{"F": {"ts_code": "300474.SZ", "name": "景嘉微", "mkt": "CN", "ccy": "元", "sw1": "国防军工", "sw2": "军工电子Ⅱ", "sw3": "军工电子Ⅲ", "ind": "军工电子Ⅱ", "fin_source": "tushare", "market": "创业板", "list_date": "20160331", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 50.19, "pe_ttm": null, "pb": 3.8707, "dv_ttm": null, "total_mv": 2623025.7648, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [71.1, 60.9, 65.0, 60.3, 43.7, 47.4], "rev_series": [6.5, 10.9, 11.5, 7.1, 4.7, 7.2], "np_series": [2.1, 2.9, 2.9, 0.6, -1.7, -1.6], "roe_series": [8.5, 10.9, 9.4, 1.8, -3.1, -2.4], "period": "20260630", "rev_ttm": 8.6, "np_ttm": -1.8, "ocf_ttm": -3.2, "fcf_ttm": -3.8, "fcf_yield": -1.5, "ocf_yield": -1.2, "gm_median": 60.3, "gm_std": 8.3, "gm_stab": 0.86, "gm_chg_2022": -6.1, "npm_median": 8.4, "roe_median": 1.8, "commodity": false, "hard_ratio": 6.7, "fix_assets": 5.3, "goodwill_ratio": 0.1, "pb_calc": 3.87, "capex_dep": 1.12, "interest_debt": 3.8, "debt_ebitda": null, "debt_ratio": 11.4, "debt_mv": 1.4, "payout": 92.3, "div_years": 4, "rev_cagr3": -14.5, "np_cagr3": null, "rev_yoy": 73.0, "np_yoy": -23.2, "np_vol": 151.8, "loss_years": 2, "far_share": 100, "earn_yield": null, "consensus_n": 4, "fwd_pe": 3764.3, "fwd_pe2": 579.1, "fwd_g1": null, "fwd_g2": 550.0, "peg": 6.84, "consensus_disp": null, "mainbz": [["图形显控领域产品", 60.0], ["芯片领域产品", 15.0], ["芯片产品", 15.0], ["小型专用化雷达领域产品", 8.0]], "ret_prev_year": -23.1, "ret_prev2_year": 32.5, "ret_ytd": -30.2, "ret_pivot": -5.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -5.6, "ret_60": -2.7, "ret_120": -22.4, "ret_250": -44.8, "mdd_250": -43.3, "vol_250": 41.6, "pos_52w": 57.1}, "S": {"duration": 100, "pricing": 64, "hard": 11, "bondness": 55}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -1.8 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 11%,有息负债 4 亿,经营现金流/市值 -1.2%: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": "只占定价权一条(毛利率 60.3%),硬资产占比 7%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "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 -1.5%(经营现金流/市值 -1.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 60.3%,稳定度 86%,2020→2022 成本通胀期毛利率变化 -6.1 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 7%,资本开支/折旧 1.12 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 -45%,最大回撤 -43%,年化波动 42%,现价在 52 周高点的 57%;近 20 / 60 / 120 日 -6% / -3% / -22%。", "行业对照": ["同申万二级「军工电子Ⅱ」61 家中位:PE 79.0 / 股息率 0.5% / 毛利率 39.7% / 固定资产占比 14% / 分红率 33%。", "景嘉微:PE ;股息率 ;毛利率 比行业中位高 20.6个百分点;固定资产占比 比行业中位低 7.4个百分点。"]}}