{"F": {"ts_code": "601012.SH", "name": "隆基绿能", "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": "20120411", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 11.77, "pe_ttm": null, "pb": 1.8522, "dv_ttm": null, "total_mv": 8919387.3307, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [24.6, 20.2, 15.4, 18.3, 7.4, 0.8], "rev_series": [545.8, 809.3, 1290.0, 1295.0, 825.8, 703.5], "np_series": [85.5, 90.9, 148.1, 107.5, -86.2, -64.2], "roe_series": [27.3, 22.0, 27.0, 16.2, -13.1, -11.1], "period": "20260630", "rev_ttm": 645.8, "np_ttm": -75.3, "ocf_ttm": -9.7, "fcf_ttm": -43.1, "fcf_yield": -4.8, "ocf_yield": -1.1, "gm_median": 15.4, "gm_std": 7.3, "gm_stab": 0.53, "gm_chg_2022": -9.2, "npm_median": 8.3, "roe_median": 16.2, "commodity": false, "hard_ratio": 25.0, "fix_assets": 369.3, "goodwill_ratio": 0.2, "pb_calc": 1.83, "capex_dep": 0.44, "interest_debt": 377.6, "debt_ebitda": 11.9, "debt_ratio": 66.1, "debt_mv": 42.3, "payout": 12.0, "div_years": 3, "rev_cagr3": -18.3, "np_cagr3": null, "rev_yoy": -17.6, "np_yoy": -43.4, "np_vol": 84.0, "loss_years": 2, "far_share": 100, "earn_yield": null, "consensus_n": 12, "fwd_pe": null, "fwd_pe2": 31.0, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["光伏产品销售", 46.0], ["其他业务", 2.0], ["电站业务", 1.0]], "ret_prev_year": 15.8, "ret_prev2_year": -30.9, "ret_ytd": -35.3, "ret_pivot": -7.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -9.0, "ret_60": -13.7, "ret_120": -37.6, "ret_250": -29.8, "mdd_250": -49.0, "vol_250": 38.6, "pos_52w": 51.6}, "S": {"duration": 100, "pricing": 30, "hard": 40, "bondness": 39}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -75.3 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 66%,有息负债 378 亿,经营现金流/市值 -1.1%: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 25%,毛利率近 5 年中位 15.4%。", "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 -1.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 15.4%,稳定度 53%,2020→2022 成本通胀期毛利率变化 -9.2 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 25%,资本开支/折旧 0.44 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 -30%,最大回撤 -49%,年化波动 39%,现价在 52 周高点的 52%;近 20 / 60 / 120 日 -9% / -14% / -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%。", "隆基绿能:PE ;股息率 ;毛利率 比行业中位低 2.4个百分点;固定资产占比 比行业中位高 2.4个百分点。"]}}