{"F": {"ts_code": "603679.SH", "name": "华体科技", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "光学光电子", "sw3": "LED", "ind": "光学光电子", "fin_source": "tushare", "market": "主板", "list_date": "20170621", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 21.61, "pe_ttm": null, "pb": 4.4323, "dv_ttm": null, "total_mv": 383979.8782, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [25.8, 22.8, 12.7, 25.5, 21.7, 10.5], "rev_series": [7.0, 5.9, 4.3, 6.1, 3.7, 4.7], "np_series": [0.7, -0.5, -0.8, 0.6, -0.7, -1.3], "roe_series": [9.1, -7.4, -9.8, 6.8, -7.7, -16.1], "period": "20260630", "rev_ttm": 5.6, "np_ttm": -1.3, "ocf_ttm": -0.5, "fcf_ttm": -0.9, "fcf_yield": -2.3, "ocf_yield": -1.2, "gm_median": 21.7, "gm_std": 5.9, "gm_stab": 0.73, "gm_chg_2022": -13.1, "npm_median": -17.9, "roe_median": -7.7, "commodity": false, "hard_ratio": 13.5, "fix_assets": 1.9, "goodwill_ratio": 0.0, "pb_calc": 4.43, "capex_dep": 2.62, "interest_debt": 1.5, "debt_ebitda": null, "debt_ratio": 40.3, "debt_mv": 4.0, "payout": 49.3, "div_years": 1, "rev_cagr3": 2.7, "np_cagr3": null, "rev_yoy": 46.4, "np_yoy": -12.4, "np_vol": 138.5, "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": [["产品", 36.0], ["智慧城市产品研发制造及集成", 22.0], ["产品研发制造", 22.0], ["储能产品生产销售", 7.0]], "ret_prev_year": 22.7, "ret_prev2_year": -10.7, "ret_ytd": 33.7, "ret_pivot": 100.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -4.3, "ret_60": 16.2, "ret_120": 30.3, "ret_250": 25.6, "mdd_250": -34.0, "vol_250": 51.4, "pos_52w": 89.6}, "S": {"duration": 100, "pricing": 40, "hard": 22, "bondness": 38}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -1.3 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 40%,有息负债 2 亿,经营现金流/市值 -1.2%: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 14%,毛利率近 5 年中位 21.7%。", "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 -2.3%(经营现金流/市值 -1.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 21.7%,稳定度 73%,2020→2022 成本通胀期毛利率变化 -13.1 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 14%,资本开支/折旧 2.62 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 26%,最大回撤 -34%,年化波动 51%,现价在 52 周高点的 90%;近 20 / 60 / 120 日 -4% / 16% / 30%。", "行业对照": ["同申万二级「光学光电子」95 家中位:PE 61.6 / 股息率 0.6% / 毛利率 19.3% / 固定资产占比 31% / 分红率 43%。", "华体科技:PE ;股息率 ;毛利率 比行业中位高 2.4个百分点;固定资产占比 比行业中位低 17.9个百分点。"]}}