{"F": {"ts_code": "920284.BJ", "name": "灵鸽科技", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "专用设备", "sw3": "其他专用设备", "ind": "专用设备", "fin_source": "tushare", "market": "北交所", "list_date": "20231219", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 17.38, "pe_ttm": null, "pb": 5.809, "dv_ttm": null, "total_mv": 182117.451, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [39.6, 27.5, 27.6, 28.9, 15.3, 17.9], "rev_series": [null, null, 3.2, 2.6, 2.1, 2.4], "np_series": [null, null, 0.4, 0.2, -0.4, -0.1], "roe_series": [28.1, 13.2, 20.0, 5.7, -13.4, -2.8], "period": "20260630", "rev_ttm": 2.8, "np_ttm": -0.2, "ocf_ttm": -0.7, "fcf_ttm": -1.0, "fcf_yield": -5.3, "ocf_yield": -3.7, "gm_median": 27.5, "gm_std": 5.7, "gm_stab": 0.79, "gm_chg_2022": -11.9, "npm_median": 6.5, "roe_median": 5.7, "commodity": false, "hard_ratio": 23.9, "fix_assets": 1.8, "goodwill_ratio": 0.0, "pb_calc": 5.81, "capex_dep": 2.89, "interest_debt": 0.9, "debt_ebitda": null, "debt_ratio": 57.6, "debt_mv": 4.9, "payout": 15.3, "div_years": 1, "rev_cagr3": -10.2, "np_cagr3": null, "rev_yoy": 62.7, "np_yoy": -167.9, "np_vol": 170.1, "loss_years": 2, "far_share": 100, "earn_yield": null, "consensus_n": 3, "fwd_pe": 57.9, "fwd_pe2": 29.3, "fwd_g1": null, "fwd_g2": 98.0, "peg": 0.59, "consensus_disp": null, "mainbz": [["自动化物料处理系统", 45.0], ["物料自动化处理产线", 45.0], ["单机设备", 6.0], ["房租及水电", 1.0]], "ret_prev_year": 144.3, "ret_prev2_year": 6.8, "ret_ytd": -53.3, "ret_pivot": 244.2, "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": 45, "hard": 38, "bondness": 28}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["TTM 归母净利 -0.2 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 58%,有息负债 1 亿,经营现金流/市值 -3.7%: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 24%,毛利率近 5 年中位 27.5%。", "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 -5.3%(经营现金流/市值 -3.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 27.5%,稳定度 79%,2020→2022 成本通胀期毛利率变化 -11.9 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 24%,资本开支/折旧 2.89 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?"]], "行业对照": ["同申万二级「专用设备」205 家中位:PE 42.3 / 股息率 1.1% / 毛利率 26.3% / 固定资产占比 18% / 分红率 44%。", "灵鸽科技:PE ;股息率 ;毛利率 比行业中位高 1.2个百分点;固定资产占比 比行业中位高 5.9个百分点。"]}}