{"F": {"ts_code": "300582.SZ", "name": "英飞特", "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": "20161228", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 11.47, "pe_ttm": null, "pb": 3.8153, "dv_ttm": null, "total_mv": 342421.2508, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [38.0, 33.3, 35.6, 30.4, 29.6, 23.1], "rev_series": [10.5, 14.2, 15.1, 26.3, 26.7, 23.1], "np_series": [1.6, 1.8, 2.0, -1.7, 0.1, -5.0], "roe_series": [14.1, 13.7, 13.0, -11.1, 0.6, -42.0], "period": "20260630", "rev_ttm": 23.5, "np_ttm": -4.3, "ocf_ttm": -0.4, "fcf_ttm": -0.7, "fcf_yield": -2.1, "ocf_yield": -1.0, "gm_median": 30.4, "gm_std": 4.2, "gm_stab": 0.86, "gm_chg_2022": -2.4, "npm_median": 0.3, "roe_median": 0.6, "commodity": false, "hard_ratio": 18.7, "fix_assets": 5.8, "goodwill_ratio": 1.3, "pb_calc": 3.82, "capex_dep": 0.55, "interest_debt": 11.8, "debt_ebitda": null, "debt_ratio": 70.8, "debt_mv": 34.6, "payout": 126.7, "div_years": 3, "rev_cagr3": 15.2, "np_cagr3": null, "rev_yoy": 3.4, "np_yoy": 150.9, "np_vol": 2227.6, "loss_years": 2, "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", 50.0], ["LED驱动电源", 39.0], ["LED模组", 7.0], ["合计特别调整", 2.0]], "ret_prev_year": 13.7, "ret_prev2_year": 17.3, "ret_ytd": -28.2, "ret_pivot": 25.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.9, "ret_60": -16.9, "ret_120": -27.4, "ret_250": -29.4, "mdd_250": -50.3, "vol_250": 61.4, "pos_52w": 59.5}, "S": {"duration": 100, "pricing": 51, "hard": 30, "bondness": 43}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -4.3 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 71%,有息负债 12 亿,经营现金流/市值 -1.0%: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 30.4%),硬资产占比 19%。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 -2.1%(经营现金流/市值 -1.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 30.4%,稳定度 86%,2020→2022 成本通胀期毛利率变化 -2.4 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 19%,资本开支/折旧 0.55 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 -29%,最大回撤 -50%,年化波动 61%,现价在 52 周高点的 60%;近 20 / 60 / 120 日 3% / -17% / -27%。", "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%。", "英飞特:PE ;股息率 ;毛利率 比行业中位高 11.1个百分点;固定资产占比 比行业中位低 12.7个百分点。"]}}