{"F": {"ts_code": "688828.SH", "name": "国仪公司", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "通用设备", "sw3": "仪器仪表", "ind": "通用设备", "fin_source": "tushare", "market": "科创板", "list_date": "20260811", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 91.0, "pe_ttm": null, "pb": 52.4684, "dv_ttm": null, "total_mv": 3640091.0, "trade_date": "20260904", "years": ["20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [27.5, 33.3, 40.4, 47.0], "rev_series": [1.5, 4.0, 5.0, 6.7], "np_series": [-1.2, -1.4, -0.7, -0.1], "roe_series": [-14.1, -17.0, -9.9, -0.8], "period": "20260630", "rev_ttm": 7.5, "np_ttm": -0.0, "ocf_ttm": -0.2, "fcf_ttm": -0.8, "fcf_yield": -0.2, "ocf_yield": -0.1, "gm_median": 36.9, "gm_std": 7.3, "gm_stab": 0.8, "gm_chg_2022": null, "npm_median": -26.8, "roe_median": -12.0, "commodity": false, "hard_ratio": 0.0, "fix_assets": 0.0, "goodwill_ratio": 1.9, "pb_calc": 52.47, "capex_dep": 1.75, "interest_debt": 3.7, "debt_ebitda": 8.2, "debt_ratio": 51.4, "debt_mv": 1.0, "payout": null, "div_years": 0, "rev_cagr3": 63.8, "np_cagr3": null, "rev_yoy": 51.0, "np_yoy": 3.1, "np_vol": 43.6, "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": [["产品", 50.0], ["主营业务", 49.0], ["其他业务", 1.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": null, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": null, "ret_60": null, "ret_120": null, "ret_250": null, "mdd_250": null, "vol_250": null, "pos_52w": null}, "S": {"duration": 100, "pricing": 54, "hard": 0, "bondness": 15}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.0 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 51%,有息负债 4 亿,经营现金流/市值 -0.1%: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 0%,毛利率近 5 年中位 36.9%。", "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 -0.2%(经营现金流/市值 -0.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 36.9%,稳定度 80%。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 0%,资本开支/折旧 1.75 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?"]], "行业对照": ["同申万二级「通用设备」248 家中位:PE 50.6 / 股息率 0.8% / 毛利率 28.5% / 固定资产占比 21% / 分红率 45%。", "国仪公司:PE ;股息率 ;毛利率 比行业中位高 8.4个百分点;固定资产占比 比行业中位低 20.8个百分点。"]}}