{"F": {"ts_code": "HK.02865", "name": "钧达股份", "mkt": "HK", "ccy": "港元", "sw1": "新能源物料", "sw2": "新能源物料", "sw3": "", "ind": "新能源物料", "fin_source": "futu", "market": "主板", "list_date": "20250508", "is_fin": false, "roles": {"fin": false, "commodity": true, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 14.68, "pe_ttm": -2.824, "pb": 1.049, "dv_ttm": 0.0, "total_mv": 456938.56433599995, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [-6.8], "rev_series": [84.5], "np_series": [-15.7], "roe_series": [-38.0], "rev_ttm": 84.5, "np_ttm": -15.8, "ocf_ttm": 3.1, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 6.8, "gm_median": -6.8, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": -18.6, "roe_median": -38.0, "commodity": true, "hard_ratio": 48.6, "fix_assets": 87.7, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": -12.2, "debt_ratio": 77.7, "debt_mv": null, "payout": null, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -20.0, "np_yoy": -150.4, "np_vol": null, "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": [], "ret_prev_year": null, "ret_prev2_year": null, "ret_pivot": null, "prev_year": "", "prev2_year": "", "ret_ytd": -31.7, "ret_20": -14.3, "ret_60": -44.0, "ret_120": -62.9, "ret_250": -34.8, "mdd_250": null, "vol_250": null, "pos_52w": 27.9, "eps": -5.036}, "S": {"duration": 100, "pricing": 70, "hard": 78, "bondness": 13}, "label": "亏损或困境", "tags": ["商品定价"], "text": {"像什么": ["TTM 归母净利 -15.8 亿;PE 为负,估值指标失真。", "资产负债率 78%,有息负债 —,经营现金流/市值 6.8%: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": "硬资产占比 49%、毛利率 -6.8% 两条都占,但所在行业(新能源物料)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "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?", "经营现金流/市值 6.8%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。一般。"], ["能否每年提价而不掉量?", "毛利率最新年报 -6.8%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 49%。涨。"], ["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?"]], "价格行为": "近一年 -35%,现价在 52 周高点的 28%;近 20 / 60 / 120 日 -14% / -44% / -63%。", "行业对照": ["同富途行业「新能源物料」15 家中位:PE 82.4 / 股息率 0.0% / 毛利率 9.3% / 固定资产占比 28% / 分红率 59%。", "钧达股份:PE 比行业中位低 85.2倍;股息率 与行业中位持平;毛利率 比行业中位低 16.1个百分点;固定资产占比 比行业中位高 20.3个百分点。"]}}