{"F": {"ts_code": "002217.SZ", "name": "ST合力泰", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "光学光电子", "sw3": "面板", "ind": "光学光电子", "fin_source": "tushare", "market": "主板", "list_date": "20080220", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 1.45, "pe_ttm": 778.9899, "pb": 5.8025, "dv_ttm": null, "total_mv": 1084512.8405, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [7.3, 10.0, 1.4, -3.7, -39.0, 17.5], "rev_series": [171.5, 162.3, 119.1, 46.3, 13.3, 16.9], "np_series": [-31.2, 0.8, -34.7, -120.9, 15.2, 0.2], "roe_series": [-29.8, 0.9, -48.0, null, null, 1.2], "period": "20260630", "rev_ttm": 17.9, "np_ttm": 0.1, "ocf_ttm": 1.5, "fcf_ttm": 0.8, "fcf_yield": 0.7, "ocf_yield": 1.4, "gm_median": 1.4, "gm_std": 19.5, "gm_stab": -12.94, "gm_chg_2022": -5.9, "npm_median": 0.7, "roe_median": 0.9, "commodity": false, "hard_ratio": 19.3, "fix_assets": 5.1, "goodwill_ratio": 0.0, "pb_calc": 5.8, "capex_dep": 1.73, "interest_debt": 0.9, "debt_ebitda": 0.7, "debt_ratio": 27.8, "debt_mv": 0.8, "payout": null, "div_years": 0, "rev_cagr3": -47.9, "np_cagr3": null, "rev_yoy": 12.3, "np_yoy": -77.9, "np_vol": 1837.7, "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": [["电子纸显示类产品", 87.0], ["通用显示类产品", 12.0], ["其他业务", 1.0], ["光电传感类产品", 0.0]], "ret_prev_year": 27.6, "ret_prev2_year": 110.9, "ret_ytd": -52.5, "ret_pivot": 178.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.3, "ret_60": -37.0, "ret_120": -43.8, "ret_250": -57.1, "mdd_250": -66.0, "vol_250": 58.3, "pos_52w": 35.7}, "S": {"duration": 100, "pricing": 4, "hard": 31, "bondness": 22}, "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 779 倍(盈利极薄),估值指标失真。", "资产负债率 28%,有息负债 1 亿,经营现金流/市值 1.4%: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 19%,毛利率近 5 年中位 1.4%。", "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 0.7%(经营现金流/市值 1.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 1.4%,稳定度 -1294%,2020→2022 成本通胀期毛利率变化 -5.9 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 1.73 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 779.0 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 -57%,最大回撤 -66%,年化波动 58%,现价在 52 周高点的 36%;近 20 / 60 / 120 日 -3% / -37% / -44%。", "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%。", "ST合力泰:PE 比行业中位高 717.4倍;股息率 ;毛利率 比行业中位低 17.9个百分点;固定资产占比 比行业中位低 12.1个百分点。"]}}