{"F": {"ts_code": "600203.SH", "name": "福日电子", "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": "主板", "list_date": "19990514", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 11.0, "pe_ttm": 511.2114, "pb": 3.7935, "dv_ttm": null, "total_mv": 652286.91, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [5.0, 2.5, 3.0, 6.6, 5.2, 8.0], "rev_series": [130.3, 186.3, 165.5, 106.4, 106.4, 138.9], "np_series": [0.1, -2.3, -3.1, -2.9, -3.8, -0.5], "roe_series": [0.5, -9.3, -11.9, -13.0, -20.8, -3.0], "period": "20260630", "rev_ttm": 164.8, "np_ttm": 0.1, "ocf_ttm": 0.1, "fcf_ttm": -1.9, "fcf_yield": -2.9, "ocf_yield": 0.2, "gm_median": 5.2, "gm_std": 2.1, "gm_stab": 0.6, "gm_chg_2022": -2.0, "npm_median": -1.9, "roe_median": -11.9, "commodity": false, "hard_ratio": 9.1, "fix_assets": 8.4, "goodwill_ratio": 3.4, "pb_calc": 3.79, "capex_dep": 1.87, "interest_debt": 37.4, "debt_ebitda": 8.5, "debt_ratio": 80.5, "debt_mv": 57.3, "payout": null, "div_years": 1, "rev_cagr3": -5.7, "np_cagr3": null, "rev_yoy": 48.6, "np_yoy": 277.4, "np_vol": 984.0, "loss_years": 5, "far_share": 99.0, "earn_yield": 0.2, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["智能终端", 42.0], ["其他业务", 6.0], ["LED光电及其他", 3.0]], "ret_prev_year": 49.2, "ret_prev2_year": 21.0, "ret_ytd": -17.5, "ret_pivot": 55.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.8, "ret_60": -3.9, "ret_120": -5.5, "ret_250": -29.8, "mdd_250": -45.0, "vol_250": 50.2, "pos_52w": 67.5}, "S": {"duration": 100, "pricing": 30, "hard": 15, "bondness": 35}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 0.1 亿,近 5 年亏损 5 年;PE 511 倍(盈利极薄),估值指标失真。", "资产负债率 80%,有息负债 37 亿,经营现金流/市值 0.2%: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 5.2%。", "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 -2.9%(经营现金流/市值 0.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 5.2%,稳定度 60%,2020→2022 成本通胀期毛利率变化 -2.0 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 1.87 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 511.2 倍 粗算,约 99%(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 -30%,最大回撤 -45%,年化波动 50%,现价在 52 周高点的 68%;近 20 / 60 / 120 日 6% / -4% / -6%。", "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%。", "福日电子:PE 比行业中位高 464.7倍;股息率 ;毛利率 比行业中位低 15.1个百分点;固定资产占比 比行业中位低 15.7个百分点。"]}}