{"F": {"ts_code": "920781.BJ", "name": "瑞奇智造", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "专用设备", "sw3": "能源及重型设备", "ind": "专用设备", "fin_source": "tushare", "market": "北交所", "list_date": "20221226", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 6.03, "pe_ttm": null, "pb": 2.7104, "dv_ttm": null, "total_mv": 93203.9336, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [30.3, 30.6, 30.1, 23.3, 19.6, 18.2], "rev_series": [1.6, 2.9, 3.4, 3.7, 4.5, 2.4], "np_series": [0.2, 0.4, 0.4, 0.2, 0.2, -0.5], "roe_series": [20.2, 31.8, 17.0, 6.5, 5.7, -12.3], "period": "20260630", "rev_ttm": 2.2, "np_ttm": -0.6, "ocf_ttm": 0.5, "fcf_ttm": 0.4, "fcf_yield": 4.8, "ocf_yield": 5.5, "gm_median": 23.3, "gm_std": 5.1, "gm_stab": 0.78, "gm_chg_2022": -0.2, "npm_median": 6.7, "roe_median": 6.5, "commodity": false, "hard_ratio": 26.7, "fix_assets": 1.7, "goodwill_ratio": 0.0, "pb_calc": 2.71, "capex_dep": 0.52, "interest_debt": 1.1, "debt_ebitda": null, "debt_ratio": 44.8, "debt_mv": 11.4, "payout": 20.1, "div_years": 3, "rev_cagr3": -10.8, "np_cagr3": null, "rev_yoy": -19.5, "np_yoy": -104.5, "np_vol": 137.6, "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", 34.0], ["装备制造", 32.0], ["制造收入", 32.0], ["安装工程", 1.0]], "ret_prev_year": 23.5, "ret_prev2_year": 17.9, "ret_ytd": -32.7, "ret_pivot": 69.0, "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": 43, "bondness": 30}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -0.6 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 45%,有息负债 1 亿,经营现金流/市值 5.5%: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": "两条都不占:固定资产占比 27%,毛利率近 5 年中位 23.3%。", "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 4.8%(经营现金流/市值 5.5%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 23.3%,稳定度 78%,2020→2022 成本通胀期毛利率变化 -0.2 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 27%,资本开支/折旧 0.52 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%。", "瑞奇智造:PE ;股息率 ;毛利率 比行业中位低 3.0个百分点;固定资产占比 比行业中位高 8.7个百分点。"]}}