{"F": {"ts_code": "301266.SZ", "name": "宇邦新材", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "光伏设备", "sw3": "光伏辅材", "ind": "光伏设备", "fin_source": "tushare", "market": "创业板", "list_date": "20220608", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": null, "pe_ttm": null, "pb": null, "dv_ttm": null, "total_mv": null, "trade_date": null, "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [19.7, 13.6, 11.2, 11.2, 5.9, 5.7], "rev_series": [8.2, 12.4, 20.1, 27.6, 32.8, 29.7], "np_series": [0.8, 0.8, 1.0, 1.5, 0.4, 0.3], "roe_series": [14.6, 12.3, 9.8, 10.1, 2.2, 1.6], "period": "20260630", "rev_ttm": 31.3, "np_ttm": 0.6, "ocf_ttm": -2.2, "fcf_ttm": -2.5, "fcf_yield": null, "ocf_yield": null, "gm_median": 11.2, "gm_std": 3.2, "gm_stab": 0.72, "gm_chg_2022": -8.5, "npm_median": 5.0, "roe_median": 9.8, "commodity": false, "hard_ratio": 12.6, "fix_assets": 4.2, "goodwill_ratio": 0.0, "pb_calc": null, "capex_dep": 0.65, "interest_debt": 8.7, "debt_ebitda": 5.6, "debt_ratio": 43.0, "debt_mv": null, "payout": 27.0, "div_years": 4, "rev_cagr3": 13.9, "np_cagr3": -33.8, "rev_yoy": 10.4, "np_yoy": 88.9, "np_vol": 43.7, "loss_years": 0, "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], ["互连焊带", 27.0], ["互连带", 27.0], ["汇流焊带", 6.0]], "ret_prev_year": 8.9, "ret_prev2_year": -39.4, "ret_ytd": -10.2, "ret_pivot": 21.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 17.3, "ret_60": 1.5, "ret_120": -33.9, "ret_250": -8.3, "mdd_250": -55.9, "vol_250": 52.5, "pos_52w": 60.1}, "S": {"duration": 100, "pricing": 35, "hard": 20, "bondness": 31}, "label": "纯久期", "tags": [], "text": {"像什么": ["PE TTM 为负(亏损),估值里约 100% 来自 5 年后的假设;固定资产占比 13%,几乎没有重置成本可言。", "贴现率每升 1 个百分点,杀伤按 PE 线性放大;这是纯数学,与基本面好坏无关。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 13%,毛利率近 5 年中位 11.2%。", "加息期怎么走": "加息期第一个被砸的就是它;拥挤龙头先被砸,那正是建仓窗口,但要等放水信号,别用最贵的票坐车。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 —(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 11.2%,稳定度 72%,2020→2022 成本通胀期毛利率变化 -8.5 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 13%,资本开支/折旧 0.65 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 -8%,最大回撤 -56%,年化波动 52%,现价在 52 周高点的 60%;近 20 / 60 / 120 日 17% / 2% / -34%。 长久期资产波动大是常态;离高点已远,拥挤已部分释放。", "行业对照": ["同申万二级「光伏设备」73 家中位:PE 41.0 / 股息率 0.5% / 毛利率 17.8% / 固定资产占比 23% / 分红率 29%。", "宇邦新材:PE ;股息率 ;毛利率 比行业中位低 6.6个百分点;固定资产占比 比行业中位低 10.0个百分点。"]}}