{"F": {"ts_code": "603212.SH", "name": "赛伍技术", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "光伏设备", "sw3": "光伏辅材", "ind": "光伏设备", "fin_source": "tushare", "market": "主板", "list_date": "20200430", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 11.15, "pe_ttm": null, "pb": 2.0339, "dv_ttm": null, "total_mv": 487802.019, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [18.0, 14.6, 13.0, 10.7, 4.4, 1.5], "rev_series": [21.8, 30.2, 41.2, 41.7, 30.0, 26.2], "np_series": [1.9, 1.7, 1.7, 1.0, -2.8, -2.7], "roe_series": [12.2, 8.3, 6.6, 3.5, -10.1, -10.6], "period": "20260630", "rev_ttm": 25.3, "np_ttm": -2.0, "ocf_ttm": 0.9, "fcf_ttm": 0.4, "fcf_yield": 0.8, "ocf_yield": 1.8, "gm_median": 10.7, "gm_std": 5.1, "gm_stab": 0.53, "gm_chg_2022": -4.9, "npm_median": 2.5, "roe_median": 3.5, "commodity": false, "hard_ratio": 25.2, "fix_assets": 10.1, "goodwill_ratio": 0.6, "pb_calc": 2.03, "capex_dep": 0.4, "interest_debt": 8.7, "debt_ebitda": null, "debt_ratio": 38.9, "debt_mv": 17.8, "payout": 30.0, "div_years": 3, "rev_cagr3": -14.0, "np_cagr3": null, "rev_yoy": -6.5, "np_yoy": 94.5, "np_vol": 146.3, "loss_years": 2, "far_share": 100, "earn_yield": null, "consensus_n": 3, "fwd_pe": 76.0, "fwd_pe2": 44.0, "fwd_g1": null, "fwd_g2": 73.0, "peg": 1.04, "consensus_disp": null, "mainbz": [["产品", 43.0], ["光伏材料", 28.0], ["半导体、电气、交通运输工具材料(SET)", 11.0], ["半导体、电气、交通运输工具材料", 11.0]], "ret_prev_year": 40.4, "ret_prev2_year": -41.1, "ret_ytd": -22.0, "ret_pivot": 15.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -2.6, "ret_60": -28.8, "ret_120": -21.8, "ret_250": -5.4, "mdd_250": -48.2, "vol_250": 54.5, "pos_52w": 60.7}, "S": {"duration": 100, "pricing": 28, "hard": 40, "bondness": 34}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -2.0 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 39%,有息负债 9 亿,经营现金流/市值 1.8%: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 10.7%。", "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 0.8%(经营现金流/市值 1.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 10.7%,稳定度 53%,2020→2022 成本通胀期毛利率变化 -4.9 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 0.40 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 -5%,最大回撤 -48%,年化波动 54%,现价在 52 周高点的 61%;近 20 / 60 / 120 日 -3% / -29% / -22%。", "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%。", "赛伍技术:PE ;股息率 ;毛利率 比行业中位低 7.1个百分点;固定资产占比 比行业中位高 2.6个百分点。"]}}