{"F": {"ts_code": "920717.BJ", "name": "瑞星股份", "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": "20230703", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 7.26, "pe_ttm": null, "pb": 1.5497, "dv_ttm": null, "total_mv": 83257.68, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [48.4, 48.3, 44.9, 39.9, 38.7, 30.4], "rev_series": [2.2, 2.1, 2.0, 1.7, 1.8, 1.5], "np_series": [0.4, 0.4, 0.4, 0.2, 0.2, -0.1], "roe_series": [10.6, 10.9, 8.8, 4.7, 2.8, -2.5], "period": "20260630", "rev_ttm": 1.2, "np_ttm": -0.3, "ocf_ttm": 0.3, "fcf_ttm": 0.2, "fcf_yield": 2.3, "ocf_yield": 3.0, "gm_median": 39.9, "gm_std": 6.1, "gm_stab": 0.85, "gm_chg_2022": -3.4, "npm_median": 13.6, "roe_median": 4.7, "commodity": false, "hard_ratio": 28.2, "fix_assets": 1.8, "goodwill_ratio": 0.0, "pb_calc": 1.55, "capex_dep": 0.34, "interest_debt": 0.4, "debt_ebitda": null, "debt_ratio": 13.5, "debt_mv": 4.3, "payout": 56.7, "div_years": 2, "rev_cagr3": -10.0, "np_cagr3": null, "rev_yoy": -36.4, "np_yoy": -414.3, "np_vol": 70.5, "loss_years": 1, "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", 27.0], ["调压设备销售", 20.0], ["调压设备销售：调压箱类", 11.0], ["调压箱", 11.0]], "ret_prev_year": 31.2, "ret_prev2_year": -7.0, "ret_ytd": -34.6, "ret_pivot": 54.5, "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": 55, "hard": 45, "bondness": 43}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -0.3 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 14%,有息负债 0 亿,经营现金流/市值 3.0%: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 39.9%),硬资产占比 28%。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 2.3%(经营现金流/市值 3.0%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 39.9%,稳定度 85%,2020→2022 成本通胀期毛利率变化 -3.4 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 28%,资本开支/折旧 0.34 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%。", "瑞星股份:PE ;股息率 ;毛利率 比行业中位高 13.6个百分点;固定资产占比 比行业中位高 10.2个百分点。"]}}