{"F": {"ts_code": "002141.SZ", "name": "贤丰控股", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "元件", "sw3": "印制电路板", "ind": "元件", "fin_source": "tushare", "market": "主板", "list_date": "20070720", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 6.38, "pe_ttm": 976.9252, "pb": 7.9961, "dv_ttm": null, "total_mv": 659013.0404, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [7.3, 14.3, 9.7, 41.6, 8.0, 6.7], "rev_series": [9.6, 14.7, 8.9, 0.9, 4.4, 11.6], "np_series": [-5.4, 0.3, 2.3, -1.2, -1.1, 0.2], "roe_series": [-49.2, 3.7, 23.8, -11.0, -12.2, 1.9], "period": "20260630", "rev_ttm": 10.3, "np_ttm": 0.1, "ocf_ttm": 2.3, "fcf_ttm": 2.2, "fcf_yield": 3.3, "ocf_yield": 3.4, "gm_median": 9.7, "gm_std": 13.0, "gm_stab": -0.34, "gm_chg_2022": 2.4, "npm_median": 0.1, "roe_median": 1.9, "commodity": false, "hard_ratio": 7.2, "fix_assets": 0.9, "goodwill_ratio": 0.0, "pb_calc": 8.0, "capex_dep": 0.55, "interest_debt": 0.4, "debt_ebitda": 0.7, "debt_ratio": 31.4, "debt_mv": 0.5, "payout": null, "div_years": 0, "rev_cagr3": 9.3, "np_cagr3": -59.3, "rev_yoy": -20.7, "np_yoy": -22.3, "np_vol": 287.4, "loss_years": 2, "far_share": 99.0, "earn_yield": 0.1, "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], ["覆铜板及PP", 46.0], ["其他主营业务", 2.0], ["其他", 2.0]], "ret_prev_year": 111.9, "ret_prev2_year": -44.3, "ret_ytd": 71.0, "ret_pivot": 423.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.4, "ret_60": 87.6, "ret_120": 56.4, "ret_250": 46.3, "mdd_250": -31.1, "vol_250": 65.5, "pos_52w": 88.9}, "S": {"duration": 100, "pricing": 14, "hard": 12, "bondness": 13}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 0.1 亿,近 5 年亏损 2 年;PE 977 倍(盈利极薄),估值指标失真。", "资产负债率 31%,有息负债 0 亿,经营现金流/市值 3.4%: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 7%,毛利率近 5 年中位 9.7%。", "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 3.3%(经营现金流/市值 3.4%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 9.7%,稳定度 -34%,2020→2022 成本通胀期毛利率变化 2.4 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 7%,资本开支/折旧 0.55 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 976.9 倍 粗算,约 99%(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 46%,最大回撤 -31%,年化波动 66%,现价在 52 周高点的 89%;近 20 / 60 / 120 日 4% / 88% / 56%。", "行业对照": ["同申万二级「元件」67 家中位:PE 65.2 / 股息率 0.5% / 毛利率 21.3% / 固定资产占比 36% / 分红率 44%。", "贤丰控股:PE 比行业中位高 911.7倍;股息率 ;毛利率 比行业中位低 11.6个百分点;固定资产占比 比行业中位低 28.7个百分点。"]}}