{"F": {"ts_code": "300625.SZ", "name": "三雄极光", "mkt": "CN", "ccy": "元", "sw1": "家用电器", "sw2": "照明设备Ⅱ", "sw3": "照明设备Ⅲ", "ind": "照明设备Ⅱ", "fin_source": "tushare", "market": "创业板", "list_date": "20170317", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 9.64, "pe_ttm": null, "pb": 1.4679, "dv_ttm": 2.5934, "total_mv": 269275.084, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [32.2, 27.9, 29.5, 34.8, 32.7, 29.2], "rev_series": [23.4, 27.1, 22.6, 23.5, 20.8, 18.1], "np_series": [2.3, 0.3, 1.0, 2.0, 0.5, -0.4], "roe_series": [10.1, 1.1, 4.4, 9.4, 2.2, -2.2], "period": "20260630", "rev_ttm": 17.5, "np_ttm": -0.7, "ocf_ttm": 0.3, "fcf_ttm": -0.1, "fcf_yield": -0.5, "ocf_yield": 1.2, "gm_median": 29.5, "gm_std": 2.5, "gm_stab": 0.91, "gm_chg_2022": -2.7, "npm_median": 2.3, "roe_median": 2.2, "commodity": false, "hard_ratio": 20.4, "fix_assets": 5.7, "goodwill_ratio": 0.0, "pb_calc": 1.47, "capex_dep": 0.83, "interest_debt": 0.8, "debt_ebitda": null, "debt_ratio": 34.2, "debt_mv": 3.0, "payout": 128.2, "div_years": 5, "rev_cagr3": -7.3, "np_cagr3": null, "rev_yoy": -6.5, "np_yoy": -112.3, "np_vol": 162.1, "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": [["照明灯具", 87.0], ["照明控制及其他", 11.0], ["其他主营业务", 1.0], ["其他", 1.0]], "ret_prev_year": 4.4, "ret_prev2_year": -18.7, "ret_ytd": -16.9, "ret_pivot": 8.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.3, "ret_60": -3.6, "ret_120": -24.5, "ret_250": -23.6, "mdd_250": -35.2, "vol_250": 29.8, "pos_52w": 75.0}, "S": {"duration": 100, "pricing": 52, "hard": 33, "bondness": 74}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -0.7 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 34%,有息负债 1 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": "两条都不占:固定资产占比 20%,毛利率近 5 年中位 29.5%。", "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 -0.5%(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 29.5%,稳定度 91%,2020→2022 成本通胀期毛利率变化 -2.7 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 20%,资本开支/折旧 0.83 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 -24%,最大回撤 -35%,年化波动 30%,现价在 52 周高点的 75%;近 20 / 60 / 120 日 3% / -4% / -24%。", "行业对照": ["同申万二级「照明设备Ⅱ」14 家中位:PE 61.2 / 股息率 1.3% / 毛利率 25.2% / 固定资产占比 17% / 分红率 71%。", "三雄极光:PE ;股息率 比行业中位高 1.3个百分点;毛利率 比行业中位高 4.3个百分点;固定资产占比 比行业中位高 3.3个百分点。"]}}