{"F": {"ts_code": "688211.SH", "name": "中科微至", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "专用设备", "sw3": "其他专用设备", "ind": "专用设备", "fin_source": "tushare", "market": "科创板", "list_date": "20211026", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 30.65, "pe_ttm": null, "pb": 1.1337, "dv_ttm": null, "total_mv": 401799.7385, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [38.3, 28.6, 14.8, 24.3, 21.2, 19.5], "rev_series": [12.0, 22.1, 23.1, 19.6, 24.7, 25.4], "np_series": [2.1, 2.6, -1.2, 0.2, -0.8, -0.9], "roe_series": [37.9, 11.2, -3.2, 0.6, -2.4, -2.6], "period": "20260630", "rev_ttm": 26.6, "np_ttm": -0.2, "ocf_ttm": 2.1, "fcf_ttm": -1.0, "fcf_yield": -2.6, "ocf_yield": 5.3, "gm_median": 21.2, "gm_std": 4.6, "gm_stab": 0.78, "gm_chg_2022": -23.5, "npm_median": -3.4, "roe_median": -2.4, "commodity": false, "hard_ratio": 19.0, "fix_assets": 13.1, "goodwill_ratio": 0.0, "pb_calc": 1.13, "capex_dep": 3.68, "interest_debt": 0.3, "debt_ebitda": 0.4, "debt_ratio": 48.7, "debt_mv": 0.9, "payout": 99.2, "div_years": 2, "rev_cagr3": 3.1, "np_cagr3": null, "rev_yoy": 12.4, "np_yoy": 120.8, "np_vol": 217.9, "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": [["产品", 50.0], ["销售总集成式", 33.0], ["销售窄带机式", 5.0], ["销售交叉带分拣系统", 5.0]], "ret_prev_year": 5.3, "ret_prev2_year": -20.1, "ret_ytd": -0.5, "ret_pivot": 22.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.9, "ret_60": -5.3, "ret_120": -6.8, "ret_250": -14.3, "mdd_250": -30.6, "vol_250": 29.6, "pos_52w": 77.6}, "S": {"duration": 100, "pricing": 42, "hard": 30, "bondness": 53}, "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 -0.2 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 49%,有息负债 0 亿,经营现金流/市值 5.3%: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 19%,毛利率近 5 年中位 21.2%。", "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 -2.6%(经营现金流/市值 5.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 21.2%,稳定度 78%,2020→2022 成本通胀期毛利率变化 -23.5 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 19%,资本开支/折旧 3.68 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 -14%,最大回撤 -31%,年化波动 30%,现价在 52 周高点的 78%;近 20 / 60 / 120 日 2% / -5% / -7%。", "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%。", "中科微至:PE ;股息率 ;毛利率 比行业中位低 5.1个百分点;固定资产占比 比行业中位高 1.0个百分点。"]}}