{"F": {"ts_code": "603324.SH", "name": "盛剑科技", "mkt": "CN", "ccy": "元", "sw1": "环保", "sw2": "环保设备Ⅱ", "sw3": "环保设备Ⅲ", "ind": "环保设备Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20210407", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 25.5, "pe_ttm": null, "pb": 2.3546, "dv_ttm": null, "total_mv": 385007.466, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [27.8, 27.2, 28.0, 26.6, 28.8, 21.2], "rev_series": [9.4, 12.3, 13.3, 18.3, 14.5, 11.3], "np_series": [1.2, 1.5, 1.3, 1.7, 1.2, -0.2], "roe_series": [18.9, 14.6, 9.3, 11.0, 7.3, -1.0], "period": "20260630", "rev_ttm": 10.0, "np_ttm": -1.6, "ocf_ttm": -0.4, "fcf_ttm": -1.4, "fcf_yield": -3.6, "ocf_yield": -1.1, "gm_median": 27.2, "gm_std": 2.7, "gm_stab": 0.9, "gm_chg_2022": 0.2, "npm_median": 9.1, "roe_median": 9.3, "commodity": false, "hard_ratio": 23.2, "fix_assets": 8.3, "goodwill_ratio": 0.0, "pb_calc": 2.35, "capex_dep": 1.68, "interest_debt": 10.7, "debt_ebitda": null, "debt_ratio": 54.4, "debt_mv": 27.9, "payout": 17.6, "div_years": 4, "rev_cagr3": -5.4, "np_cagr3": null, "rev_yoy": -21.6, "np_yoy": -332.1, "np_vol": 51.4, "loss_years": 1, "far_share": 100, "earn_yield": null, "consensus_n": 1, "fwd_pe": 53.1, "fwd_pe2": 18.5, "fwd_g1": null, "fwd_g2": 188.0, "peg": 0.28, "consensus_disp": null, "mainbz": [["产品", 49.0], ["绿色厂务系统", 34.0], ["设备及关键零部件产品", 12.0], ["电子化学品等其他电子材料", 3.0]], "ret_prev_year": -3.9, "ret_prev2_year": 3.2, "ret_ytd": 2.9, "ret_pivot": 22.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -9.3, "ret_60": -24.6, "ret_120": 4.9, "ret_250": -8.4, "mdd_250": -58.1, "vol_250": 54.6, "pos_52w": 46.1}, "S": {"duration": 100, "pricing": 53, "hard": 37, "bondness": 29}, "label": "亏损或困境", "tags": ["PEG<0.8"], "text": {"像什么": ["TTM 归母净利 -1.6 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 54%,有息负债 11 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 23%,毛利率近 5 年中位 27.2%。", "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 -3.6%(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 27.2%,稳定度 90%,2020→2022 成本通胀期毛利率变化 0.2 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 23%,资本开支/折旧 1.68 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 -8%,最大回撤 -58%,年化波动 55%,现价在 52 周高点的 46%;近 20 / 60 / 120 日 -9% / -25% / 5%。", "行业对照": ["同申万二级「环保设备Ⅱ」27 家中位:PE 34.2 / 股息率 1.0% / 毛利率 27.4% / 固定资产占比 17% / 分红率 41%。", "盛剑科技:PE ;股息率 ;毛利率 比行业中位低 0.2个百分点;固定资产占比 比行业中位高 5.8个百分点。"]}}