{"F": {"ts_code": "603286.SH", "name": "日盈电子", "mkt": "CN", "ccy": "元", "sw1": "汽车", "sw2": "汽车零部件", "sw3": "底盘与发动机系统", "ind": "汽车零部件", "fin_source": "tushare", "market": "主板", "list_date": "20170627", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 43.05, "pe_ttm": null, "pb": 6.3227, "dv_ttm": null, "total_mv": 507962.8785, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [23.1, 22.3, 14.8, 18.7, 18.6, 14.8], "rev_series": [4.9, 5.8, 7.1, 7.6, 9.7, 10.4], "np_series": [0.1, 0.1, -0.2, 0.1, 0.1, -0.5], "roe_series": [3.2, 2.3, -3.7, 1.2, 1.3, -6.2], "period": "20260630", "rev_ttm": 10.4, "np_ttm": -0.6, "ocf_ttm": -0.4, "fcf_ttm": -1.2, "fcf_yield": -2.3, "ocf_yield": -0.8, "gm_median": 18.6, "gm_std": 2.8, "gm_stab": 0.85, "gm_chg_2022": -8.3, "npm_median": 1.5, "roe_median": 1.2, "commodity": false, "hard_ratio": 36.1, "fix_assets": 6.8, "goodwill_ratio": 2.7, "pb_calc": 6.32, "capex_dep": 1.6, "interest_debt": 5.9, "debt_ebitda": 11.2, "debt_ratio": 57.2, "debt_mv": 11.6, "payout": 33.8, "div_years": 2, "rev_cagr3": 13.5, "np_cagr3": null, "rev_yoy": -0.7, "np_yoy": -37.8, "np_vol": 254.4, "loss_years": 2, "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], ["汽车零部件", 20.0], ["短交通零部件", 18.0], ["智能家居传感器", 8.0]], "ret_prev_year": 253.8, "ret_prev2_year": -24.3, "ret_ytd": -37.8, "ret_pivot": 165.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.9, "ret_60": -20.7, "ret_120": -27.9, "ret_250": 15.0, "mdd_250": -58.0, "vol_250": 67.5, "pos_52w": 52.6}, "S": {"duration": 100, "pricing": 43, "hard": 58, "bondness": 33}, "label": "重资产陷阱", "tags": ["亏损或困境", "近5年≥2年亏损"], "text": {"像什么": ["资产很重:固定资产占总资产 36%,但毛利率近 5 年中位只有 18.6%,产品同质、售价涨不动。", "2020→2022 成本通胀期毛利率变化 -8.3 个百分点;有息负债/EBITDA 11.2 倍,折旧与利息两头吃。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 36%),没有定价权:毛利率近 5 年中位 18.6%,稳定度 85%。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": "滞胀里两头挤,成本全涨售价涨不动还吃折旧,跌得比成长股狠。除非商品价格反转,否则回避。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 -2.3%(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 18.6%,稳定度 85%,2020→2022 成本通胀期毛利率变化 -8.3 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 36%,资本开支/折旧 1.60 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?"]], "价格行为": "近一年 15%,最大回撤 -58%,年化波动 68%,现价在 52 周高点的 53%;近 20 / 60 / 120 日 3% / -21% / -28%。", "行业对照": ["同申万二级「汽车零部件」274 家中位:PE 30.2 / 股息率 1.1% / 毛利率 21.4% / 固定资产占比 26% / 分红率 35%。", "日盈电子:PE ;股息率 ;毛利率 比行业中位低 2.8个百分点;固定资产占比 比行业中位高 10.6个百分点。"]}}