{"F": {"ts_code": "300647.SZ", "name": "超频三", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "消费电子", "sw3": "消费电子零部件及组装", "ind": "消费电子", "fin_source": "tushare", "market": "创业板", "list_date": "20170503", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 8.09, "pe_ttm": null, "pb": 8.4212, "dv_ttm": null, "total_mv": 369972.689, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [32.4, 22.4, 17.8, 15.8, 14.8, 5.7], "rev_series": [6.1, 5.8, 11.5, 6.4, 7.0, 7.0], "np_series": [0.2, -1.6, 0.2, -2.4, -4.2, -1.5], "roe_series": [2.4, -19.5, 1.7, -21.6, -53.7, -29.5], "period": "20260630", "rev_ttm": 8.6, "np_ttm": -1.4, "ocf_ttm": -0.2, "fcf_ttm": -1.2, "fcf_yield": -3.2, "ocf_yield": -0.7, "gm_median": 15.8, "gm_std": 5.5, "gm_stab": 0.65, "gm_chg_2022": -14.6, "npm_median": -32.7, "roe_median": -21.6, "commodity": false, "hard_ratio": 39.7, "fix_assets": 8.6, "goodwill_ratio": 0.0, "pb_calc": 8.42, "capex_dep": 1.69, "interest_debt": 11.4, "debt_ebitda": null, "debt_ratio": 79.2, "debt_mv": 30.9, "payout": null, "div_years": 0, "rev_cagr3": -15.1, "np_cagr3": null, "rev_yoy": 33.7, "np_yoy": 53.2, "np_vol": 631.2, "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": [["锂离子电池材料产品", 38.0], ["锂离子电池材料", 38.0], ["散热产品", 9.0], ["PC散热配件", 9.0]], "ret_prev_year": 12.0, "ret_prev2_year": -4.2, "ret_ytd": 17.4, "ret_pivot": 58.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 42.9, "ret_60": 35.3, "ret_120": 19.7, "ret_250": 6.2, "mdd_250": -41.0, "vol_250": 48.2, "pos_52w": 96.2}, "S": {"duration": 100, "pricing": 34, "hard": 64, "bondness": 23}, "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 40%,但毛利率近 5 年中位只有 15.8%,产品同质、售价涨不动。", "2020→2022 成本通胀期毛利率变化 -14.6 个百分点;资产负债率 79%,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 40%),没有定价权:毛利率近 5 年中位 15.8%,稳定度 65%。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 -3.2%(经营现金流/市值 -0.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 15.8%,稳定度 65%,2020→2022 成本通胀期毛利率变化 -14.6 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 40%,资本开支/折旧 1.69 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 6%,最大回撤 -41%,年化波动 48%,现价在 52 周高点的 96%;近 20 / 60 / 120 日 43% / 35% / 20%。", "行业对照": ["同申万二级「消费电子」100 家中位:PE 46.5 / 股息率 0.7% / 毛利率 20.3% / 固定资产占比 25% / 分红率 44%。", "超频三:PE ;股息率 ;毛利率 比行业中位低 4.5个百分点;固定资产占比 比行业中位高 14.9个百分点。"]}}