{"F": {"ts_code": "US.JKS", "name": "晶科能源", "mkt": "US", "ccy": "美元", "sw1": "太阳能", "sw2": "太阳能", "sw3": "", "ind": "太阳能", "fin_source": "futu", "market": "NYSE", "list_date": "20100514", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 11.98, "pe_ttm": -1.238, "pb": 0.288, "dv_ttm": 12.54, "total_mv": 62739.485224000004, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [2.2], "rev_series": [93.6], "np_series": [-10.2], "roe_series": [-25.0], "rev_ttm": 93.6, "np_ttm": -5.0, "ocf_ttm": 1.5, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 24.6, "gm_median": 2.2, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": -10.9, "roe_median": -25.0, "commodity": false, "hard_ratio": 24.0, "fix_assets": 41.4, "hard_note": "PP&E 毛额 × 0.5 近似净额", "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 0.3, "debt_ratio": 77.2, "debt_mv": null, "payout": null, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -25.9, "np_yoy": -55108.5, "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": -49.7, "ret_20": -29.6, "ret_60": -25.6, "ret_120": -49.0, "ret_250": -47.8, "mdd_250": null, "vol_250": null, "pos_52w": 40.7, "eps": -12.689}, "S": {"duration": 100, "pricing": 33, "hard": 38, "bondness": 43}, "label": "亏损或困境", "tags": ["股息率≥4%"], "text": {"像什么": ["TTM 归母净利 -5.0 亿;PE 为负,估值指标失真。", "资产负债率 77%,有息负债 —,经营现金流/市值 24.6%: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 24%,毛利率最新年报 2.2%。", "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 24.6%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率最新年报 2.2%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 24%。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?"]], "价格行为": "近一年 -48%,现价在 52 周高点的 41%;近 20 / 60 / 120 日 -30% / -26% / -49%。", "行业对照": ["同富途行业「太阳能」22 家中位:PE 12.6 / 股息率 0.0% / 毛利率 26.8% / 固定资产占比 6% / 分红率 0%。", "晶科能源:PE 比行业中位低 13.8倍;股息率 比行业中位高 12.5个百分点;毛利率 比行业中位低 24.6个百分点;固定资产占比 比行业中位高 17.5个百分点。"]}}