{"F": {"ts_code": "301067.SZ", "name": "显盈科技", "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": "20210922", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 28.31, "pe_ttm": null, "pb": 3.639, "dv_ttm": null, "total_mv": 275275.3991, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [27.9, 24.5, 24.9, 23.3, 20.3, 19.0], "rev_series": [5.3, 5.7, 6.9, 6.8, 8.7, 7.3], "np_series": [0.7, 0.5, 0.7, 0.2, 0.1, -0.6], "roe_series": [41.1, 10.6, 8.7, 2.4, 1.0, -6.9], "period": "20260630", "rev_ttm": 6.2, "np_ttm": -0.8, "ocf_ttm": 0.3, "fcf_ttm": -0.2, "fcf_yield": -0.6, "ocf_yield": 0.9, "gm_median": 23.3, "gm_std": 2.3, "gm_stab": 0.9, "gm_chg_2022": -3.0, "npm_median": 3.3, "roe_median": 2.4, "commodity": false, "hard_ratio": 36.9, "fix_assets": 4.2, "goodwill_ratio": 0.0, "pb_calc": 3.64, "capex_dep": 1.34, "interest_debt": 2.4, "debt_ebitda": null, "debt_ratio": 33.6, "debt_mv": 8.7, "payout": 43.2, "div_years": 4, "rev_cagr3": 1.9, "np_cagr3": null, "rev_yoy": -27.2, "np_yoy": -480.1, "np_vol": 306.5, "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", 38.0], ["信号转换拓展类产品", 21.0], ["信号转换拓展产品", 21.0], ["模具及精密结构件", 13.0]], "ret_prev_year": 3.6, "ret_prev2_year": -5.7, "ret_ytd": -13.6, "ret_pivot": 42.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.3, "ret_60": -10.9, "ret_120": -13.6, "ret_250": -24.9, "mdd_250": -52.7, "vol_250": 65.2, "pos_52w": 61.4}, "S": {"duration": 100, "pricing": 48, "hard": 59, "bondness": 36}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -0.8 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 34%,有息负债 2 亿,经营现金流/市值 0.9%: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": "只占硬资产一条(占比 37%),没有定价权:毛利率近 5 年中位 23.3%,稳定度 90%。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": "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 -0.6%(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 23.3%,稳定度 90%,2020→2022 成本通胀期毛利率变化 -3.0 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 37%,资本开支/折旧 1.34 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 -25%,最大回撤 -53%,年化波动 65%,现价在 52 周高点的 61%;近 20 / 60 / 120 日 2% / -11% / -14%。", "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%。", "显盈科技:PE ;股息率 ;毛利率 比行业中位高 3.0个百分点;固定资产占比 比行业中位高 12.1个百分点。"]}}