{"F": {"ts_code": "002199.SZ", "name": "东晶电子", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "元件", "sw3": "被动元件", "ind": "元件", "fin_source": "tushare", "market": "主板", "list_date": "20071221", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 12.07, "pe_ttm": null, "pb": 17.5062, "dv_ttm": null, "total_mv": 293834.9768, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [14.8, 21.8, 9.1, 6.0, 5.6, 6.8], "rev_series": [2.6, 3.0, 1.8, 1.7, 2.2, 3.6], "np_series": [0.1, 0.3, -0.7, -0.7, -0.7, -0.5], "roe_series": [2.0, 7.4, -17.2, -19.9, -27.6, -24.3], "period": "20260630", "rev_ttm": 5.7, "np_ttm": -0.3, "ocf_ttm": -0.6, "fcf_ttm": -0.8, "fcf_yield": -2.8, "ocf_yield": -2.2, "gm_median": 6.8, "gm_std": 6.1, "gm_stab": 0.1, "gm_chg_2022": -5.7, "npm_median": -33.8, "roe_median": -19.9, "commodity": false, "hard_ratio": 37.1, "fix_assets": 2.1, "goodwill_ratio": 0.0, "pb_calc": 17.51, "capex_dep": 0.56, "interest_debt": 1.2, "debt_ebitda": 7.4, "debt_ratio": 70.1, "debt_mv": 4.2, "payout": null, "div_years": 0, "rev_cagr3": 25.2, "np_cagr3": null, "rev_yoy": 182.6, "np_yoy": 49.5, "np_vol": 194.2, "loss_years": 4, "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", 42.0], ["电池级碳酸锂", 25.0], ["谐振器", 15.0], ["石英晶体元器件-谐振器", 15.0]], "ret_prev_year": 13.4, "ret_prev2_year": -20.1, "ret_ytd": 42.2, "ret_pivot": 106.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -12.2, "ret_60": -12.7, "ret_120": 52.6, "ret_250": 10.4, "mdd_250": -37.9, "vol_250": 52.2, "pos_52w": 77.0}, "S": {"duration": 100, "pricing": 11, "hard": 59, "bondness": 15}, "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 37%,但毛利率近 5 年中位只有 6.8%,产品同质、售价涨不动。", "2020→2022 成本通胀期毛利率变化 -5.7 个百分点;有息负债/EBITDA 7.4 倍,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 37%),没有定价权:毛利率近 5 年中位 6.8%,稳定度 10%。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 -2.8%(经营现金流/市值 -2.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 6.8%,稳定度 10%,2020→2022 成本通胀期毛利率变化 -5.7 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 37%,资本开支/折旧 0.56 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 10%,最大回撤 -38%,年化波动 52%,现价在 52 周高点的 77%;近 20 / 60 / 120 日 -12% / -13% / 53%。", "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%。", "东晶电子:PE ;股息率 ;毛利率 比行业中位低 14.5个百分点;固定资产占比 比行业中位高 1.2个百分点。"]}}