{"F": {"ts_code": "300793.SZ", "name": "佳禾智能", "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": "20191018", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 11.58, "pe_ttm": null, "pb": 1.5758, "dv_ttm": null, "total_mv": 440673.1944, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [11.5, 9.6, 17.0, 18.2, 14.9, 12.9], "rev_series": [26.5, 27.3, 21.7, 23.8, 24.7, 21.2], "np_series": [0.7, 0.5, 1.7, 1.3, 0.4, -1.5], "roe_series": [5.7, 3.0, 7.4, 5.4, 1.5, -5.3], "period": "20260630", "rev_ttm": 22.5, "np_ttm": -1.8, "ocf_ttm": -0.2, "fcf_ttm": -1.0, "fcf_yield": -2.2, "ocf_yield": -0.4, "gm_median": 14.9, "gm_std": 3.1, "gm_stab": 0.79, "gm_chg_2022": 5.5, "npm_median": 1.9, "roe_median": 3.0, "commodity": false, "hard_ratio": 20.2, "fix_assets": 9.9, "goodwill_ratio": 9.0, "pb_calc": 1.56, "capex_dep": 1.09, "interest_debt": 9.1, "debt_ebitda": 23.9, "debt_ratio": 42.1, "debt_mv": 20.6, "payout": 69.2, "div_years": 3, "rev_cagr3": -0.9, "np_cagr3": null, "rev_yoy": 13.2, "np_yoy": -92.5, "np_vol": 227.3, "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": [["产品", 46.0], ["耳机", 34.0], ["耳机部品及其他", 7.0], ["耳机部品", 7.0]], "ret_prev_year": -16.7, "ret_prev2_year": -8.6, "ret_ytd": -29.0, "ret_pivot": -3.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.5, "ret_60": -3.7, "ret_120": -27.9, "ret_250": -40.9, "mdd_250": -48.8, "vol_250": 37.2, "pos_52w": 58.9}, "S": {"duration": 100, "pricing": 46, "hard": 32, "bondness": 59}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -1.8 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 42%,有息负债 9 亿,经营现金流/市值 -0.4%: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 14.9%。", "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 -2.2%(经营现金流/市值 -0.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 14.9%,稳定度 79%,2020→2022 成本通胀期毛利率变化 5.5 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 20%,资本开支/折旧 1.09 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 -41%,最大回撤 -49%,年化波动 37%,现价在 52 周高点的 59%;近 20 / 60 / 120 日 2% / -4% / -28%。", "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%。", "佳禾智能:PE ;股息率 ;毛利率 比行业中位低 5.4个百分点;固定资产占比 比行业中位低 4.6个百分点。"]}}