{"F": {"ts_code": "920375.BJ", "name": "派诺科技", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "电网设备", "sw3": "电网自动化设备", "ind": "电网设备", "fin_source": "tushare", "market": "北交所", "list_date": "20231214", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 6.93, "pe_ttm": null, "pb": 1.3975, "dv_ttm": 0.5154, "total_mv": 105415.9653, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [47.0, 42.2, 38.1, 40.4, 39.8, 31.9], "rev_series": [null, null, 6.1, 6.0, 5.8, 7.1], "np_series": [null, null, 0.6, 0.5, 0.3, 0.1], "roe_series": [6.4, 12.1, 10.8, 7.9, 4.0, 1.3], "period": "20260630", "rev_ttm": 6.6, "np_ttm": -0.3, "ocf_ttm": 0.5, "fcf_ttm": 0.3, "fcf_yield": 2.9, "ocf_yield": 4.5, "gm_median": 39.8, "gm_std": 3.5, "gm_stab": 0.91, "gm_chg_2022": -8.9, "npm_median": 9.3, "roe_median": 7.9, "commodity": false, "hard_ratio": 17.1, "fix_assets": 2.0, "goodwill_ratio": 0.3, "pb_calc": 1.4, "capex_dep": 1.07, "interest_debt": 0.1, "debt_ebitda": 0.2, "debt_ratio": 36.6, "debt_mv": 0.6, "payout": 40.2, "div_years": 2, "rev_cagr3": 4.9, "np_cagr3": -45.5, "rev_yoy": -18.7, "np_yoy": -945.2, "np_vol": 61.2, "loss_years": 0, "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], ["智能电力测控装置", 13.0], ["智能电力测控产品", 13.0], ["电动汽车充电设备及系统", 9.0]], "ret_prev_year": -8.3, "ret_prev2_year": -14.4, "ret_ytd": -25.5, "ret_pivot": 46.5, "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": 56, "hard": 27, "bondness": 33}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -0.3 亿,近 5 年亏损 0 年;PE 为负,估值指标失真。", "资产负债率 37%,有息负债 0 亿,经营现金流/市值 4.5%: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 39.8%),硬资产占比 17%。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 2.9%(经营现金流/市值 4.5%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 39.8%,稳定度 91%,2020→2022 成本通胀期毛利率变化 -8.9 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 17%,资本开支/折旧 1.07 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「电网设备」141 家中位:PE 43.5 / 股息率 1.0% / 毛利率 23.5% / 固定资产占比 15% / 分红率 40%。", "派诺科技:PE ;股息率 比行业中位低 0.5个百分点;毛利率 比行业中位高 16.3个百分点;固定资产占比 比行业中位高 2.2个百分点。"]}}