{"F": {"ts_code": "300868.SZ", "name": "杰美特", "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": "20200824", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 80.6, "pe_ttm": null, "pb": 7.0227, "dv_ttm": null, "total_mv": 1025060.322, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [35.0, 28.6, 19.4, 17.8, 22.9, 23.0], "rev_series": [8.5, 7.1, 7.2, 6.8, 7.6, 6.3], "np_series": [1.1, 0.3, -1.2, -0.9, 0.1, -0.6], "roe_series": [9.2, 1.6, -6.8, -5.8, 0.5, -3.7], "period": "20260630", "rev_ttm": 6.4, "np_ttm": -0.6, "ocf_ttm": -0.6, "fcf_ttm": -1.0, "fcf_yield": -0.9, "ocf_yield": -0.5, "gm_median": 22.9, "gm_std": 3.7, "gm_stab": 0.84, "gm_chg_2022": -15.6, "npm_median": -9.8, "roe_median": -3.7, "commodity": false, "hard_ratio": 14.7, "fix_assets": 3.7, "goodwill_ratio": 10.2, "pb_calc": 7.02, "capex_dep": 1.53, "interest_debt": 6.0, "debt_ebitda": null, "debt_ratio": 37.7, "debt_mv": 5.9, "payout": 79.5, "div_years": 1, "rev_cagr3": -4.3, "np_cagr3": null, "rev_yoy": 5.2, "np_yoy": -46.7, "np_vol": 377.7, "loss_years": 3, "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", 34.0], ["智能手机保护类产品", 19.0], ["智能手机保护套", 19.0], ["其他产品", 11.0]], "ret_prev_year": 17.3, "ret_prev2_year": 24.7, "ret_ytd": 154.3, "ret_pivot": 390.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -8.2, "ret_60": -26.4, "ret_120": 110.1, "ret_250": 143.9, "mdd_250": -58.7, "vol_250": 80.5, "pos_52w": 50.4}, "S": {"duration": 100, "pricing": 45, "hard": 24, "bondness": 51}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.6 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 38%,有息负债 6 亿,经营现金流/市值 -0.5%: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 15%,毛利率近 5 年中位 22.9%。", "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 -0.9%(经营现金流/市值 -0.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 22.9%,稳定度 84%,2020→2022 成本通胀期毛利率变化 -15.6 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 15%,资本开支/折旧 1.53 倍。没有资产可言。"], ["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 144%,最大回撤 -59%,年化波动 80%,现价在 52 周高点的 50%;近 20 / 60 / 120 日 -8% / -26% / 110%。", "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%。", "杰美特:PE ;股息率 ;毛利率 比行业中位高 2.6个百分点;固定资产占比 比行业中位低 10.1个百分点。"]}}