{"F": {"ts_code": "000670.SZ", "name": "盈方微", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "其他电子Ⅱ", "sw3": "其他电子Ⅲ", "ind": "其他电子Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "19961217", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 6.98, "pe_ttm": null, "pb": 182.3918, "dv_ttm": null, "total_mv": 590469.2449, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [8.0, 7.4, 6.8, 4.7, 4.7, 3.3], "rev_series": [7.0, 28.9, 31.2, 34.7, 40.8, 47.5], "np_series": [0.1, 0.0, 0.1, -0.6, -0.6, -0.8], "roe_series": [null, 13.3, 25.9, -100.5, -146.7, -178.0], "period": "20260630", "rev_ttm": 53.3, "np_ttm": -0.7, "ocf_ttm": -1.0, "fcf_ttm": -1.0, "fcf_yield": -1.7, "ocf_yield": -1.6, "gm_median": 4.7, "gm_std": 1.5, "gm_stab": 0.68, "gm_chg_2022": -1.2, "npm_median": -0.6, "roe_median": -100.5, "commodity": false, "hard_ratio": 0.2, "fix_assets": 0.0, "goodwill_ratio": 17.9, "pb_calc": 182.39, "capex_dep": 3.72, "interest_debt": 7.2, "debt_ebitda": 7.5, "debt_ratio": 80.9, "debt_mv": 12.1, "payout": null, "div_years": 0, "rev_cagr3": 15.0, "np_cagr3": null, "rev_yoy": 30.2, "np_yoy": 49.2, "np_vol": 274.4, "loss_years": 3, "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", 50.0], ["主动件类产品", 46.0], ["被动件类产品", 4.0], ["芯片业务", 0.0]], "ret_prev_year": -11.3, "ret_prev2_year": 22.7, "ret_ytd": -5.4, "ret_pivot": 52.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.0, "ret_60": -25.9, "ret_120": -11.2, "ret_250": -22.0, "mdd_250": -47.1, "vol_250": 60.2, "pos_52w": 67.8}, "S": {"duration": 100, "pricing": 33, "hard": 0, "bondness": 20}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "商誉占比高", "资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -0.7 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 81%,有息负债 7 亿,经营现金流/市值 -1.6%: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 0%,毛利率近 5 年中位 4.7%。", "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 -1.7%(经营现金流/市值 -1.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 4.7%,稳定度 68%,2020→2022 成本通胀期毛利率变化 -1.2 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 0%,资本开支/折旧 3.72 倍。没有资产可言。"], ["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 -22%,最大回撤 -47%,年化波动 60%,现价在 52 周高点的 68%;近 20 / 60 / 120 日 2% / -26% / -11%。", "行业对照": ["同申万二级「其他电子Ⅱ」34 家中位:PE 51.5 / 股息率 0.4% / 毛利率 23.1% / 固定资产占比 13% / 分红率 35%。", "盈方微:PE ;股息率 ;毛利率 比行业中位低 18.4个百分点;固定资产占比 比行业中位低 12.5个百分点。"]}}