{"F": {"ts_code": "603912.SH", "name": "佳力图", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "通用设备", "sw3": "制冷空调设备", "ind": "通用设备", "fin_source": "tushare", "market": "主板", "list_date": "20171101", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 9.15, "pe_ttm": null, "pb": 2.9658, "dv_ttm": null, "total_mv": 496228.5645, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [39.5, 33.1, 26.7, 25.4, 20.9, 14.7], "rev_series": [6.3, 6.7, 6.2, 6.4, 8.1, 7.4], "np_series": [1.2, 0.9, 0.4, 0.4, 0.4, -0.5], "roe_series": [13.3, 8.6, 3.6, 2.4, 1.9, -3.0], "period": "20260630", "rev_ttm": 7.2, "np_ttm": -1.0, "ocf_ttm": -1.0, "fcf_ttm": -2.9, "fcf_yield": -5.9, "ocf_yield": -2.1, "gm_median": 25.4, "gm_std": 6.1, "gm_stab": 0.76, "gm_chg_2022": -12.9, "npm_median": 5.6, "roe_median": 2.4, "commodity": false, "hard_ratio": 25.4, "fix_assets": 10.0, "goodwill_ratio": 0.0, "pb_calc": 2.89, "capex_dep": 5.63, "interest_debt": 13.6, "debt_ebitda": null, "debt_ratio": 56.3, "debt_mv": 27.3, "payout": 114.3, "div_years": 4, "rev_cagr3": 5.7, "np_cagr3": null, "rev_yoy": -6.0, "np_yoy": -283.9, "np_vol": 94.6, "loss_years": 1, "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", 42.0], ["精密空调", 24.0], ["机房环境一体化产品", 14.0], ["智能一体化机房产品", 14.0]], "ret_prev_year": 4.5, "ret_prev2_year": -5.4, "ret_ytd": 6.8, "ret_pivot": 59.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 17.9, "ret_60": 11.6, "ret_120": -5.7, "ret_250": -13.2, "mdd_250": -43.5, "vol_250": 50.2, "pos_52w": 76.8}, "S": {"duration": 100, "pricing": 43, "hard": 41, "bondness": 52}, "label": "亏损或困境", "tags": ["资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -1.0 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 56%,有息负债 14 亿,经营现金流/市值 -2.1%: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 25.4%。", "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 -5.9%(经营现金流/市值 -2.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 25.4%,稳定度 76%,2020→2022 成本通胀期毛利率变化 -12.9 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 25%,资本开支/折旧 5.63 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 -13%,最大回撤 -44%,年化波动 50%,现价在 52 周高点的 77%;近 20 / 60 / 120 日 18% / 12% / -6%。", "行业对照": ["同申万二级「通用设备」248 家中位:PE 50.6 / 股息率 0.8% / 毛利率 28.5% / 固定资产占比 21% / 分红率 45%。", "佳力图:PE ;股息率 ;毛利率 比行业中位低 3.1个百分点;固定资产占比 比行业中位高 4.6个百分点。"]}}