{"F": {"ts_code": "002888.SZ", "name": "惠威科技", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "消费电子", "sw3": "品牌消费电子", "ind": "消费电子", "fin_source": "tushare", "market": "主板", "list_date": "20170721", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 22.0, "pe_ttm": 161.8071, "pb": 8.7731, "dv_ttm": 0.6136, "total_mv": 324815.48, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [37.3, 37.0, 31.4, 34.3, 30.6, 29.7], "rev_series": [2.7, 2.9, 2.3, 2.2, 2.7, 2.7], "np_series": [0.3, 0.3, -0.1, -0.1, 0.1, 0.2], "roe_series": [7.2, 6.0, -3.5, -1.4, 2.5, 5.5], "period": "20260630", "rev_ttm": 2.6, "np_ttm": 0.2, "ocf_ttm": 0.4, "fcf_ttm": 0.3, "fcf_yield": 0.8, "ocf_yield": 1.2, "gm_median": 31.4, "gm_std": 2.7, "gm_stab": 0.91, "gm_chg_2022": -5.9, "npm_median": 3.7, "roe_median": 2.5, "commodity": false, "hard_ratio": 32.3, "fix_assets": 1.4, "goodwill_ratio": 0.0, "pb_calc": 8.77, "capex_dep": 0.95, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 16.5, "debt_mv": null, "payout": 192.6, "div_years": 3, "rev_cagr3": 6.6, "np_cagr3": null, "rev_yoy": -7.4, "np_yoy": -12.2, "np_vol": 143.9, "loss_years": 2, "far_share": 97.0, "earn_yield": 0.6, "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], ["家庭影院系列", 16.0], ["专业音响系列", 10.0], ["公共广播系列", 6.0]], "ret_prev_year": 7.6, "ret_prev2_year": -26.8, "ret_ytd": 13.1, "ret_pivot": 64.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 27.6, "ret_60": 19.5, "ret_120": 10.3, "ret_250": 10.7, "mdd_250": -44.9, "vol_250": 48.9, "pos_52w": 85.9}, "S": {"duration": 98, "pricing": 51, "hard": 52, "bondness": 55}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 0.2 亿,近 5 年亏损 2 年;PE 162 倍(盈利极薄),估值指标失真。", "资产负债率 16%,有息负债 0 亿,经营现金流/市值 1.2%: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": "硬资产占比 32%、毛利率 31.4% 两条都占,但所在行业(电子)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "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 0.8%(经营现金流/市值 1.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 31.4%,稳定度 91%,2020→2022 成本通胀期毛利率变化 -5.9 个百分点。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 32%,资本开支/折旧 0.95 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 161.8 倍 粗算,约 97%(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 11%,最大回撤 -45%,年化波动 49%,现价在 52 周高点的 86%;近 20 / 60 / 120 日 28% / 20% / 10%。", "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%。", "惠威科技:PE 比行业中位高 115.3倍;股息率 比行业中位低 0.1个百分点;毛利率 比行业中位高 11.1个百分点;固定资产占比 比行业中位高 7.5个百分点。"]}}