{"F": {"ts_code": "301326.SZ", "name": "捷邦科技", "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": "20220921", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 104.0, "pe_ttm": null, "pb": 6.2717, "dv_ttm": null, "total_mv": 756180.88, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [29.6, 27.5, 28.5, 21.6, 26.7, 30.5], "rev_series": [8.6, 10.0, 10.3, 6.8, 7.9, 13.0], "np_series": [0.7, 1.0, 0.9, -0.6, -0.2, -0.5], "roe_series": [22.4, 21.5, 9.1, -4.1, -1.5, -3.7], "period": "20260630", "rev_ttm": 14.7, "np_ttm": -0.6, "ocf_ttm": 1.7, "fcf_ttm": -0.8, "fcf_yield": -1.0, "ocf_yield": 2.2, "gm_median": 27.5, "gm_std": 3.0, "gm_stab": 0.89, "gm_chg_2022": -1.1, "npm_median": -0.5, "roe_median": -1.5, "commodity": false, "hard_ratio": 24.7, "fix_assets": 6.6, "goodwill_ratio": 12.5, "pb_calc": 6.27, "capex_dep": 4.06, "interest_debt": 8.0, "debt_ebitda": 5.5, "debt_ratio": 47.5, "debt_mv": 10.6, "payout": null, "div_years": 2, "rev_cagr3": 8.0, "np_cagr3": null, "rev_yoy": 37.8, "np_yoy": -23.1, "np_vol": 93.5, "loss_years": 3, "far_share": 100, "earn_yield": null, "consensus_n": 3, "fwd_pe": 46.4, "fwd_pe2": 19.1, "fwd_g1": null, "fwd_g2": 143.0, "peg": 0.32, "consensus_disp": null, "mainbz": [["产品", 50.0], ["精密制造产品", 45.0], ["新材料产品", 4.0], ["其他业务", 1.0]], "ret_prev_year": 49.3, "ret_prev2_year": 83.2, "ret_ytd": -4.7, "ret_pivot": 240.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.0, "ret_60": -21.1, "ret_120": -26.1, "ret_250": 7.0, "mdd_250": -62.3, "vol_250": 77.8, "pos_52w": 53.7}, "S": {"duration": 100, "pricing": 52, "hard": 40, "bondness": 27}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["TTM 归母净利 -0.6 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 48%,有息负债 8 亿,经营现金流/市值 2.2%: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 25%,毛利率近 5 年中位 27.5%。", "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 -1.0%(经营现金流/市值 2.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 27.5%,稳定度 89%,2020→2022 成本通胀期毛利率变化 -1.1 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 25%,资本开支/折旧 4.06 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 7%,最大回撤 -62%,年化波动 78%,现价在 52 周高点的 54%;近 20 / 60 / 120 日 -1% / -21% / -26%。", "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%。", "捷邦科技:PE ;股息率 ;毛利率 比行业中位高 7.2个百分点;固定资产占比 比行业中位低 0.1个百分点。"]}}