{"F": {"ts_code": "002388.SZ", "name": "新亚制程", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "其他电子Ⅱ", "sw3": "其他电子Ⅲ", "ind": "其他电子Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20100413", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 6.19, "pe_ttm": null, "pb": 3.3253, "dv_ttm": null, "total_mv": 313544.6698, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [11.0, 10.4, 13.3, 10.8, 11.4, 13.8], "rev_series": [20.4, 23.0, 17.4, 21.5, 22.0, 19.3], "np_series": [0.7, 0.6, 0.1, -2.4, -2.4, -0.2], "roe_series": [5.9, 4.6, 0.4, -18.4, -21.8, -2.3], "period": "20260630", "rev_ttm": 19.9, "np_ttm": -0.4, "ocf_ttm": 1.1, "fcf_ttm": 1.0, "fcf_yield": 3.1, "ocf_yield": 3.5, "gm_median": 11.4, "gm_std": 1.4, "gm_stab": 0.88, "gm_chg_2022": 2.3, "npm_median": -2.4, "roe_median": -2.3, "commodity": false, "hard_ratio": 12.0, "fix_assets": 3.6, "goodwill_ratio": 0.0, "pb_calc": 3.33, "capex_dep": 0.18, "interest_debt": 7.9, "debt_ebitda": 5.6, "debt_ratio": 59.9, "debt_mv": 25.0, "payout": null, "div_years": 0, "rev_cagr3": 3.5, "np_cagr3": null, "rev_yoy": 6.2, "np_yoy": -278.9, "np_vol": 1695.1, "loss_years": 3, "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", 46.0], ["电解液及六氟磷酸锂", 11.0], ["电子设备", 10.0], ["仪器仪表", 7.0]], "ret_prev_year": 86.0, "ret_prev2_year": -45.5, "ret_ytd": -3.0, "ret_pivot": 59.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 18.6, "ret_60": 22.1, "ret_120": 19.5, "ret_250": 26.1, "mdd_250": -45.5, "vol_250": 51.5, "pos_52w": 91.2}, "S": {"duration": 100, "pricing": 46, "hard": 19, "bondness": 32}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.4 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 60%,有息负债 8 亿,经营现金流/市值 3.5%: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 12%,毛利率近 5 年中位 11.4%。", "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 3.1%(经营现金流/市值 3.5%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 11.4%,稳定度 88%,2020→2022 成本通胀期毛利率变化 2.3 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 12%,资本开支/折旧 0.18 倍。没有资产可言。"], ["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 26%,最大回撤 -46%,年化波动 52%,现价在 52 周高点的 91%;近 20 / 60 / 120 日 19% / 22% / 20%。", "行业对照": ["同申万二级「其他电子Ⅱ」34 家中位:PE 51.5 / 股息率 0.4% / 毛利率 23.1% / 固定资产占比 13% / 分红率 35%。", "新亚制程:PE ;股息率 ;毛利率 比行业中位低 11.7个百分点;固定资产占比 比行业中位低 0.7个百分点。"]}}