{"F": {"ts_code": "600076.SH", "name": "康欣新材", "mkt": "CN", "ccy": "元", "sw1": "轻工制造", "sw2": "包装印刷", "sw3": "综合包装", "ind": "包装印刷", "fin_source": "tushare", "market": "主板", "list_date": "19970526", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 3.17, "pe_ttm": null, "pb": 1.226, "dv_ttm": null, "total_mv": 426220.2578, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [4.7, 17.2, 11.5, -22.8, -9.5, -20.0], "rev_series": [10.2, 12.9, 4.6, 2.5, 6.0, 3.8], "np_series": [-1.6, 0.3, -1.9, -2.9, -3.4, -3.8], "roe_series": [-4.1, 0.6, -4.1, -6.4, -8.1, -10.1], "period": "20260630", "rev_ttm": 3.9, "np_ttm": -3.9, "ocf_ttm": -1.8, "fcf_ttm": -1.8, "fcf_yield": -4.3, "ocf_yield": -4.2, "gm_median": -9.5, "gm_std": 16.3, "gm_stab": 2.72, "gm_chg_2022": 6.8, "npm_median": -57.0, "roe_median": -6.4, "commodity": false, "hard_ratio": 8.7, "fix_assets": 6.5, "goodwill_ratio": 4.1, "pb_calc": 1.23, "capex_dep": 0.06, "interest_debt": 27.3, "debt_ebitda": null, "debt_ratio": 51.1, "debt_mv": 64.1, "payout": null, "div_years": 0, "rev_cagr3": -6.7, "np_cagr3": null, "rev_yoy": 6.6, "np_yoy": -1.0, "np_vol": 333.4, "loss_years": 4, "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": [["制造业分部", 32.0], ["制造业", 32.0], ["产品", 31.0], ["半导体业务分部", 5.0]], "ret_prev_year": 62.0, "ret_prev2_year": -21.5, "ret_ytd": -5.9, "ret_pivot": 111.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.3, "ret_60": -8.4, "ret_120": -11.0, "ret_250": 16.5, "mdd_250": -43.6, "vol_250": 58.1, "pos_52w": 67.2}, "S": {"duration": 100, "pricing": 46, "hard": 14, "bondness": 23}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -3.9 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 51%,有息负债 27 亿,经营现金流/市值 -4.2%: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 9%,毛利率近 5 年中位 -9.5%。", "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 -4.3%(经营现金流/市值 -4.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 -9.5%,稳定度 272%,2020→2022 成本通胀期毛利率变化 6.8 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 9%,资本开支/折旧 0.06 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 16%,最大回撤 -44%,年化波动 58%,现价在 52 周高点的 67%;近 20 / 60 / 120 日 5% / -8% / -11%。", "行业对照": ["同申万二级「包装印刷」46 家中位:PE 38.9 / 股息率 1.5% / 毛利率 20.3% / 固定资产占比 33% / 分红率 50%。", "康欣新材:PE ;股息率 ;毛利率 比行业中位低 29.8个百分点;固定资产占比 比行业中位低 24.1个百分点。"]}}