{"F": {"ts_code": "688290.SH", "name": "景业智能", "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": "20220429", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 63.35, "pe_ttm": null, "pb": 5.1168, "dv_ttm": 0.0789, "total_mv": 647371.7495, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [52.5, 44.6, 47.7, 47.8, 40.3, 25.7], "rev_series": [2.1, 3.5, 4.6, 2.6, 2.8, 2.0], "np_series": [0.5, 0.8, 1.2, 0.3, 0.4, -0.3], "roe_series": [30.6, 27.6, 17.8, 3.0, 3.0, -2.5], "period": "20260630", "rev_ttm": 1.9, "np_ttm": -0.5, "ocf_ttm": 0.5, "fcf_ttm": -0.2, "fcf_yield": -0.2, "ocf_yield": 0.8, "gm_median": 44.6, "gm_std": 8.2, "gm_stab": 0.82, "gm_chg_2022": -4.8, "npm_median": 13.7, "roe_median": 3.0, "commodity": false, "hard_ratio": 25.3, "fix_assets": 4.7, "goodwill_ratio": 4.2, "pb_calc": 5.12, "capex_dep": 4.01, "interest_debt": 0.9, "debt_ebitda": null, "debt_ratio": 27.6, "debt_mv": 1.4, "payout": 39.3, "div_years": 4, "rev_cagr3": -24.5, "np_cagr3": null, "rev_yoy": -4.5, "np_yoy": -511.4, "np_vol": 90.2, "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": [["核工业智能装备", 35.0], ["智能装备系统", 35.0], ["数智化系统", 25.0], ["其他主营", 2.0]], "ret_prev_year": 36.3, "ret_prev2_year": -8.2, "ret_ytd": 6.6, "ret_pivot": 157.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -8.7, "ret_60": 2.8, "ret_120": 25.5, "ret_250": 5.7, "mdd_250": -40.2, "vol_250": 54.3, "pos_52w": 82.8}, "S": {"duration": 100, "pricing": 55, "hard": 40, "bondness": 37}, "label": "亏损或困境", "tags": ["资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -0.5 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 28%,有息负债 1 亿,经营现金流/市值 0.8%: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 44.6%。", "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 -0.2%(经营现金流/市值 0.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 44.6%,稳定度 82%,2020→2022 成本通胀期毛利率变化 -4.8 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 4.01 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 6%,最大回撤 -40%,年化波动 54%,现价在 52 周高点的 83%;近 20 / 60 / 120 日 -9% / 3% / 26%。", "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%。", "景业智能:PE ;股息率 比行业中位低 0.6个百分点;毛利率 比行业中位高 10.7个百分点;固定资产占比 比行业中位高 11.5个百分点。"]}}