{"F": {"ts_code": "301486.SZ", "name": "致尚科技", "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": "20230707", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 171.68, "pe_ttm": null, "pb": 8.5448, "dv_ttm": null, "total_mv": 2210263.2576, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [29.7, 29.8, 36.0, 34.6, 34.5, 26.6], "rev_series": [5.0, 6.1, 5.8, 5.0, 9.7, 10.0], "np_series": [0.7, 0.9, 1.2, 0.7, 0.7, 0.9], "roe_series": [17.4, 15.6, 16.9, 4.5, 2.7, 3.7], "period": "20260630", "rev_ttm": 11.7, "np_ttm": -0.8, "ocf_ttm": -1.8, "fcf_ttm": -3.8, "fcf_yield": -1.7, "ocf_yield": -0.8, "gm_median": 34.5, "gm_std": 3.5, "gm_stab": 0.9, "gm_chg_2022": 6.3, "npm_median": 14.9, "roe_median": 4.5, "commodity": false, "hard_ratio": 18.5, "fix_assets": 6.6, "goodwill_ratio": 1.4, "pb_calc": 8.54, "capex_dep": 3.74, "interest_debt": 2.0, "debt_ebitda": 3.6, "debt_ratio": 23.9, "debt_mv": 0.9, "payout": 68.5, "div_years": 2, "rev_cagr3": 20.1, "np_cagr3": -7.1, "rev_yoy": 32.4, "np_yoy": -93.7, "np_vol": 30.6, "loss_years": 0, "far_share": 100, "earn_yield": null, "consensus_n": 3, "fwd_pe": 155.1, "fwd_pe2": 104.0, "fwd_g1": null, "fwd_g2": 49.0, "peg": 3.17, "consensus_disp": null, "mainbz": [["产品", 48.0], ["光通信产品", 35.0], ["游戏机零部件", 7.0], ["其他收入", 3.0]], "ret_prev_year": 161.4, "ret_prev2_year": 0.7, "ret_ytd": 38.4, "ret_pivot": 431.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 12.9, "ret_60": -19.4, "ret_120": 3.5, "ret_250": 76.8, "mdd_250": -59.7, "vol_250": 93.1, "pos_52w": 58.7}, "S": {"duration": 100, "pricing": 60, "hard": 30, "bondness": 35}, "label": "亏损或困境", "tags": ["资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -0.8 亿,近 5 年亏损 0 年;PE 为负,估值指标失真。", "资产负债率 24%,有息负债 2 亿,经营现金流/市值 -0.8%: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": "只占定价权一条(毛利率 34.5%),硬资产占比 18%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "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 -1.7%(经营现金流/市值 -0.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 34.5%,稳定度 90%,2020→2022 成本通胀期毛利率变化 6.3 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 18%,资本开支/折旧 3.74 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 77%,最大回撤 -60%,年化波动 93%,现价在 52 周高点的 59%;近 20 / 60 / 120 日 13% / -19% / 4%。", "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%。", "致尚科技:PE ;股息率 ;毛利率 比行业中位高 14.2个百分点;固定资产占比 比行业中位低 6.3个百分点。"]}}