{"F": {"ts_code": "300889.SZ", "name": "爱克股份", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "光学光电子", "sw3": "LED", "ind": "光学光电子", "fin_source": "tushare", "market": "创业板", "list_date": "20200916", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 26.98, "pe_ttm": null, "pb": 4.2098, "dv_ttm": null, "total_mv": 594172.7158, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [30.2, 29.7, 30.9, 30.8, 19.5, 18.5], "rev_series": [9.9, 11.3, 9.1, 10.7, 9.0, 11.8], "np_series": [1.0, 0.4, 0.4, 0.3, -1.1, -0.8], "roe_series": [9.9, 2.5, 2.3, 2.1, -6.9, -5.3], "period": "20260630", "rev_ttm": 12.7, "np_ttm": -0.9, "ocf_ttm": -1.1, "fcf_ttm": -1.4, "fcf_yield": -2.4, "ocf_yield": -1.9, "gm_median": 29.7, "gm_std": 5.6, "gm_stab": 0.81, "gm_chg_2022": 0.6, "npm_median": 3.1, "roe_median": 2.1, "commodity": false, "hard_ratio": 20.7, "fix_assets": 6.0, "goodwill_ratio": 5.8, "pb_calc": 4.21, "capex_dep": 0.49, "interest_debt": 4.6, "debt_ebitda": 20.7, "debt_ratio": 47.9, "debt_mv": 7.7, "payout": 13.6, "div_years": 3, "rev_cagr3": 9.2, "np_cagr3": null, "rev_yoy": 16.6, "np_yoy": -131.6, "np_vol": 163.6, "loss_years": 2, "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", 49.0], ["汽车零部件", 17.0], ["LED光电产品", 12.0], ["新能源电子辅材", 12.0]], "ret_prev_year": 110.2, "ret_prev2_year": -17.8, "ret_ytd": 30.3, "ret_pivot": 240.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 28.5, "ret_60": 11.9, "ret_120": -1.1, "ret_250": 63.4, "mdd_250": -43.0, "vol_250": 56.9, "pos_52w": 93.7}, "S": {"duration": 100, "pricing": 51, "hard": 33, "bondness": 31}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.9 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 48%,有息负债 5 亿,经营现金流/市值 -1.9%: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 21%,毛利率近 5 年中位 29.7%。", "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 -2.4%(经营现金流/市值 -1.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 29.7%,稳定度 81%,2020→2022 成本通胀期毛利率变化 0.6 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 21%,资本开支/折旧 0.49 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 63%,最大回撤 -43%,年化波动 57%,现价在 52 周高点的 94%;近 20 / 60 / 120 日 28% / 12% / -1%。", "行业对照": ["同申万二级「光学光电子」95 家中位:PE 61.6 / 股息率 0.6% / 毛利率 19.3% / 固定资产占比 31% / 分红率 43%。", "爱克股份:PE ;股息率 ;毛利率 比行业中位高 10.4个百分点;固定资产占比 比行业中位低 10.7个百分点。"]}}