{"F": {"ts_code": "300686.SZ", "name": "智动力", "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": "20170804", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 14.45, "pe_ttm": null, "pb": 4.816, "dv_ttm": null, "total_mv": 376601.969, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [22.0, 18.1, 12.0, 3.3, 8.3, 8.6], "rev_series": [23.2, 21.7, 17.4, 13.9, 15.4, 15.9], "np_series": [1.1, 0.6, -2.2, -2.5, -1.5, -1.3], "roe_series": [7.9, 3.1, -13.8, -19.1, -13.9, -14.6], "period": "20260630", "rev_ttm": 14.9, "np_ttm": -1.1, "ocf_ttm": 0.3, "fcf_ttm": -0.3, "fcf_yield": -0.7, "ocf_yield": 0.9, "gm_median": 8.6, "gm_std": 4.9, "gm_stab": 0.43, "gm_chg_2022": -10.0, "npm_median": -10.0, "roe_median": -13.9, "commodity": false, "hard_ratio": 31.0, "fix_assets": 5.7, "goodwill_ratio": 0.0, "pb_calc": 4.82, "capex_dep": 0.83, "interest_debt": 3.0, "debt_ebitda": null, "debt_ratio": 58.0, "debt_mv": 7.9, "payout": null, "div_years": 1, "rev_cagr3": -3.0, "np_cagr3": null, "rev_yoy": -13.7, "np_yoy": 61.9, "np_vol": 194.2, "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": [["结构性电子器件", 36.0], ["手机内部功能性器件", 26.0], ["功能性电子器件", 26.0], ["光学件", 11.0]], "ret_prev_year": 72.5, "ret_prev2_year": -17.5, "ret_ytd": -4.1, "ret_pivot": 95.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -7.4, "ret_60": -10.1, "ret_120": -6.5, "ret_250": 10.6, "mdd_250": -46.1, "vol_250": 65.3, "pos_52w": 71.2}, "S": {"duration": 100, "pricing": 23, "hard": 50, "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 31%,但毛利率近 5 年中位只有 8.6%,产品同质、售价涨不动。", "2020→2022 成本通胀期毛利率变化 -10.0 个百分点;资产负债率 58%,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 31%),没有定价权:毛利率近 5 年中位 8.6%,稳定度 43%。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 -0.7%(经营现金流/市值 0.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 8.6%,稳定度 43%,2020→2022 成本通胀期毛利率变化 -10.0 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 31%,资本开支/折旧 0.83 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 11%,最大回撤 -46%,年化波动 65%,现价在 52 周高点的 71%;近 20 / 60 / 120 日 -7% / -10% / -6%。", "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%。", "智动力:PE ;股息率 ;毛利率 比行业中位低 11.7个百分点;固定资产占比 比行业中位高 6.2个百分点。"]}}