{"F": {"ts_code": "300256.SZ", "name": "星星科技", "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": "20110819", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 2.84, "pe_ttm": null, "pb": 7.1618, "dv_ttm": null, "total_mv": 644223.7256, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [-15.5, -4.4, 5.1, 4.7, 10.0, 12.0], "rev_series": [51.7, 32.2, 6.3, 7.0, 12.0, 15.3], "np_series": [-27.5, -13.8, 1.4, -5.0, -6.2, -0.3], "roe_series": [null, null, 12.5, -28.6, -55.3, -3.8], "period": "20260630", "rev_ttm": 14.8, "np_ttm": -0.5, "ocf_ttm": 0.3, "fcf_ttm": -0.4, "fcf_yield": -0.7, "ocf_yield": 0.4, "gm_median": 5.1, "gm_std": 5.7, "gm_stab": -0.11, "gm_chg_2022": 20.6, "npm_median": -44.2, "roe_median": -16.2, "commodity": false, "hard_ratio": 21.7, "fix_assets": 3.4, "goodwill_ratio": 0.0, "pb_calc": 7.16, "capex_dep": 1.47, "interest_debt": 1.7, "debt_ebitda": 3.5, "debt_ratio": 43.4, "debt_mv": 2.6, "payout": null, "div_years": 0, "rev_cagr3": 34.8, "np_cagr3": null, "rev_yoy": -7.8, "np_yoy": -237.3, "np_vol": 207.2, "loss_years": 4, "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", 44.0], ["电动摩托车", 10.0], ["电动自行车", 9.0], ["触控显示类", 7.0]], "ret_prev_year": -8.0, "ret_prev2_year": 47.5, "ret_ytd": -29.5, "ret_pivot": 24.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 6.0, "ret_60": 2.2, "ret_120": -23.7, "ret_250": -38.9, "mdd_250": -52.1, "vol_250": 34.9, "pos_52w": 56.9}, "S": {"duration": 100, "pricing": 14, "hard": 35, "bondness": 10}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.5 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 43%,有息负债 2 亿,经营现金流/市值 0.4%: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 22%,毛利率近 5 年中位 5.1%。", "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 -0.7%(经营现金流/市值 0.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 5.1%,稳定度 -11%,2020→2022 成本通胀期毛利率变化 20.6 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 22%,资本开支/折旧 1.47 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 -39%,最大回撤 -52%,年化波动 35%,现价在 52 周高点的 57%;近 20 / 60 / 120 日 6% / 2% / -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%。", "星星科技:PE ;股息率 ;毛利率 比行业中位低 15.2个百分点;固定资产占比 比行业中位低 3.1个百分点。"]}}