{"F": {"ts_code": "300032.SZ", "name": "金龙机电", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "消费电子", "sw3": "消费电子零部件及组装", "ind": "消费电子", "fin_source": "tushare", "market": "创业板", "list_date": "20091225", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 3.85, "pe_ttm": null, "pb": 5.0651, "dv_ttm": null, "total_mv": 309220.296, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [16.7, 17.8, 10.1, 8.8, 12.2, 15.1], "rev_series": [17.4, 18.9, 38.6, 26.7, 14.9, 15.8], "np_series": [-2.4, -1.0, 0.5, -3.8, -1.2, 0.1], "roe_series": [-17.7, -8.5, 4.4, -37.9, -16.5, 1.0], "period": "20260630", "rev_ttm": 13.5, "np_ttm": -0.6, "ocf_ttm": 0.8, "fcf_ttm": 0.8, "fcf_yield": 2.4, "ocf_yield": 2.7, "gm_median": 12.2, "gm_std": 3.3, "gm_stab": 0.73, "gm_chg_2022": -6.6, "npm_median": -5.7, "roe_median": -8.5, "commodity": false, "hard_ratio": 19.8, "fix_assets": 2.9, "goodwill_ratio": 0.2, "pb_calc": 5.07, "capex_dep": 0.16, "interest_debt": 2.9, "debt_ebitda": 8.4, "debt_ratio": 59.0, "debt_mv": 9.4, "payout": null, "div_years": 0, "rev_cagr3": -25.7, "np_cagr3": -49.4, "rev_yoy": -29.5, "np_yoy": -655.6, "np_vol": 372.2, "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", 50.0], ["结构件", 24.0], ["触控显示模组", 20.0], ["马达", 4.0]], "ret_prev_year": 19.1, "ret_prev2_year": -28.5, "ret_ytd": -28.3, "ret_pivot": 15.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.1, "ret_60": -4.2, "ret_120": -34.5, "ret_250": -33.5, "mdd_250": -49.0, "vol_250": 41.4, "pos_52w": 61.1}, "S": {"duration": 100, "pricing": 35, "hard": 32, "bondness": 35}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.6 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 59%,有息负债 3 亿,经营现金流/市值 2.7%: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 20%,毛利率近 5 年中位 12.2%。", "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 2.4%(经营现金流/市值 2.7%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 12.2%,稳定度 73%,2020→2022 成本通胀期毛利率变化 -6.6 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 0.16 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 -34%,最大回撤 -49%,年化波动 41%,现价在 52 周高点的 61%;近 20 / 60 / 120 日 4% / -4% / -34%。", "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%。", "金龙机电:PE ;股息率 ;毛利率 比行业中位低 8.1个百分点;固定资产占比 比行业中位低 5.0个百分点。"]}}