{"F": {"ts_code": "688556.SH", "name": "高测股份", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "光伏设备", "sw3": "光伏加工设备", "ind": "光伏设备", "fin_source": "tushare", "market": "科创板", "list_date": "20200807", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 7.87, "pe_ttm": null, "pb": 1.8964, "dv_ttm": null, "total_mv": 653819.0593, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [35.3, 33.7, 41.5, 42.5, 19.0, 14.4], "rev_series": [7.5, 15.7, 35.7, 61.8, 44.7, 36.5], "np_series": [0.6, 1.7, 7.9, 14.6, -0.4, -0.4], "roe_series": [8.5, 16.2, 49.0, 47.7, -1.1, -1.1], "period": "20260630", "rev_ttm": 37.8, "np_ttm": -4.4, "ocf_ttm": 4.7, "fcf_ttm": 4.2, "fcf_yield": 6.4, "ocf_yield": 7.3, "gm_median": 33.7, "gm_std": 11.6, "gm_stab": 0.66, "gm_chg_2022": 6.2, "npm_median": 11.0, "roe_median": 16.2, "commodity": false, "hard_ratio": 11.6, "fix_assets": 9.0, "goodwill_ratio": 0.0, "pb_calc": 1.9, "capex_dep": 0.17, "interest_debt": 18.8, "debt_ebitda": 7.3, "debt_ratio": 55.5, "debt_mv": 28.7, "payout": 32.7, "div_years": 4, "rev_cagr3": 0.7, "np_cagr3": null, "rev_yoy": 9.1, "np_yoy": -453.2, "np_vol": 157.6, "loss_years": 2, "far_share": 100, "earn_yield": null, "consensus_n": 9, "fwd_pe": null, "fwd_pe2": 25.5, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 41.0], ["硅片及切割加工服务", 22.0], ["切割耗材", 8.0], ["光伏切割耗材", 8.0]], "ret_prev_year": 45.3, "ret_prev2_year": -53.2, "ret_ytd": -31.1, "ret_pivot": 23.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -11.0, "ret_60": -26.4, "ret_120": -52.1, "ret_250": -34.5, "mdd_250": -57.1, "vol_250": 69.4, "pos_52w": 44.1}, "S": {"duration": 100, "pricing": 51, "hard": 19, "bondness": 46}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -4.4 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 56%,有息负债 19 亿,经营现金流/市值 7.3%: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 12%,毛利率近 5 年中位 33.7%。", "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 6.4%(经营现金流/市值 7.3%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 33.7%,稳定度 66%,2020→2022 成本通胀期毛利率变化 6.2 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 12%,资本开支/折旧 0.17 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 -34%,最大回撤 -57%,年化波动 69%,现价在 52 周高点的 44%;近 20 / 60 / 120 日 -11% / -26% / -52%。", "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%。", "高测股份:PE ;股息率 ;毛利率 比行业中位高 15.9个百分点;固定资产占比 比行业中位低 11.0个百分点。"]}}