{"F": {"ts_code": "HK.03800", "name": "协鑫科技", "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": "20071113", "is_fin": false, "roles": {"fin": false, "commodity": true, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 0.725, "pe_ttm": -6.359, "pb": 0.553, "dv_ttm": 0.0, "total_mv": 2331460.9430425, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [9.3], "rev_series": [160.4], "np_series": [-32.5], "roe_series": [-7.5], "rev_ttm": 160.4, "np_ttm": -36.5, "ocf_ttm": -7.5, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": -3.2, "gm_median": 9.3, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": -20.3, "roe_median": -7.5, "commodity": true, "hard_ratio": 43.6, "fix_assets": 361.0, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": -5.2, "debt_ratio": 42.8, "debt_mv": null, "payout": null, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -0.1, "np_yoy": 45.9, "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": -31.6, "ret_20": -0.7, "ret_60": -7.1, "ret_120": -36.4, "ret_250": -39.1, "mdd_250": null, "vol_250": null, "pos_52w": 48.0, "eps": -0.099}, "S": {"duration": 100, "pricing": 70, "hard": 70, "bondness": 13}, "label": "亏损或困境", "tags": ["商品定价"], "text": {"像什么": ["TTM 归母净利 -36.5 亿;PE 为负,估值指标失真。", "资产负债率 43%,有息负债 —,经营现金流/市值 -3.2%: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 44%、毛利率 9.3% 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 -3.2%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率最新年报 9.3%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 44%。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 -39%,现价在 52 周高点的 48%;近 20 / 60 / 120 日 -1% / -7% / -36%。", "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%。", "协鑫科技:PE 比行业中位低 88.8倍;股息率 与行业中位持平;毛利率 与行业中位持平;固定资产占比 比行业中位高 15.3个百分点。"]}}