{"F": {"ts_code": "002369.SZ", "name": "卓翼科技", "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": "20100316", "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": 24.6641, "dv_ttm": null, "total_mv": 350378.9934, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [12.0, 11.9, 2.1, -2.5, 2.3, 5.2], "rev_series": [30.4, 25.0, 19.3, 15.5, 17.1, 17.0], "np_series": [-6.0, -1.6, -1.3, -4.1, -2.2, -2.6], "roe_series": [-35.7, -12.6, -11.3, -46.2, -37.9, -76.7], "period": "20260630", "rev_ttm": 16.3, "np_ttm": -2.5, "ocf_ttm": -0.7, "fcf_ttm": -1.0, "fcf_yield": -2.8, "ocf_yield": -2.1, "gm_median": 2.3, "gm_std": 4.8, "gm_stab": -1.07, "gm_chg_2022": -9.9, "npm_median": -13.0, "roe_median": -37.9, "commodity": false, "hard_ratio": 25.4, "fix_assets": 5.4, "goodwill_ratio": 0.0, "pb_calc": 24.66, "capex_dep": 0.44, "interest_debt": 9.6, "debt_ebitda": null, "debt_ratio": 94.0, "debt_mv": 27.4, "payout": null, "div_years": 0, "rev_cagr3": -4.0, "np_cagr3": null, "rev_yoy": -8.7, "np_yoy": 16.2, "np_vol": 112.5, "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": [["产品", 48.0], ["网络通讯终端类", 28.0], ["便携式消费电子类", 17.0], ["其他类", 3.0]], "ret_prev_year": 35.7, "ret_prev2_year": 12.8, "ret_ytd": -28.4, "ret_pivot": 31.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.0, "ret_60": 5.5, "ret_120": -20.8, "ret_250": -45.8, "mdd_250": -57.6, "vol_250": 39.1, "pos_52w": 52.8}, "S": {"duration": 100, "pricing": 5, "hard": 41, "bondness": 23}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -2.5 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 94%,有息负债 10 亿,经营现金流/市值 -2.1%: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 25%,毛利率近 5 年中位 2.3%。", "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 -2.8%(经营现金流/市值 -2.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 2.3%,稳定度 -107%,2020→2022 成本通胀期毛利率变化 -9.9 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 25%,资本开支/折旧 0.44 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 -46%,最大回撤 -58%,年化波动 39%,现价在 52 周高点的 53%;近 20 / 60 / 120 日 4% / 6% / -21%。", "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%。", "卓翼科技:PE ;股息率 ;毛利率 比行业中位低 18.0个百分点;固定资产占比 比行业中位高 0.6个百分点。"]}}