{"F": {"ts_code": "688836.SH", "name": "宇树科技", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "自动化设备", "sw3": "机器人", "ind": "自动化设备", "fin_source": "tushare", "market": "科创板", "list_date": "20260819", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 530.3, "pe_ttm": 367.1253, "pb": 74.4752, "dv_ttm": null, "total_mv": 21448741.829, "trade_date": "20260904", "years": ["20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [44.9, 44.8, 57.2, 60.2], "rev_series": [1.2, 1.6, 3.9, 17.0], "np_series": [-0.2, -0.1, 1.0, 2.8], "roe_series": [-7.1, -3.7, 12.1, -1.6], "period": "20260630", "rev_ttm": 20.8, "np_ttm": 5.8, "ocf_ttm": 5.6, "fcf_ttm": 4.5, "fcf_yield": 0.2, "ocf_yield": 0.3, "gm_median": 51.1, "gm_std": 7.0, "gm_stab": 0.86, "gm_chg_2022": null, "npm_median": -5.6, "roe_median": -2.7, "commodity": false, "hard_ratio": 0.0, "fix_assets": 0.0, "goodwill_ratio": 0.0, "pb_calc": 74.48, "capex_dep": 17.11, "interest_debt": 1.0, "debt_ebitda": 0.3, "debt_ratio": 25.1, "debt_mv": 0.0, "payout": null, "div_years": 0, "rev_cagr3": 140.0, "np_cagr3": null, "rev_yoy": 48.5, "np_yoy": 955.6, "np_vol": 476.7, "loss_years": 2, "far_share": 99.0, "earn_yield": 0.3, "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": 63, "hard": 0, "bondness": 1}, "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 5.8 亿,近 5 年亏损 2 年;PE 367 倍(盈利极薄),估值指标失真。", "资产负债率 25%,有息负债 1 亿,经营现金流/市值 0.3%: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": "只占定价权一条(毛利率 51.1%),硬资产占比 0%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "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 0.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 51.1%,稳定度 86%。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 17.11 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 367.1 倍 粗算,约 99%(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「自动化设备」93 家中位:PE 77.4 / 股息率 0.7% / 毛利率 33.9% / 固定资产占比 14% / 分红率 42%。", "宇树科技:PE 比行业中位高 289.7倍;股息率 ;毛利率 比行业中位高 17.2个百分点;固定资产占比 比行业中位低 13.8个百分点。"]}}