{"F": {"ts_code": "002036.SZ", "name": "联创电子", "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": "20040903", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 6.87, "pe_ttm": null, "pb": 10.8016, "dv_ttm": null, "total_mv": 726569.8947, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [11.4, 9.6, 12.1, 8.3, 9.2, 10.7], "rev_series": [75.3, 105.6, 109.4, 98.5, 102.1, 82.6], "np_series": [1.6, 1.1, 0.9, -9.9, -5.5, -10.1], "roe_series": [5.6, 3.1, 2.5, -30.0, -22.2, -62.6], "period": "20260630", "rev_ttm": 72.3, "np_ttm": -13.9, "ocf_ttm": 4.4, "fcf_ttm": -2.7, "fcf_yield": -3.7, "ocf_yield": 6.0, "gm_median": 9.6, "gm_std": 1.3, "gm_stab": 0.86, "gm_chg_2022": 0.7, "npm_median": -6.1, "roe_median": -22.2, "commodity": false, "hard_ratio": 35.7, "fix_assets": 57.2, "goodwill_ratio": 0.0, "pb_calc": 10.8, "capex_dep": 1.12, "interest_debt": 100.3, "debt_ebitda": null, "debt_ratio": 93.3, "debt_mv": 138.1, "payout": null, "div_years": 2, "rev_cagr3": -8.9, "np_cagr3": null, "rev_yoy": -24.3, "np_yoy": -1585.7, "np_vol": 456.4, "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": [["车载光学", 41.0], ["应用终端", 41.0], ["非车载光学", 16.0], ["触控显示产品", 3.0]], "ret_prev_year": 17.2, "ret_prev2_year": -7.9, "ret_ytd": -37.7, "ret_pivot": 0.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": -5.8, "ret_60": -13.7, "ret_120": -33.1, "ret_250": -41.8, "mdd_250": -53.8, "vol_250": 50.1, "pos_52w": 53.4}, "S": {"duration": 100, "pricing": 43, "hard": 57, "bondness": 23}, "label": "重资产陷阱", "tags": ["亏损或困境", "近5年≥2年亏损"], "text": {"像什么": ["资产很重:固定资产占总资产 36%,但毛利率近 5 年中位只有 9.6%,产品同质、售价涨不动。", "2020→2022 成本通胀期毛利率变化 0.7 个百分点;资产负债率 93%,折旧与利息两头吃。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 36%),没有定价权:毛利率近 5 年中位 9.6%,稳定度 86%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "加息期怎么走": "滞胀里两头挤,成本全涨售价涨不动还吃折旧,跌得比成长股狠。除非商品价格反转,否则回避。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 -3.7%(经营现金流/市值 6.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 9.6%,稳定度 86%,2020→2022 成本通胀期毛利率变化 0.7 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 36%,资本开支/折旧 1.12 倍。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 -42%,最大回撤 -54%,年化波动 50%,现价在 52 周高点的 53%;近 20 / 60 / 120 日 -6% / -14% / -33%。", "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%。", "联创电子:PE ;股息率 ;毛利率 比行业中位低 9.7个百分点;固定资产占比 比行业中位高 4.3个百分点。"]}}