{"F": {"ts_code": "300128.SZ", "name": "锦富技术", "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": "20101013", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 5.16, "pe_ttm": null, "pb": 18.6001, "dv_ttm": null, "total_mv": 670343.5464, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [20.9, 19.1, 23.3, 16.9, 12.8, 5.8], "rev_series": [13.6, 9.7, 14.0, 17.4, 18.0, 22.3], "np_series": [0.2, -3.5, -2.3, -2.2, -2.7, -3.3], "roe_series": [1.8, -33.0, -29.9, -24.9, -27.4, -51.5], "period": "20260630", "rev_ttm": 25.8, "np_ttm": -3.3, "ocf_ttm": -1.8, "fcf_ttm": -4.5, "fcf_yield": -6.7, "ocf_yield": -2.7, "gm_median": 16.9, "gm_std": 5.9, "gm_stab": 0.65, "gm_chg_2022": 2.4, "npm_median": -19.0, "roe_median": -29.9, "commodity": false, "hard_ratio": 15.9, "fix_assets": 6.1, "goodwill_ratio": 2.5, "pb_calc": 18.6, "capex_dep": 3.7, "interest_debt": 15.9, "debt_ebitda": null, "debt_ratio": 90.6, "debt_mv": 23.8, "payout": null, "div_years": 0, "rev_cagr3": 16.7, "np_cagr3": null, "rev_yoy": 36.2, "np_yoy": -1.9, "np_vol": 658.2, "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", 43.0], ["锂电池部件", 15.0], ["液晶显示模组及整机", 12.0], ["液晶显示屏及模块", 12.0]], "ret_prev_year": 41.7, "ret_prev2_year": 11.7, "ret_ytd": -29.3, "ret_pivot": 57.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 8.2, "ret_60": -16.2, "ret_120": -24.5, "ret_250": -9.8, "mdd_250": -53.9, "vol_250": 61.0, "pos_52w": 59.4}, "S": {"duration": 100, "pricing": 40, "hard": 25, "bondness": 6}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -3.3 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 91%,有息负债 16 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 16%,毛利率近 5 年中位 16.9%。", "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 -6.7%(经营现金流/市值 -2.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 16.9%,稳定度 65%,2020→2022 成本通胀期毛利率变化 2.4 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 16%,资本开支/折旧 3.70 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 -10%,最大回撤 -54%,年化波动 61%,现价在 52 周高点的 59%;近 20 / 60 / 120 日 8% / -16% / -24%。", "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%。", "锦富技术:PE ;股息率 ;毛利率 比行业中位低 3.4个百分点;固定资产占比 比行业中位低 8.9个百分点。"]}}