{"F": {"ts_code": "001269.SZ", "name": "欧晶科技", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "光伏设备", "sw3": "光伏辅材", "ind": "光伏设备", "fin_source": "tushare", "market": "主板", "list_date": "20220930", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 19.23, "pe_ttm": null, "pb": 5.7838, "dv_ttm": null, "total_mv": 370009.0452, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [27.0, 26.3, 27.9, 30.6, 11.5, 4.2], "rev_series": [5.6, 8.5, 14.3, 31.3, 9.5, 4.8], "np_series": [0.9, 1.3, 2.4, 6.5, -5.4, -2.8], "roe_series": [25.4, 33.0, 29.6, 44.3, -37.3, -30.5], "period": "20260630", "rev_ttm": 4.8, "np_ttm": -2.5, "ocf_ttm": 0.6, "fcf_ttm": -0.2, "fcf_yield": -0.5, "ocf_yield": 1.5, "gm_median": 26.3, "gm_std": 10.3, "gm_stab": 0.61, "gm_chg_2022": 0.8, "npm_median": 15.7, "roe_median": 29.6, "commodity": false, "hard_ratio": 16.2, "fix_assets": 2.7, "goodwill_ratio": 0.0, "pb_calc": 5.08, "capex_dep": 1.27, "interest_debt": 5.9, "debt_ebitda": 14.4, "debt_ratio": 56.2, "debt_mv": 16.0, "payout": 35.3, "div_years": 2, "rev_cagr3": -30.4, "np_cagr3": null, "rev_yoy": -0.7, "np_yoy": 39.2, "np_vol": 117.5, "loss_years": 2, "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", 49.0], ["光伏配套加工服务", 28.0], ["石英坩埚", 20.0], ["其他主营业务", 1.0]], "ret_prev_year": -15.5, "ret_prev2_year": -45.5, "ret_ytd": -20.1, "ret_pivot": -12.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.2, "ret_60": -32.1, "ret_120": -24.6, "ret_250": -35.3, "mdd_250": -43.6, "vol_250": 46.6, "pos_52w": 65.3}, "S": {"duration": 100, "pricing": 43, "hard": 26, "bondness": 47}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -2.5 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 56%,有息负债 6 亿,经营现金流/市值 1.5%: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 16%,毛利率近 5 年中位 26.3%。", "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 -0.5%(经营现金流/市值 1.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 26.3%,稳定度 61%,2020→2022 成本通胀期毛利率变化 0.8 个百分点。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 16%,资本开支/折旧 1.27 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?"]], "价格行为": "近一年 -35%,最大回撤 -44%,年化波动 47%,现价在 52 周高点的 65%;近 20 / 60 / 120 日 -0% / -32% / -25%。", "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%。", "欧晶科技:PE ;股息率 ;毛利率 比行业中位高 8.5个百分点;固定资产占比 比行业中位低 6.4个百分点。"]}}