{"F": {"ts_code": "688165.SH", "name": "埃夫特", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "自动化设备", "sw3": "机器人", "ind": "自动化设备", "fin_source": "tushare", "market": "科创板", "list_date": "20200715", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 15.37, "pe_ttm": null, "pb": 6.8916, "dv_ttm": null, "total_mv": 801975.86, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [12.3, 11.3, 10.6, 17.3, 17.2, 5.2], "rev_series": [11.3, 11.5, 13.3, 18.9, 13.7, 9.3], "np_series": [-1.7, -1.9, -1.7, -0.5, -1.6, -5.0], "roe_series": [-9.1, -9.7, -9.5, -2.7, -9.2, -35.1], "period": "20260630", "rev_ttm": 10.8, "np_ttm": -4.0, "ocf_ttm": -0.0, "fcf_ttm": -2.2, "fcf_yield": -2.7, "ocf_yield": -0.0, "gm_median": 11.3, "gm_std": 4.5, "gm_stab": 0.6, "gm_chg_2022": -1.6, "npm_median": -13.3, "roe_median": -9.5, "commodity": false, "hard_ratio": 12.1, "fix_assets": 4.3, "goodwill_ratio": 2.6, "pb_calc": 6.89, "capex_dep": 6.55, "interest_debt": 11.4, "debt_ebitda": null, "debt_ratio": 65.5, "debt_mv": 14.2, "payout": null, "div_years": 0, "rev_cagr3": -11.1, "np_cagr3": null, "rev_yoy": 28.9, "np_yoy": 62.5, "np_vol": 124.2, "loss_years": 5, "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", 34.0], ["机器人整机", 24.0], ["智能机器人", 24.0], ["系统集成设备", 9.0]], "ret_prev_year": -10.0, "ret_prev2_year": 130.4, "ret_ytd": -35.3, "ret_pivot": 105.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -14.6, "ret_60": -19.5, "ret_120": -18.9, "ret_250": -42.2, "mdd_250": -47.3, "vol_250": 53.1, "pos_52w": 53.4}, "S": {"duration": 100, "pricing": 33, "hard": 19, "bondness": 23}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -4.0 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 66%,有息负债 11 亿,经营现金流/市值 -0.0%: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 12%,毛利率近 5 年中位 11.3%。", "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 -2.7%(经营现金流/市值 -0.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 11.3%,稳定度 60%,2020→2022 成本通胀期毛利率变化 -1.6 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 12%,资本开支/折旧 6.55 倍。没有资产可言。"], ["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 -42%,最大回撤 -47%,年化波动 53%,现价在 52 周高点的 53%;近 20 / 60 / 120 日 -15% / -20% / -19%。", "行业对照": ["同申万二级「自动化设备」93 家中位:PE 77.4 / 股息率 0.7% / 毛利率 33.9% / 固定资产占比 14% / 分红率 42%。", "埃夫特:PE ;股息率 ;毛利率 比行业中位低 22.6个百分点;固定资产占比 比行业中位低 1.7个百分点。"]}}