{"F": {"ts_code": "601106.SH", "name": "中国一重", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "专用设备", "sw3": "能源及重型设备", "ind": "专用设备", "fin_source": "tushare", "market": "主板", "list_date": "20100209", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 3.03, "pe_ttm": null, "pb": 4.0126, "dv_ttm": null, "total_mv": 2077908.2187, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [10.0, 8.9, 10.4, 6.3, 2.2, 13.3], "rev_series": [199.0, 231.3, 238.9, 171.7, 166.2, 98.2], "np_series": [1.3, 1.7, 1.0, -27.1, -37.4, -3.1], "roe_series": [1.2, 1.5, 0.9, -26.1, -52.0, -5.9], "period": "20260630", "rev_ttm": 94.2, "np_ttm": -2.1, "ocf_ttm": 14.8, "fcf_ttm": 5.8, "fcf_yield": 2.8, "ocf_yield": 7.1, "gm_median": 8.9, "gm_std": 3.8, "gm_stab": 0.58, "gm_chg_2022": 0.5, "npm_median": -1.2, "roe_median": -5.9, "commodity": false, "hard_ratio": 19.9, "fix_assets": 74.7, "goodwill_ratio": 0.0, "pb_calc": 4.01, "capex_dep": 1.57, "interest_debt": 205.4, "debt_ebitda": 24.0, "debt_ratio": 82.8, "debt_mv": 98.9, "payout": null, "div_years": 0, "rev_cagr3": -25.6, "np_cagr3": null, "rev_yoy": -8.4, "np_yoy": 97.4, "np_vol": 1087.6, "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": [["销售商品", 33.0], ["产品", 33.0], ["工程总包", 11.0], ["高端装备设备", 9.0]], "ret_prev_year": 37.1, "ret_prev2_year": 1.0, "ret_ytd": -24.1, "ret_pivot": 31.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -4.4, "ret_60": -11.4, "ret_120": -36.1, "ret_250": -1.3, "mdd_250": -57.7, "vol_250": 51.2, "pos_52w": 45.9}, "S": {"duration": 100, "pricing": 33, "hard": 32, "bondness": 35}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -2.1 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 83%,有息负债 205 亿,经营现金流/市值 7.1%: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 20%,毛利率近 5 年中位 8.9%。", "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 2.8%(经营现金流/市值 7.1%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 8.9%,稳定度 58%,2020→2022 成本通胀期毛利率变化 0.5 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 20%,资本开支/折旧 1.57 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 -1%,最大回撤 -58%,年化波动 51%,现价在 52 周高点的 46%;近 20 / 60 / 120 日 -4% / -11% / -36%。", "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%。", "中国一重:PE ;股息率 ;毛利率 比行业中位低 17.4个百分点;固定资产占比 比行业中位高 1.9个百分点。"]}}