{"F": {"ts_code": "688339.SH", "name": "亿华通", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "电池", "sw3": "燃料电池", "ind": "电池", "fin_source": "tushare", "market": "科创板", "list_date": "20200810", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 17.58, "pe_ttm": null, "pb": 2.2537, "dv_ttm": null, "total_mv": 422855.4318, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [43.7, 37.9, 38.4, 32.5, 12.5, 29.2], "rev_series": [5.7, 6.3, 7.4, 8.0, 3.7, 2.6], "np_series": [-0.2, -1.6, -1.7, -2.4, -4.6, -6.7], "roe_series": [-1.4, -6.8, -6.9, -9.0, -16.3, -29.6], "period": "20260630", "rev_ttm": 2.6, "np_ttm": -6.1, "ocf_ttm": 0.2, "fcf_ttm": -0.3, "fcf_yield": -0.6, "ocf_yield": 0.4, "gm_median": 32.5, "gm_std": 9.5, "gm_stab": 0.71, "gm_chg_2022": -5.3, "npm_median": -37.5, "roe_median": -9.0, "commodity": false, "hard_ratio": 10.1, "fix_assets": 3.5, "goodwill_ratio": 0.0, "pb_calc": 2.25, "capex_dep": 0.72, "interest_debt": 4.2, "debt_ebitda": null, "debt_ratio": 41.1, "debt_mv": 9.9, "payout": null, "div_years": 0, "rev_cagr3": -29.5, "np_cagr3": null, "rev_yoy": 2.8, "np_yoy": 36.2, "np_vol": 230.8, "loss_years": 5, "far_share": 100, "earn_yield": null, "consensus_n": 1, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 45.0], ["燃料电池系统", 26.0], ["其他主营业务", 11.0], ["其他", 11.0]], "ret_prev_year": 11.9, "ret_prev2_year": -26.2, "ret_ytd": -34.8, "ret_pivot": -6.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.2, "ret_60": -8.7, "ret_120": -46.3, "ret_250": -28.1, "mdd_250": -55.4, "vol_250": 57.5, "pos_52w": 49.1}, "S": {"duration": 100, "pricing": 45, "hard": 16, "bondness": 23}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -6.1 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 41%,有息负债 4 亿,经营现金流/市值 0.4%: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 10%,毛利率近 5 年中位 32.5%。", "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 -0.6%(经营现金流/市值 0.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 32.5%,稳定度 71%,2020→2022 成本通胀期毛利率变化 -5.3 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 10%,资本开支/折旧 0.72 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 -28%,最大回撤 -55%,年化波动 58%,现价在 52 周高点的 49%;近 20 / 60 / 120 日 -1% / -9% / -46%。", "行业对照": ["同申万二级「电池」111 家中位:PE 35.8 / 股息率 0.7% / 毛利率 17.8% / 固定资产占比 28% / 分红率 36%。", "亿华通:PE ;股息率 ;毛利率 比行业中位高 14.7个百分点;固定资产占比 比行业中位低 17.7个百分点。"]}}