{"F": {"ts_code": "002723.SZ", "name": "小崧股份", "mkt": "CN", "ccy": "元", "sw1": "家用电器", "sw2": "照明设备Ⅱ", "sw3": "照明设备Ⅲ", "ind": "照明设备Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20140129", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 7.82, "pe_ttm": null, "pb": 3.684, "dv_ttm": null, "total_mv": 259897.6218, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [12.1, 11.9, 12.1, 14.9, 11.8, 5.7], "rev_series": [10.9, 13.2, 17.2, 16.0, 15.3, 10.0], "np_series": [0.3, 0.2, 0.1, -0.1, -2.2, -2.5], "roe_series": [4.2, 1.9, 0.8, -0.6, -20.0, -28.5], "period": "20260630", "rev_ttm": 8.7, "np_ttm": -2.8, "ocf_ttm": 0.3, "fcf_ttm": 0.1, "fcf_yield": 0.6, "ocf_yield": 1.0, "gm_median": 11.9, "gm_std": 3.0, "gm_stab": 0.75, "gm_chg_2022": 0.0, "npm_median": -0.5, "roe_median": -0.6, "commodity": false, "hard_ratio": 36.4, "fix_assets": 5.3, "goodwill_ratio": 2.3, "pb_calc": 3.68, "capex_dep": 0.28, "interest_debt": 3.1, "debt_ebitda": null, "debt_ratio": 51.7, "debt_mv": 11.8, "payout": null, "div_years": 1, "rev_cagr3": -16.5, "np_cagr3": null, "rev_yoy": -24.6, "np_yoy": -68.4, "np_vol": 1234.6, "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", 41.0], ["影视业务", 13.0], ["影视", 13.0], ["可充电交直流两用风扇", 12.0]], "ret_prev_year": 21.9, "ret_prev2_year": -31.9, "ret_ytd": -7.7, "ret_pivot": 58.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 10.9, "ret_60": -5.1, "ret_120": -21.4, "ret_250": -12.5, "mdd_250": -44.8, "vol_250": 54.4, "pos_52w": 67.3}, "S": {"duration": 100, "pricing": 40, "hard": 58, "bondness": 23}, "label": "重资产陷阱", "tags": ["亏损或困境", "近5年≥2年亏损"], "text": {"像什么": ["资产很重:固定资产占总资产 36%,但毛利率近 5 年中位只有 11.9%,产品同质、售价涨不动。", "2020→2022 成本通胀期毛利率变化 0.0 个百分点;资产负债率 52%,折旧与利息两头吃。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 36%),没有定价权:毛利率近 5 年中位 11.9%,稳定度 75%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "加息期怎么走": "滞胀里两头挤,成本全涨售价涨不动还吃折旧,跌得比成长股狠。除非商品价格反转,否则回避。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 0.6%(经营现金流/市值 1.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 11.9%,稳定度 75%,2020→2022 成本通胀期毛利率变化 0.0 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 36%,资本开支/折旧 0.28 倍。涨。"], ["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 -12%,最大回撤 -45%,年化波动 54%,现价在 52 周高点的 67%;近 20 / 60 / 120 日 11% / -5% / -21%。", "行业对照": ["同申万二级「照明设备Ⅱ」14 家中位:PE 61.2 / 股息率 1.3% / 毛利率 25.2% / 固定资产占比 17% / 分红率 71%。", "小崧股份:PE ;股息率 ;毛利率 比行业中位低 13.3个百分点;固定资产占比 比行业中位高 19.3个百分点。"]}}