{"F": {"ts_code": "002623.SZ", "name": "亚玛顿", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "光伏设备", "sw3": "光伏辅材", "ind": "光伏设备", "fin_source": "tushare", "market": "主板", "list_date": "20111013", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 15.48, "pe_ttm": null, "pb": 1.1577, "dv_ttm": 2.584, "total_mv": 298860.75, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [16.0, 8.3, 8.1, 7.6, 4.5, 6.7], "rev_series": [18.0, 20.3, 31.7, 36.3, 28.9, 20.4], "np_series": [1.4, 0.5, 0.8, 0.8, -1.3, -1.1], "roe_series": [6.2, 1.9, 2.6, 2.6, -4.1, -3.7], "period": "20260630", "rev_ttm": 16.5, "np_ttm": -2.0, "ocf_ttm": -1.1, "fcf_ttm": -1.7, "fcf_yield": -5.8, "ocf_yield": -3.7, "gm_median": 7.6, "gm_std": 1.4, "gm_stab": 0.82, "gm_chg_2022": -7.8, "npm_median": 2.4, "roe_median": 1.9, "commodity": false, "hard_ratio": 26.2, "fix_assets": 14.5, "goodwill_ratio": 0.0, "pb_calc": 1.16, "capex_dep": 0.4, "interest_debt": 22.9, "debt_ebitda": 60.9, "debt_ratio": 52.8, "debt_mv": 76.7, "payout": 116.3, "div_years": 5, "rev_cagr3": -13.7, "np_cagr3": null, "rev_yoy": -35.2, "np_yoy": -568.9, "np_vol": 108.2, "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", 46.0], ["太阳能玻璃", 36.0], ["电子玻璃及显示器件", 7.0], ["电子玻璃及其他玻璃产品", 7.0]], "ret_prev_year": 21.8, "ret_prev2_year": -42.7, "ret_ytd": -12.5, "ret_pivot": 19.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.3, "ret_60": -11.0, "ret_120": -36.5, "ret_250": -30.9, "mdd_250": -58.7, "vol_250": 47.0, "pos_52w": 48.3}, "S": {"duration": 100, "pricing": 36, "hard": 42, "bondness": 86}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -2.0 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 53%,有息负债 23 亿,经营现金流/市值 -3.7%: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 26%,毛利率近 5 年中位 7.6%。", "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 -5.8%(经营现金流/市值 -3.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 7.6%,稳定度 82%,2020→2022 成本通胀期毛利率变化 -7.8 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 26%,资本开支/折旧 0.40 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 -31%,最大回撤 -59%,年化波动 47%,现价在 52 周高点的 48%;近 20 / 60 / 120 日 -1% / -11% / -36%。", "行业对照": ["同申万二级「光伏设备」73 家中位:PE 41.0 / 股息率 0.5% / 毛利率 17.8% / 固定资产占比 23% / 分红率 29%。", "亚玛顿:PE ;股息率 比行业中位高 2.1个百分点;毛利率 比行业中位低 10.2个百分点;固定资产占比 比行业中位高 3.6个百分点。"]}}