{"F": {"ts_code": "600990.SH", "name": "四创电子", "mkt": "CN", "ccy": "元", "sw1": "国防军工", "sw2": "军工电子Ⅱ", "sw3": "军工电子Ⅲ", "ind": "军工电子Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20040510", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 18.89, "pe_ttm": null, "pb": 3.4553, "dv_ttm": null, "total_mv": 508164.9903, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [17.0, 19.8, 19.5, 18.4, 13.1, 14.7], "rev_series": [39.4, 31.4, 27.2, 19.3, 16.0, 17.5], "np_series": [1.7, 1.8, 0.7, -5.5, -2.5, -2.9], "roe_series": [6.8, 7.0, 2.4, -22.6, -12.1, -16.5], "period": "20260630", "rev_ttm": 15.5, "np_ttm": -3.8, "ocf_ttm": 2.6, "fcf_ttm": 1.7, "fcf_yield": 3.3, "ocf_yield": 5.0, "gm_median": 18.4, "gm_std": 2.7, "gm_stab": 0.85, "gm_chg_2022": 2.5, "npm_median": -15.3, "roe_median": -12.1, "commodity": false, "hard_ratio": 17.6, "fix_assets": 9.7, "goodwill_ratio": 0.0, "pb_calc": 3.46, "capex_dep": 0.95, "interest_debt": 18.4, "debt_ebitda": null, "debt_ratio": 72.6, "debt_mv": 36.1, "payout": null, "div_years": 2, "rev_cagr3": -13.8, "np_cagr3": null, "rev_yoy": -28.5, "np_yoy": -207.8, "np_vol": 375.3, "loss_years": 3, "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", 50.0], ["主营业务", 50.0], ["其他业务", 0.0]], "ret_prev_year": 48.7, "ret_prev2_year": 6.6, "ret_ytd": -40.3, "ret_pivot": 14.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.5, "ret_60": 4.1, "ret_120": -24.4, "ret_250": -42.1, "mdd_250": -58.3, "vol_250": 47.3, "pos_52w": 51.1}, "S": {"duration": 100, "pricing": 48, "hard": 28, "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 -3.8 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 73%,有息负债 18 亿,经营现金流/市值 5.0%: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 18%,毛利率近 5 年中位 18.4%。", "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 3.3%(经营现金流/市值 5.0%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 18.4%,稳定度 85%,2020→2022 成本通胀期毛利率变化 2.5 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 18%,资本开支/折旧 0.95 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 -42%,最大回撤 -58%,年化波动 47%,现价在 52 周高点的 51%;近 20 / 60 / 120 日 6% / 4% / -24%。", "行业对照": ["同申万二级「军工电子Ⅱ」61 家中位:PE 79.0 / 股息率 0.5% / 毛利率 39.7% / 固定资产占比 14% / 分红率 33%。", "四创电子:PE ;股息率 ;毛利率 比行业中位低 21.3个百分点;固定资产占比 比行业中位高 3.5个百分点。"]}}