{"F": {"ts_code": "688573.SH", "name": "信宇人", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "电池", "sw3": "锂电专用设备", "ind": "电池", "fin_source": "tushare", "market": "科创板", "list_date": "20230817", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 16.55, "pe_ttm": null, "pb": 5.3808, "dv_ttm": null, "total_mv": 161783.532, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [30.6, 27.2, 23.8, 31.2, 20.3, -8.2], "rev_series": [2.4, 5.4, 6.7, 5.9, 6.2, 2.6], "np_series": [0.1, 0.6, 0.7, 0.6, -0.6, -4.7], "roe_series": [9.7, 25.3, 19.8, 8.9, -7.2, -78.3], "period": "20260630", "rev_ttm": 3.8, "np_ttm": -4.8, "ocf_ttm": -0.7, "fcf_ttm": -1.7, "fcf_yield": -10.7, "ocf_yield": -4.6, "gm_median": 23.8, "gm_std": 14.0, "gm_stab": 0.41, "gm_chg_2022": -6.8, "npm_median": 9.8, "roe_median": 8.9, "commodity": false, "hard_ratio": 19.4, "fix_assets": 5.0, "goodwill_ratio": 0.0, "pb_calc": 5.38, "capex_dep": 4.0, "interest_debt": 4.3, "debt_ebitda": null, "debt_ratio": 88.4, "debt_mv": 26.4, "payout": 55.6, "div_years": 1, "rev_cagr3": -26.9, "np_cagr3": null, "rev_yoy": 139.5, "np_yoy": -11.8, "np_vol": 285.0, "loss_years": 2, "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", 33.0], ["锂电池干燥设备", 29.0], ["干燥设备", 29.0], ["其他锂电设备及关键零部件", 2.0]], "ret_prev_year": 46.2, "ret_prev2_year": -47.3, "ret_ytd": -27.4, "ret_pivot": 29.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.1, "ret_60": -8.4, "ret_120": -23.8, "ret_250": -45.1, "mdd_250": -59.1, "vol_250": 47.3, "pos_52w": 50.3}, "S": {"duration": 100, "pricing": 30, "hard": 31, "bondness": 42}, "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 -4.8 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 88%,有息负债 4 亿,经营现金流/市值 -4.6%: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 23.8%。", "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 -10.7%(经营现金流/市值 -4.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 23.8%,稳定度 41%,2020→2022 成本通胀期毛利率变化 -6.8 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 19%,资本开支/折旧 4.00 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 -45%,最大回撤 -59%,年化波动 47%,现价在 52 周高点的 50%;近 20 / 60 / 120 日 4% / -8% / -24%。", "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%。", "信宇人:PE ;股息率 ;毛利率 比行业中位高 6.0个百分点;固定资产占比 比行业中位低 8.4个百分点。"]}}