{"F": {"ts_code": "300131.SZ", "name": "英唐智控", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "其他电子Ⅱ", "sw3": "其他电子Ⅲ", "ind": "其他电子Ⅱ", "fin_source": "tushare", "market": "创业板", "list_date": "20101019", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 15.63, "pe_ttm": null, "pb": 10.4357, "dv_ttm": null, "total_mv": 1774035.3222, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [5.5, 9.9, 10.1, 7.6, 8.2, 7.5], "rev_series": [104.2, 63.4, 51.7, 49.6, 53.5, 55.9], "np_series": [2.7, 0.3, 0.6, 0.5, 0.6, 0.3], "roe_series": [16.9, 2.0, 3.4, 3.0, 3.5, 1.5], "period": "20260630", "rev_ttm": 57.2, "np_ttm": -0.1, "ocf_ttm": -0.5, "fcf_ttm": -1.9, "fcf_yield": -1.1, "ocf_yield": -0.3, "gm_median": 8.2, "gm_std": 1.1, "gm_stab": 0.86, "gm_chg_2022": 4.6, "npm_median": 0.9, "roe_median": 3.0, "commodity": false, "hard_ratio": 5.0, "fix_assets": 1.7, "goodwill_ratio": 10.8, "pb_calc": 10.44, "capex_dep": 11.45, "interest_debt": 10.4, "debt_ebitda": 6.5, "debt_ratio": 51.6, "debt_mv": 5.9, "payout": null, "div_years": 0, "rev_cagr3": 2.6, "np_cagr3": -22.7, "rev_yoy": 5.1, "np_yoy": -109.4, "np_vol": 64.3, "loss_years": 0, "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", 48.0], ["电子元器件产品", 45.0], ["芯片设计制造", 3.0], ["芯片设计业务收入", 3.0]], "ret_prev_year": 80.8, "ret_prev2_year": 34.9, "ret_ytd": 6.6, "ret_pivot": 216.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.0, "ret_60": -5.4, "ret_120": 6.9, "ret_250": 64.9, "mdd_250": -48.1, "vol_250": 79.9, "pos_52w": 68.1}, "S": {"duration": 100, "pricing": 45, "hard": 8, "bondness": 32}, "label": "亏损或困境", "tags": ["资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -0.1 亿,近 5 年亏损 0 年;PE 为负,估值指标失真。", "资产负债率 52%,有息负债 10 亿,经营现金流/市值 -0.3%: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 5%,毛利率近 5 年中位 8.2%。", "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 -1.1%(经营现金流/市值 -0.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 8.2%,稳定度 86%,2020→2022 成本通胀期毛利率变化 4.6 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 5%,资本开支/折旧 11.45 倍。没有资产可言。"], ["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 65%,最大回撤 -48%,年化波动 80%,现价在 52 周高点的 68%;近 20 / 60 / 120 日 3% / -5% / 7%。", "行业对照": ["同申万二级「其他电子Ⅱ」34 家中位:PE 51.5 / 股息率 0.4% / 毛利率 23.1% / 固定资产占比 13% / 分红率 35%。", "英唐智控:PE ;股息率 ;毛利率 比行业中位低 14.9个百分点;固定资产占比 比行业中位低 7.7个百分点。"]}}