, "np_cagr3": null, "rev_yoy": 0.9, "np_yoy": 28.1, "np_vol": 155.1, "loss_years": 2, "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], ["合计特别调整", 17.0], ["工业缝纫机", 13.0], ["汽车内饰件及其模具", 12.0]], "ret_prev_year": -0.3, "ret_prev2_year": 121.9, "ret_ytd": -42.7, "ret_pivot": 3.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.4, "ret_60": -12.0, "ret_120": -33.6, "ret_250": -39.0, "mdd_250": -54.6, "vol_250": 43.1, "pos_52w": 52.3}, "S": {"duration": 100, "pricing": 49, "hard": 24, "bondness": 27}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -1.2 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 54%,有息负债 20 亿,经营现金流/市值 -2.0%: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 15%,毛利率近 5 年中位 23.4%。", "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 -4.8%(经营现金流/市值 -2.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 23.4%,稳定度 86%,2020→2022 成本通胀期毛利率变化 -0.9 个百分点。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 15%,资本开支/折旧 1.27 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 -39%,最大回撤 -55%,年化波动 43%,现价在 52 周高点的 52%;近 20 / 60 / 120 日 1% / -12% / -34%。", "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%。", "上工申贝:PE ;股息率 ;毛利率 比行业中位低 2.9个百分点;固定资产占比 比行业中位低 2.9个百分点。"]}}