{"F": {"ts_code": "300232.SZ", "name": "洲明科技", "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": "20110622", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 5.57, "pe_ttm": null, "pb": 1.3131, "dv_ttm": 0.3577, "total_mv": 607299.885, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [26.2, 24.3, 26.8, 28.8, 29.1, 25.9], "rev_series": [49.6, 72.3, 70.8, 74.1, 77.7, 80.9], "np_series": [1.2, 1.8, 0.6, 1.4, 1.0, 0.6], "roe_series": [3.6, 4.5, 1.4, 3.1, 2.1, 1.3], "period": "20260630", "rev_ttm": 79.9, "np_ttm": -0.3, "ocf_ttm": 6.6, "fcf_ttm": 4.8, "fcf_yield": 7.9, "ocf_yield": 10.9, "gm_median": 26.8, "gm_std": 1.8, "gm_stab": 0.93, "gm_chg_2022": 0.6, "npm_median": 1.1, "roe_median": 2.1, "commodity": false, "hard_ratio": 27.1, "fix_assets": 27.4, "goodwill_ratio": 1.0, "pb_calc": 1.31, "capex_dep": 0.77, "interest_debt": 6.3, "debt_ebitda": 1.8, "debt_ratio": 54.8, "debt_mv": 10.3, "payout": 37.7, "div_years": 5, "rev_cagr3": 4.6, "np_cagr3": -0.2, "rev_yoy": -2.9, "np_yoy": -73.4, "np_vol": 71.0, "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": [["智慧显示", 92.0], ["智能照明", 6.0], ["其他主营业务", 1.0], ["其他", 1.0]], "ret_prev_year": 7.0, "ret_prev2_year": -22.1, "ret_ytd": -21.2, "ret_pivot": 10.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.5, "ret_60": -0.7, "ret_120": -32.7, "ret_250": -31.3, "mdd_250": -44.4, "vol_250": 39.7, "pos_52w": 65.1}, "S": {"duration": 100, "pricing": 54, "hard": 43, "bondness": 36}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -0.3 亿,近 5 年亏损 0 年;PE 为负,估值指标失真。", "资产负债率 55%,有息负债 6 亿,经营现金流/市值 10.9%: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 26.8%。", "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 7.9%(经营现金流/市值 10.9%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 26.8%,稳定度 93%,2020→2022 成本通胀期毛利率变化 0.6 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 27%,资本开支/折旧 0.77 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 -31%,最大回撤 -44%,年化波动 40%,现价在 52 周高点的 65%;近 20 / 60 / 120 日 4% / -1% / -33%。", "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%。", "洲明科技:PE ;股息率 比行业中位低 0.2个百分点;毛利率 比行业中位高 7.5个百分点;固定资产占比 比行业中位低 4.3个百分点。"]}}