{"F": {"ts_code": "920985.BJ", "name": "海泰新能", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "光伏设备", "sw3": "光伏电池组件", "ind": "光伏设备", "fin_source": "tushare", "market": "北交所", "list_date": "20220808", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 4.97, "pe_ttm": null, "pb": 2.9608, "dv_ttm": null, "total_mv": 153809.6714, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [12.2, 7.9, 5.9, 14.4, 19.6, -5.0], "rev_series": [26.5, 45.3, 63.9, 41.0, 37.2, 16.5], "np_series": [0.6, 1.5, 1.2, 1.3, 1.9, -6.7], "roe_series": [12.3, 25.9, 12.7, 9.9, 13.9, -64.5], "period": "20260630", "rev_ttm": 11.0, "np_ttm": -6.9, "ocf_ttm": -11.4, "fcf_ttm": -14.9, "fcf_yield": -97.2, "ocf_yield": -74.4, "gm_median": 7.9, "gm_std": 8.4, "gm_stab": -0.06, "gm_chg_2022": -6.3, "npm_median": 3.0, "roe_median": 12.7, "commodity": false, "hard_ratio": 21.0, "fix_assets": 12.0, "goodwill_ratio": 0.0, "pb_calc": 2.96, "capex_dep": 3.05, "interest_debt": 9.6, "debt_ebitda": null, "debt_ratio": 90.7, "debt_mv": 62.7, "payout": 45.2, "div_years": 3, "rev_cagr3": -36.3, "np_cagr3": null, "rev_yoy": -49.9, "np_yoy": -3.3, "np_vol": 206.6, "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": [["工程收入", 31.0], ["光伏组件", 30.0], ["焊带收入", 18.0], ["其他主营业务", 6.0]], "ret_prev_year": -26.3, "ret_prev2_year": 17.2, "ret_ytd": -30.9, "ret_pivot": 2.7, "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": 8, "hard": 34, "bondness": 39}, "label": "亏损或困境", "tags": ["资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -6.9 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 91%,有息负债 10 亿,经营现金流/市值 -74.4%: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 21%,毛利率近 5 年中位 7.9%。", "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 -97.2%(经营现金流/市值 -74.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 7.9%,稳定度 -6%,2020→2022 成本通胀期毛利率变化 -6.3 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 21%,资本开支/折旧 3.05 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「光伏设备」73 家中位:PE 41.0 / 股息率 0.5% / 毛利率 17.8% / 固定资产占比 23% / 分红率 29%。", "海泰新能:PE ;股息率 ;毛利率 比行业中位低 9.9个百分点;固定资产占比 比行业中位低 1.6个百分点。"]}}