{"F": {"ts_code": "300162.SZ", "name": "雷曼光电", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "光学光电子", "sw3": "LED", "ind": "光学光电子", "fin_source": "tushare", "market": "创业板", "list_date": "20110113", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 7.56, "pe_ttm": null, "pb": 3.6914, "dv_ttm": null, "total_mv": 317149.56, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [21.5, 23.9, 26.3, 23.5, 24.1, 24.0], "rev_series": [8.2, 13.0, 10.8, 11.1, 12.5, 10.6], "np_series": [-3.2, 0.5, 0.3, -0.8, -0.9, -0.4], "roe_series": [-41.7, 7.7, 4.8, -9.0, -9.6, -4.9], "period": "20260630", "rev_ttm": 10.1, "np_ttm": -0.7, "ocf_ttm": -0.2, "fcf_ttm": -0.8, "fcf_yield": -2.4, "ocf_yield": -0.5, "gm_median": 24.0, "gm_std": 1.0, "gm_stab": 0.96, "gm_chg_2022": 4.8, "npm_median": -3.9, "roe_median": -4.9, "commodity": false, "hard_ratio": 13.5, "fix_assets": 2.2, "goodwill_ratio": 0.0, "pb_calc": 3.69, "capex_dep": 2.38, "interest_debt": 1.4, "debt_ebitda": null, "debt_ratio": 44.8, "debt_mv": 4.3, "payout": null, "div_years": 0, "rev_cagr3": -0.6, "np_cagr3": null, "rev_yoy": -9.7, "np_yoy": -658.3, "np_vol": 157.8, "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], ["LED显示屏", 35.0], ["LED照明", 15.0], ["其他业务", 0.0]], "ret_prev_year": 8.0, "ret_prev2_year": -7.0, "ret_ytd": -7.0, "ret_pivot": 31.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.7, "ret_60": -29.3, "ret_120": -21.4, "ret_250": -6.0, "mdd_250": -50.2, "vol_250": 64.2, "pos_52w": 54.7}, "S": {"duration": 100, "pricing": 57, "hard": 22, "bondness": 23}, "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 -0.7 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 45%,有息负债 1 亿,经营现金流/市值 -0.5%: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 14%,毛利率近 5 年中位 24.0%。", "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 -0.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 24.0%,稳定度 96%,2020→2022 成本通胀期毛利率变化 4.8 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 14%,资本开支/折旧 2.38 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 -6%,最大回撤 -50%,年化波动 64%,现价在 52 周高点的 55%;近 20 / 60 / 120 日 -7% / -29% / -21%。", "行业对照": ["同申万二级「光学光电子」95 家中位:PE 61.6 / 股息率 0.6% / 毛利率 19.3% / 固定资产占比 31% / 分红率 43%。", "雷曼光电:PE ;股息率 ;毛利率 比行业中位高 4.7个百分点;固定资产占比 比行业中位低 17.9个百分点。"]}}