{"F": {"ts_code": "920578.BJ", "name": "巨能股份", "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": "北交所", "list_date": "20230512", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 17.26, "pe_ttm": 308.8522, "pb": 4.784, "dv_ttm": null, "total_mv": 132002.9214, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [36.9, 40.2, 28.3, 29.3, 25.2, 26.4], "rev_series": [1.5, 2.1, 2.7, 2.2, 2.5, 1.7], "np_series": [0.3, 0.3, 0.3, 0.2, -0.0, -0.0], "roe_series": [50.5, 34.6, 30.3, 12.4, -0.4, -0.8], "period": "20260630", "rev_ttm": 1.5, "np_ttm": 0.0, "ocf_ttm": 0.4, "fcf_ttm": 0.4, "fcf_yield": 3.1, "ocf_yield": 3.3, "gm_median": 28.3, "gm_std": 5.3, "gm_stab": 0.81, "gm_chg_2022": -8.6, "npm_median": 11.4, "roe_median": 12.4, "commodity": false, "hard_ratio": 10.8, "fix_assets": 0.4, "goodwill_ratio": 0.2, "pb_calc": 4.78, "capex_dep": 0.45, "interest_debt": 0.0, "debt_ebitda": 0.1, "debt_ratio": 26.0, "debt_mv": 0.0, "payout": null, "div_years": 0, "rev_cagr3": -15.5, "np_cagr3": null, "rev_yoy": -12.3, "np_yoy": 176.3, "np_vol": 47.3, "loss_years": 2, "far_share": 98.0, "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", 35.0], ["机器人自动线", 30.0], ["机器人自动化生产线", 30.0], ["钣金产品", 3.0]], "ret_prev_year": -1.1, "ret_prev2_year": 33.0, "ret_ytd": -33.7, "ret_pivot": 70.7, "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": 46, "hard": 17, "bondness": 20}, "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 2 年;PE 309 倍(盈利极薄),估值指标失真。", "资产负债率 26%,有息负债 0 亿,经营现金流/市值 3.3%: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": "两条都不占:固定资产占比 11%,毛利率近 5 年中位 28.3%。", "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 3.1%(经营现金流/市值 3.3%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 28.3%,稳定度 81%,2020→2022 成本通胀期毛利率变化 -8.6 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 11%,资本开支/折旧 0.45 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 308.9 倍 粗算,约 98%(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%。", "巨能股份:PE 比行业中位高 231.5倍;股息率 ;毛利率 比行业中位低 5.6个百分点;固定资产占比 比行业中位低 3.0个百分点。"]}}