{"F": {"ts_code": "002339.SZ", "name": "积成电子", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "电网设备", "sw3": "电网自动化设备", "ind": "电网设备", "fin_source": "tushare", "market": "主板", "list_date": "20100122", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 7.55, "pe_ttm": 819.1742, "pb": 2.1971, "dv_ttm": 0.2649, "total_mv": 380589.6865, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [32.8, 27.7, 27.9, 30.8, 28.1, 24.4], "rev_series": [20.8, 20.4, 22.0, 23.9, 26.0, 30.8], "np_series": [0.6, -0.5, -0.3, 0.3, 0.3, 0.2], "roe_series": [3.2, -2.5, -1.6, 1.7, 1.8, 1.1], "period": "20260630", "rev_ttm": 32.4, "np_ttm": 0.0, "ocf_ttm": 1.6, "fcf_ttm": 1.0, "fcf_yield": 2.6, "ocf_yield": 4.1, "gm_median": 27.9, "gm_std": 2.1, "gm_stab": 0.93, "gm_chg_2022": -4.8, "npm_median": 1.8, "roe_median": 1.1, "commodity": false, "hard_ratio": 8.5, "fix_assets": 3.8, "goodwill_ratio": 0.1, "pb_calc": 2.2, "capex_dep": 1.94, "interest_debt": 6.1, "debt_ebitda": 5.9, "debt_ratio": 52.2, "debt_mv": 16.1, "payout": 33.3, "div_years": 3, "rev_cagr3": 11.9, "np_cagr3": null, "rev_yoy": 14.7, "np_yoy": -25.7, "np_vol": 125.2, "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", 50.0], ["配用电自动化", 23.0], ["变电站自动化", 8.0], ["电网调度自动化", 7.0]], "ret_prev_year": 28.5, "ret_prev2_year": -4.9, "ret_ytd": -14.2, "ret_pivot": 26.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.6, "ret_60": 0.0, "ret_120": -36.6, "ret_250": -11.9, "mdd_250": -51.6, "vol_250": 49.7, "pos_52w": 57.2}, "S": {"duration": 100, "pricing": 50, "hard": 14, "bondness": 36}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 0.0 亿,近 5 年亏损 2 年;PE 819 倍(盈利极薄),估值指标失真。", "资产负债率 52%,有息负债 6 亿,经营现金流/市值 4.1%: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 8%,毛利率近 5 年中位 27.9%。", "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 2.6%(经营现金流/市值 4.1%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 27.9%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -4.8 个百分点。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 8%,资本开支/折旧 1.94 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 819.2 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 -12%,最大回撤 -52%,年化波动 50%,现价在 52 周高点的 57%;近 20 / 60 / 120 日 5% / 0% / -37%。", "行业对照": ["同申万二级「电网设备」141 家中位:PE 43.5 / 股息率 1.0% / 毛利率 23.5% / 固定资产占比 15% / 分红率 40%。", "积成电子:PE 比行业中位高 775.7倍;股息率 比行业中位低 0.7个百分点;毛利率 比行业中位高 4.4个百分点;固定资产占比 比行业中位低 6.4个百分点。"]}}