{"F": {"ts_code": "688348.SH", "name": "昱能科技", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "光伏设备", "sw3": "逆变器", "ind": "光伏设备", "fin_source": "tushare", "market": "科创板", "list_date": "20220608", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 30.85, "pe_ttm": null, "pb": 1.4771, "dv_ttm": null, "total_mv": 482115.779, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [38.4, 37.4, 39.3, 35.8, 31.0, 23.0], "rev_series": [4.9, 6.6, 13.4, 14.2, 17.7, 11.9], "np_series": [0.8, 1.0, 3.6, 2.2, 1.4, -1.3], "roe_series": [61.6, 42.5, 18.0, 6.0, 3.8, -3.8], "period": "20260630", "rev_ttm": 8.4, "np_ttm": -3.5, "ocf_ttm": -1.0, "fcf_ttm": -4.2, "fcf_yield": -8.7, "ocf_yield": -2.0, "gm_median": 35.8, "gm_std": 5.9, "gm_stab": 0.84, "gm_chg_2022": 0.9, "npm_median": 15.2, "roe_median": 6.0, "commodity": false, "hard_ratio": 6.5, "fix_assets": 2.8, "goodwill_ratio": 0.0, "pb_calc": 1.48, "capex_dep": 16.61, "interest_debt": 6.4, "debt_ebitda": null, "debt_ratio": 25.3, "debt_mv": 13.3, "payout": 47.6, "div_years": 3, "rev_cagr3": -3.9, "np_cagr3": null, "rev_yoy": -53.9, "np_yoy": -267.2, "np_vol": 144.9, "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", 50.0], ["微逆及能量通信产品", 30.0], ["智控关断器", 10.0], ["户用储能产品", 5.0]], "ret_prev_year": 4.1, "ret_prev2_year": -43.9, "ret_ytd": -38.8, "ret_pivot": -23.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -5.3, "ret_60": -14.6, "ret_120": -47.4, "ret_250": -37.3, "mdd_250": -56.0, "vol_250": 47.8, "pos_52w": 45.9}, "S": {"duration": 100, "pricing": 55, "hard": 10, "bondness": 40}, "label": "亏损或困境", "tags": ["资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -3.5 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 25%,有息负债 6 亿,经营现金流/市值 -2.0%: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 6%,毛利率近 5 年中位 35.8%。", "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 -8.7%(经营现金流/市值 -2.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 35.8%,稳定度 84%,2020→2022 成本通胀期毛利率变化 0.9 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 6%,资本开支/折旧 16.61 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 -37%,最大回撤 -56%,年化波动 48%,现价在 52 周高点的 46%;近 20 / 60 / 120 日 -5% / -15% / -47%。", "行业对照": ["同申万二级「光伏设备」73 家中位:PE 41.0 / 股息率 0.5% / 毛利率 17.8% / 固定资产占比 23% / 分红率 29%。", "昱能科技:PE ;股息率 ;毛利率 比行业中位高 18.0个百分点;固定资产占比 比行业中位低 16.1个百分点。"]}}