{"F": {"ts_code": "688660.SH", "name": "电气风电", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "风电设备", "sw3": "风电整机", "ind": "风电设备", "fin_source": "tushare", "market": "科创板", "list_date": "20210519", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 8.42, "pe_ttm": null, "pb": 3.1084, "dv_ttm": null, "total_mv": 1122666.7228, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [13.6, 16.4, 14.2, 6.6, 6.9, 4.8], "rev_series": [206.9, 239.7, 120.8, 101.1, 104.4, 136.8], "np_series": [4.2, 5.1, -3.4, -12.7, -7.8, -9.9], "roe_series": [10.1, 8.5, -4.6, -19.5, -14.3, -21.4], "period": "20260630", "rev_ttm": 166.7, "np_ttm": -12.5, "ocf_ttm": -22.2, "fcf_ttm": -26.0, "fcf_yield": -23.2, "ocf_yield": -19.8, "gm_median": 6.9, "gm_std": 4.6, "gm_stab": 0.33, "gm_chg_2022": 0.6, "npm_median": -7.3, "roe_median": -14.3, "commodity": false, "hard_ratio": 9.0, "fix_assets": 32.2, "goodwill_ratio": 0.0, "pb_calc": 3.11, "capex_dep": 1.0, "interest_debt": 51.7, "debt_ebitda": null, "debt_ratio": 89.9, "debt_mv": 46.0, "payout": null, "div_years": 1, "rev_cagr3": 4.3, "np_cagr3": null, "rev_yoy": 112.3, "np_yoy": -94.2, "np_vol": 121.0, "loss_years": 4, "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": [["销售产品", 96.0], ["提供服务", 3.0], ["风电场发电", 0.0], ["电力销售", 0.0]], "ret_prev_year": 89.0, "ret_prev2_year": 75.1, "ret_ytd": -50.5, "ret_pivot": 178.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -5.2, "ret_60": -8.0, "ret_120": -45.5, "ret_250": -54.7, "mdd_250": -71.2, "vol_250": 62.2, "pos_52w": 32.9}, "S": {"duration": 100, "pricing": 23, "hard": 14, "bondness": 19}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -12.5 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 90%,有息负债 52 亿,经营现金流/市值 -19.8%: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 9%,毛利率近 5 年中位 6.9%。", "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 -23.2%(经营现金流/市值 -19.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 6.9%,稳定度 33%,2020→2022 成本通胀期毛利率变化 0.6 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 9%,资本开支/折旧 1.00 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 -55%,最大回撤 -71%,年化波动 62%,现价在 52 周高点的 33%;近 20 / 60 / 120 日 -5% / -8% / -46%。", "行业对照": ["同申万二级「风电设备」31 家中位:PE 32.3 / 股息率 0.9% / 毛利率 17.3% / 固定资产占比 28% / 分红率 32%。", "电气风电:PE ;股息率 ;毛利率 比行业中位低 10.4个百分点;固定资产占比 比行业中位低 19.3个百分点。"]}}