{"F": {"ts_code": "300123.SZ", "name": "ST亚光", "mkt": "CN", "ccy": "元", "sw1": "国防军工", "sw2": "军工电子Ⅱ", "sw3": "军工电子Ⅲ", "ind": "军工电子Ⅱ", "fin_source": "tushare", "market": "创业板", "list_date": "20100928", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 5.2, "pe_ttm": null, "pb": 34.844, "dv_ttm": null, "total_mv": 531353.732, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [27.8, 18.7, 19.3, 26.9, 17.4, 5.1], "rev_series": [18.1, 15.9, 16.9, 15.9, 9.5, 7.8], "np_series": [0.4, -12.0, -12.0, -2.8, -9.2, -12.3], "roe_series": [0.7, -26.6, -36.4, -10.9, -45.3, -128.8], "period": "20260630", "rev_ttm": 5.2, "np_ttm": -13.8, "ocf_ttm": -0.5, "fcf_ttm": -0.6, "fcf_yield": -1.1, "ocf_yield": -0.9, "gm_median": 18.7, "gm_std": 7.0, "gm_stab": 0.62, "gm_chg_2022": -8.5, "npm_median": -74.8, "roe_median": -36.4, "commodity": false, "hard_ratio": 27.0, "fix_assets": 8.9, "goodwill_ratio": 0.0, "pb_calc": 34.84, "capex_dep": 0.1, "interest_debt": 17.3, "debt_ebitda": null, "debt_ratio": 90.5, "debt_mv": 32.6, "payout": null, "div_years": 0, "rev_cagr3": -22.5, "np_cagr3": null, "rev_yoy": -51.1, "np_yoy": -351.7, "np_vol": 1391.6, "loss_years": 5, "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", 26.0], ["军工电子", 21.0], ["微波电路与组件", 20.0], ["军工电子：微波电路与组件", 20.0]], "ret_prev_year": 39.7, "ret_prev2_year": -20.9, "ret_ytd": -35.8, "ret_pivot": 17.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 13.3, "ret_60": 26.5, "ret_120": -26.3, "ret_250": -25.5, "mdd_250": -65.8, "vol_250": 66.8, "pos_52w": 52.2}, "S": {"duration": 100, "pricing": 35, "hard": 43, "bondness": 23}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -13.8 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 90%,有息负债 17 亿,经营现金流/市值 -0.9%: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 27%,毛利率近 5 年中位 18.7%。", "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 -1.1%(经营现金流/市值 -0.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 18.7%,稳定度 62%,2020→2022 成本通胀期毛利率变化 -8.5 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 27%,资本开支/折旧 0.10 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 -26%,最大回撤 -66%,年化波动 67%,现价在 52 周高点的 52%;近 20 / 60 / 120 日 13% / 26% / -26%。", "行业对照": ["同申万二级「军工电子Ⅱ」61 家中位:PE 79.0 / 股息率 0.5% / 毛利率 39.7% / 固定资产占比 14% / 分红率 33%。", "ST亚光:PE ;股息率 ;毛利率 比行业中位低 21.0个百分点;固定资产占比 比行业中位高 12.9个百分点。"]}}