{"F": {"ts_code": "301176.SZ", "name": "逸豪新材", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "元件", "sw3": "印制电路板", "ind": "元件", "fin_source": "tushare", "market": "创业板", "list_date": "20220928", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 42.7, "pe_ttm": null, "pb": 4.8148, "dv_ttm": null, "total_mv": 721914.809, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [16.5, 23.9, 11.1, 2.9, 2.6, 3.2], "rev_series": [8.4, 12.7, 13.3, 12.8, 14.4, 17.2], "np_series": [0.6, 1.6, 0.7, -0.3, -0.4, -0.6], "roe_series": [11.5, 26.6, 6.0, -2.0, -2.5, -3.9], "period": "20260630", "rev_ttm": 22.4, "np_ttm": -0.2, "ocf_ttm": -3.2, "fcf_ttm": -4.2, "fcf_yield": -5.8, "ocf_yield": -4.5, "gm_median": 3.2, "gm_std": 8.2, "gm_stab": -1.56, "gm_chg_2022": -5.4, "npm_median": -2.6, "roe_median": -2.0, "commodity": false, "hard_ratio": 35.9, "fix_assets": 11.3, "goodwill_ratio": 0.0, "pb_calc": 4.81, "capex_dep": 0.95, "interest_debt": 5.5, "debt_ebitda": 6.0, "debt_ratio": 52.5, "debt_mv": 7.6, "payout": null, "div_years": 1, "rev_cagr3": 8.8, "np_cagr3": null, "rev_yoy": 69.1, "np_yoy": 242.2, "np_vol": 109.0, "loss_years": 3, "far_share": 100, "earn_yield": null, "consensus_n": 1, "fwd_pe": 112.4, "fwd_pe2": 54.1, "fwd_g1": null, "fwd_g2": 108.0, "peg": 1.04, "consensus_disp": null, "mainbz": [["产品", 50.0], ["电子电路铜箔", 39.0], ["PCB", 10.0], ["其他业务", 1.0]], "ret_prev_year": 52.2, "ret_prev2_year": -1.4, "ret_ytd": 69.6, "ret_pivot": 168.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -14.3, "ret_60": -9.5, "ret_120": 55.1, "ret_250": 22.4, "mdd_250": -55.0, "vol_250": 82.7, "pos_52w": 52.4}, "S": {"duration": 100, "pricing": 5, "hard": 57, "bondness": 26}, "label": "重资产陷阱", "tags": ["亏损或困境", "近5年≥2年亏损"], "text": {"像什么": ["资产很重:固定资产占总资产 36%,但毛利率近 5 年中位只有 3.2%,产品同质、售价涨不动。", "2020→2022 成本通胀期毛利率变化 -5.4 个百分点;有息负债/EBITDA 6.0 倍,折旧与利息两头吃。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 36%),没有定价权:毛利率近 5 年中位 3.2%,稳定度 -156%。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": "滞胀里两头挤,成本全涨售价涨不动还吃折旧,跌得比成长股狠。除非商品价格反转,否则回避。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 -5.8%(经营现金流/市值 -4.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 3.2%,稳定度 -156%,2020→2022 成本通胀期毛利率变化 -5.4 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 36%,资本开支/折旧 0.95 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 22%,最大回撤 -55%,年化波动 83%,现价在 52 周高点的 52%;近 20 / 60 / 120 日 -14% / -10% / 55%。", "行业对照": ["同申万二级「元件」67 家中位:PE 65.2 / 股息率 0.5% / 毛利率 21.3% / 固定资产占比 36% / 分红率 44%。", "逸豪新材:PE ;股息率 ;毛利率 比行业中位低 18.1个百分点;固定资产占比 与行业中位持平。"]}}