{"F": {"ts_code": "300968.SZ", "name": "格林精密", "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": "20210415", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 10.45, "pe_ttm": null, "pb": 2.4674, "dv_ttm": null, "total_mv": 431982.1, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [26.7, 21.5, 19.4, 16.6, 17.1, 14.7], "rev_series": [17.6, 14.2, 15.7, 11.2, 12.2, 13.3], "np_series": [1.7, 0.9, 1.2, 0.1, 0.5, -0.2], "roe_series": [16.0, 5.8, 6.1, 0.7, 2.8, -1.1], "period": "20260630", "rev_ttm": 14.9, "np_ttm": -1.0, "ocf_ttm": -0.5, "fcf_ttm": -1.7, "fcf_yield": -4.0, "ocf_yield": -1.1, "gm_median": 17.1, "gm_std": 2.4, "gm_stab": 0.86, "gm_chg_2022": -7.3, "npm_median": 4.3, "roe_median": 2.8, "commodity": false, "hard_ratio": 22.9, "fix_assets": 5.0, "goodwill_ratio": 0.0, "pb_calc": 2.47, "capex_dep": 1.64, "interest_debt": 0.2, "debt_ebitda": null, "debt_ratio": 19.5, "debt_mv": 0.4, "payout": 102.6, "div_years": 4, "rev_cagr3": -5.4, "np_cagr3": null, "rev_yoy": 30.0, "np_yoy": -12238.6, "np_vol": 157.9, "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", 50.0], ["精密结构件", 44.0], ["合计特别调整", 5.0], ["其他业务", 0.0]], "ret_prev_year": -9.4, "ret_prev2_year": 37.1, "ret_ytd": -29.8, "ret_pivot": 24.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.8, "ret_60": 1.9, "ret_120": -17.8, "ret_250": -34.4, "mdd_250": -49.4, "vol_250": 52.2, "pos_52w": 63.5}, "S": {"duration": 100, "pricing": 42, "hard": 37, "bondness": 58}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -1.0 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 20%,有息负债 0 亿,经营现金流/市值 -1.1%: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 23%,毛利率近 5 年中位 17.1%。", "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 -4.0%(经营现金流/市值 -1.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 17.1%,稳定度 86%,2020→2022 成本通胀期毛利率变化 -7.3 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 23%,资本开支/折旧 1.64 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 -34%,最大回撤 -49%,年化波动 52%,现价在 52 周高点的 64%;近 20 / 60 / 120 日 -4% / 2% / -18%。", "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%。", "格林精密:PE ;股息率 ;毛利率 比行业中位低 3.2个百分点;固定资产占比 比行业中位低 1.9个百分点。"]}}