{"F": {"ts_code": "603175.SH", "name": "超颖电子", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "元件", "sw3": "印制电路板", "ind": "元件", "fin_source": "tushare", "market": "主板", "list_date": "20251024", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 88.0, "pe_ttm": null, "pb": 15.2297, "dv_ttm": 0.1818, "total_mv": 3845857.84, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [16.5, 16.3, 17.4, 23.5, 22.4, 20.0], "rev_series": [null, null, 35.1, 36.6, 41.2, 47.5], "np_series": [null, null, 1.4, 2.7, 2.8, 2.3], "roe_series": [6.5, 12.3, 11.2, 19.1, 16.3, 9.7], "period": "20260630", "rev_ttm": 54.8, "np_ttm": -1.2, "ocf_ttm": 2.7, "fcf_ttm": -19.5, "fcf_yield": -5.1, "ocf_yield": 0.7, "gm_median": 20.0, "gm_std": 2.8, "gm_stab": 0.86, "gm_chg_2022": 0.9, "npm_median": 4.9, "roe_median": 12.3, "commodity": false, "hard_ratio": 53.1, "fix_assets": 55.0, "goodwill_ratio": 0.0, "pb_calc": 15.23, "capex_dep": 5.37, "interest_debt": 49.2, "debt_ebitda": 7.8, "debt_ratio": 75.6, "debt_mv": 12.8, "payout": 27.1, "div_years": 1, "rev_cagr3": 10.6, "np_cagr3": 18.0, "rev_yoy": 33.3, "np_yoy": -220.4, "np_vol": 49.7, "loss_years": 0, "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", 47.0], ["其他业务", 3.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": 29.3, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.4, "ret_60": 12.2, "ret_120": 10.0, "ret_250": null, "mdd_250": -32.3, "vol_250": 65.3, "pos_52w": 84.3}, "S": {"duration": 100, "pricing": 48, "hard": 85, "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 -1.2 亿,近 5 年亏损 0 年;PE 为负,估值指标失真。", "资产负债率 76%,有息负债 49 亿,经营现金流/市值 0.7%: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": "只占硬资产一条(占比 53%),没有定价权:毛利率近 5 年中位 20.0%,稳定度 86%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 -5.1%(经营现金流/市值 0.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 20.0%,稳定度 86%,2020→2022 成本通胀期毛利率变化 0.9 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 53%,资本开支/折旧 5.37 倍。涨。"], ["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?"]], "行业对照": ["同申万二级「元件」67 家中位:PE 65.2 / 股息率 0.5% / 毛利率 21.3% / 固定资产占比 36% / 分红率 44%。", "超颖电子:PE ;股息率 比行业中位低 0.3个百分点;毛利率 比行业中位低 1.3个百分点;固定资产占比 比行业中位高 17.2个百分点。"]}}