{"F": {"ts_code": "300269.SZ", "name": "联建光电", "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": "20111012", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 5.02, "pe_ttm": null, "pb": 36.2757, "dv_ttm": null, "total_mv": 274581.8516, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [26.7, 29.3, 23.6, 28.2, 29.1, 29.6], "rev_series": [11.4, 10.3, 12.5, 9.8, 6.7, 5.1], "np_series": [-3.2, 0.6, -0.6, 0.1, 0.1, 0.1], "roe_series": [-95.3, 46.4, -53.6, 14.1, 8.3, 9.2], "period": "20260630", "rev_ttm": 4.3, "np_ttm": -0.2, "ocf_ttm": -0.5, "fcf_ttm": -0.5, "fcf_yield": -1.9, "ocf_yield": -1.8, "gm_median": 29.1, "gm_std": 2.2, "gm_stab": 0.92, "gm_chg_2022": -3.1, "npm_median": 1.0, "roe_median": 9.2, "commodity": false, "hard_ratio": 24.6, "fix_assets": 1.5, "goodwill_ratio": 0.0, "pb_calc": 37.33, "capex_dep": 0.11, "interest_debt": 2.4, "debt_ebitda": 7.2, "debt_ratio": 88.0, "debt_mv": 8.8, "payout": null, "div_years": 0, "rev_cagr3": -25.7, "np_cagr3": null, "rev_yoy": -33.0, "np_yoy": -1111.1, "np_vol": 115.5, "loss_years": 1, "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", 33.0], ["数字设备", 33.0], ["数字显示设备", 33.0], ["房屋出租", 0.0]], "ret_prev_year": 64.8, "ret_prev2_year": -27.9, "ret_ytd": -23.5, "ret_pivot": 73.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 6.1, "ret_60": 3.5, "ret_120": -41.6, "ret_250": -12.1, "mdd_250": -55.9, "vol_250": 68.1, "pos_52w": 53.2}, "S": {"duration": 100, "pricing": 52, "hard": 39, "bondness": 35}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -0.2 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 88%,有息负债 2 亿,经营现金流/市值 -1.8%: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 25%,毛利率近 5 年中位 29.1%。", "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 -1.9%(经营现金流/市值 -1.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 29.1%,稳定度 92%,2020→2022 成本通胀期毛利率变化 -3.1 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 25%,资本开支/折旧 0.11 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 -12%,最大回撤 -56%,年化波动 68%,现价在 52 周高点的 53%;近 20 / 60 / 120 日 6% / 4% / -42%。", "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%。", "联建光电:PE ;股息率 ;毛利率 比行业中位高 9.8个百分点;固定资产占比 比行业中位低 6.8个百分点。"]}}