{"F": {"ts_code": "002456.SZ", "name": "欧菲光", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "光学光电子", "sw3": "光学元件", "ind": "光学光电子", "fin_source": "tushare", "market": "主板", "list_date": "20100803", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 7.51, "pe_ttm": null, "pb": 5.8958, "dv_ttm": null, "total_mv": 2625432.3152, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [10.9, 8.6, -0.1, 10.0, 11.6, 10.3], "rev_series": [483.5, 228.4, 148.3, 168.6, 204.4, 221.5], "np_series": [-19.4, -26.2, -51.8, 0.8, 0.6, 0.4], "roe_series": [-23.0, -33.0, -88.9, 2.3, 1.7, 1.1], "period": "20260630", "rev_ttm": 201.5, "np_ttm": -2.9, "ocf_ttm": 6.5, "fcf_ttm": 0.5, "fcf_yield": 0.2, "ocf_yield": 2.5, "gm_median": 10.0, "gm_std": 4.2, "gm_stab": 0.58, "gm_chg_2022": -11.0, "npm_median": 0.4, "roe_median": 1.1, "commodity": false, "hard_ratio": 19.6, "fix_assets": 39.6, "goodwill_ratio": 0.6, "pb_calc": 5.9, "capex_dep": 1.15, "interest_debt": 75.9, "debt_ebitda": 5.6, "debt_ratio": 77.5, "debt_mv": 28.9, "payout": null, "div_years": 0, "rev_cagr3": 14.3, "np_cagr3": null, "rev_yoy": -20.3, "np_yoy": -307.4, "np_vol": 64.8, "loss_years": 2, "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], ["智能手机产品", 34.0], ["新领域产品", 8.0], ["智能汽车类", 5.0]], "ret_prev_year": -11.4, "ret_prev2_year": 37.5, "ret_ytd": -29.3, "ret_pivot": -9.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.4, "ret_60": -13.4, "ret_120": -22.4, "ret_250": -43.7, "mdd_250": -53.8, "vol_250": 43.2, "pos_52w": 52.0}, "S": {"duration": 100, "pricing": 29, "hard": 31, "bondness": 21}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -2.9 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 78%,有息负债 76 亿,经营现金流/市值 2.5%: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 20%,毛利率近 5 年中位 10.0%。", "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 0.2%(经营现金流/市值 2.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 10.0%,稳定度 58%,2020→2022 成本通胀期毛利率变化 -11.0 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 20%,资本开支/折旧 1.15 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 -44%,最大回撤 -54%,年化波动 43%,现价在 52 周高点的 52%;近 20 / 60 / 120 日 -1% / -13% / -22%。", "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%。", "欧菲光:PE ;股息率 ;毛利率 比行业中位低 9.3个百分点;固定资产占比 比行业中位低 11.8个百分点。"]}}