{"F": {"ts_code": "300460.SZ", "name": "ST惠伦", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "元件", "sw3": "被动元件", "ind": "元件", "fin_source": "tushare", "market": "创业板", "list_date": "20150515", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 8.76, "pe_ttm": null, "pb": 5.7216, "dv_ttm": null, "total_mv": 245984.5668, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [25.4, 46.7, -7.4, -1.5, 5.0, 9.4], "rev_series": [3.9, 6.6, 3.3, 4.0, 5.5, 5.5], "np_series": [0.2, 1.2, -1.7, -1.7, -1.9, -1.7], "roe_series": [3.8, 12.0, -15.8, -18.5, -25.9, -30.2], "period": "20260630", "rev_ttm": 5.9, "np_ttm": -1.4, "ocf_ttm": 1.1, "fcf_ttm": 0.9, "fcf_yield": 3.8, "ocf_yield": 4.4, "gm_median": 5.0, "gm_std": 19.0, "gm_stab": -2.8, "gm_chg_2022": -32.8, "npm_median": -34.4, "roe_median": -18.5, "commodity": false, "hard_ratio": 54.1, "fix_assets": 7.0, "goodwill_ratio": 0.0, "pb_calc": 5.72, "capex_dep": 0.16, "interest_debt": 3.9, "debt_ebitda": 18.4, "debt_ratio": 66.7, "debt_mv": 15.8, "payout": null, "div_years": 1, "rev_cagr3": 18.4, "np_cagr3": null, "rev_yoy": 14.1, "np_yoy": 42.9, "np_vol": 209.9, "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": [["表面贴装式压电石英晶体谐振器", 48.0], ["SMD", 48.0], ["其他业务", 2.0], ["合计特别调整", 2.0]], "ret_prev_year": -36.8, "ret_prev2_year": -1.0, "ret_ytd": 14.2, "ret_pivot": -8.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.8, "ret_60": 4.9, "ret_120": -6.6, "ret_250": -24.5, "mdd_250": -34.8, "vol_250": 48.1, "pos_52w": 74.4}, "S": {"duration": 100, "pricing": 6, "hard": 87, "bondness": 17}, "label": "重资产陷阱", "tags": ["亏损或困境", "近5年≥2年亏损"], "text": {"像什么": ["资产很重:固定资产占总资产 54%,但毛利率近 5 年中位只有 5.0%,产品同质、售价涨不动。", "2020→2022 成本通胀期毛利率变化 -32.8 个百分点;有息负债/EBITDA 18.4 倍,折旧与利息两头吃。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 54%),没有定价权:毛利率近 5 年中位 5.0%,稳定度 -280%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "加息期怎么走": "滞胀里两头挤,成本全涨售价涨不动还吃折旧,跌得比成长股狠。除非商品价格反转,否则回避。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 3.8%(经营现金流/市值 4.4%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 5.0%,稳定度 -280%,2020→2022 成本通胀期毛利率变化 -32.8 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 54%,资本开支/折旧 0.16 倍。涨。"], ["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 -24%,最大回撤 -35%,年化波动 48%,现价在 52 周高点的 74%;近 20 / 60 / 120 日 1% / 5% / -7%。", "行业对照": ["同申万二级「元件」67 家中位:PE 65.2 / 股息率 0.5% / 毛利率 21.3% / 固定资产占比 36% / 分红率 44%。", "ST惠伦:PE ;股息率 ;毛利率 比行业中位低 16.3个百分点;固定资产占比 比行业中位高 18.2个百分点。"]}}