{"F": {"ts_code": "001373.SZ", "name": "翔腾新材", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "光学光电子", "sw3": "光学元件", "ind": "光学光电子", "fin_source": "tushare", "market": "主板", "list_date": "20230601", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 28.67, "pe_ttm": null, "pb": 2.3709, "dv_ttm": null, "total_mv": 196925.3423, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [19.7, 15.6, 15.5, 15.0, 12.6, 8.9], "rev_series": [9.0, 12.9, 8.0, 7.1, 6.4, 5.7], "np_series": [0.6, 0.8, 0.6, 0.4, 0.1, -0.3], "roe_series": [25.4, 24.9, 15.8, 5.3, 1.4, -4.0], "period": "20260630", "rev_ttm": 6.2, "np_ttm": -0.5, "ocf_ttm": -0.8, "fcf_ttm": -1.1, "fcf_yield": -5.7, "ocf_yield": -3.8, "gm_median": 15.0, "gm_std": 2.6, "gm_stab": 0.83, "gm_chg_2022": -4.2, "npm_median": 6.2, "roe_median": 5.3, "commodity": false, "hard_ratio": 19.4, "fix_assets": 1.9, "goodwill_ratio": 0.0, "pb_calc": 2.37, "capex_dep": 2.59, "interest_debt": 0.2, "debt_ebitda": null, "debt_ratio": 14.4, "debt_mv": 0.9, "payout": 45.3, "div_years": 2, "rev_cagr3": -10.7, "np_cagr3": null, "rev_yoy": 16.5, "np_yoy": -93.1, "np_vol": 146.5, "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": [["产品", 36.0], ["光学膜片", 21.0], ["光学膜", 21.0], ["功能性胶粘类产品", 8.0]], "ret_prev_year": 10.1, "ret_prev2_year": -34.2, "ret_ytd": -11.2, "ret_pivot": 21.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.2, "ret_60": -13.8, "ret_120": -29.2, "ret_250": -11.6, "mdd_250": -46.4, "vol_250": 41.2, "pos_52w": 64.6}, "S": {"duration": 100, "pricing": 41, "hard": 31, "bondness": 39}, "label": "亏损或困境", "tags": ["资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -0.5 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 14%,有息负债 0 亿,经营现金流/市值 -3.8%: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": "两条都不占:固定资产占比 19%,毛利率近 5 年中位 15.0%。", "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 -5.7%(经营现金流/市值 -3.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 15.0%,稳定度 83%,2020→2022 成本通胀期毛利率变化 -4.2 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 19%,资本开支/折旧 2.59 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 -12%,最大回撤 -46%,年化波动 41%,现价在 52 周高点的 65%;近 20 / 60 / 120 日 5% / -14% / -29%。", "行业对照": ["同申万二级「光学光电子」95 家中位:PE 61.6 / 股息率 0.6% / 毛利率 19.3% / 固定资产占比 31% / 分红率 43%。", "翔腾新材:PE ;股息率 ;毛利率 比行业中位低 4.3个百分点;固定资产占比 比行业中位低 12.0个百分点。"]}}