{"F": {"ts_code": "002055.SZ", "name": "ST得润", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "消费电子", "sw3": "消费电子零部件及组装", "ind": "消费电子", "fin_source": "tushare", "market": "主板", "list_date": "20060725", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 6.18, "pe_ttm": null, "pb": 2.6885, "dv_ttm": null, "total_mv": 373574.82, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [14.5, 13.2, 14.3, 17.8, 12.3, 21.9], "rev_series": [72.7, 75.9, 77.5, 59.9, 51.8, 45.1], "np_series": [1.2, -5.9, -2.6, -2.0, -12.2, -0.3], "roe_series": [-13.2, -26.3, -8.6, -7.5, -61.8, -2.5], "period": "20260630", "rev_ttm": 45.4, "np_ttm": -0.3, "ocf_ttm": -1.8, "fcf_ttm": -3.3, "fcf_yield": -8.9, "ocf_yield": -4.8, "gm_median": 14.3, "gm_std": 3.5, "gm_stab": 0.75, "gm_chg_2022": -0.2, "npm_median": -5.2, "roe_median": -8.6, "commodity": false, "hard_ratio": 21.9, "fix_assets": 10.3, "goodwill_ratio": 0.2, "pb_calc": 2.69, "capex_dep": 0.99, "interest_debt": 7.0, "debt_ebitda": 1.5, "debt_ratio": 70.4, "debt_mv": 18.8, "payout": null, "div_years": 0, "rev_cagr3": -16.6, "np_cagr3": null, "rev_yoy": 1.8, "np_yoy": 14.0, "np_vol": 220.9, "loss_years": 5, "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": [["家电线束及连接组件", 35.0], ["精密连接器及组件", 22.0], ["其他精密组件及其他业务收入", 15.0], ["其他精密组件及其他业务", 15.0]], "ret_prev_year": -6.4, "ret_prev2_year": -26.4, "ret_ytd": -8.3, "ret_pivot": 14.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 11.0, "ret_60": 6.7, "ret_120": 0.5, "ret_250": -25.8, "mdd_250": -41.7, "vol_250": 41.7, "pos_52w": 71.1}, "S": {"duration": 100, "pricing": 41, "hard": 35, "bondness": 24}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.3 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 70%,有息负债 7 亿,经营现金流/市值 -4.8%: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 22%,毛利率近 5 年中位 14.3%。", "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 -8.9%(经营现金流/市值 -4.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 14.3%,稳定度 75%,2020→2022 成本通胀期毛利率变化 -0.2 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 22%,资本开支/折旧 0.99 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 -26%,最大回撤 -42%,年化波动 42%,现价在 52 周高点的 71%;近 20 / 60 / 120 日 11% / 7% / 0%。", "行业对照": ["同申万二级「消费电子」100 家中位:PE 46.5 / 股息率 0.7% / 毛利率 20.3% / 固定资产占比 25% / 分红率 44%。", "ST得润:PE ;股息率 ;毛利率 比行业中位低 6.0个百分点;固定资产占比 比行业中位低 2.9个百分点。"]}}