{"F": {"ts_code": "603879.SH", "name": "永悦科技", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "塑料", "sw3": "合成树脂", "ind": "塑料", "fin_source": "tushare", "market": "主板", "list_date": "20170614", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 5.24, "pe_ttm": null, "pb": 7.9226, "dv_ttm": null, "total_mv": 188296.4656, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [11.6, 11.0, 6.2, 7.4, 6.7, 7.0], "rev_series": [4.1, 4.0, 3.0, 3.4, 3.7, 3.3], "np_series": [0.1, 0.1, -0.4, -0.7, -1.6, -0.5], "roe_series": [1.2, 1.2, -7.6, -15.0, -46.0, -21.2], "period": "20260630", "rev_ttm": 3.5, "np_ttm": -0.6, "ocf_ttm": -0.4, "fcf_ttm": -0.4, "fcf_yield": -2.1, "ocf_yield": -2.0, "gm_median": 7.0, "gm_std": 1.7, "gm_stab": 0.76, "gm_chg_2022": -5.4, "npm_median": -16.1, "roe_median": -15.0, "commodity": false, "hard_ratio": 17.7, "fix_assets": 0.5, "goodwill_ratio": 0.0, "pb_calc": 7.92, "capex_dep": 0.2, "interest_debt": 0.1, "debt_ebitda": null, "debt_ratio": 15.2, "debt_mv": 0.3, "payout": null, "div_years": 1, "rev_cagr3": 3.6, "np_cagr3": null, "rev_yoy": 14.2, "np_yoy": -107.8, "np_vol": 276.9, "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", 50.0], ["不饱和树脂", 50.0], ["其他业务", 0.0], ["智能无人飞行器", 0.0]], "ret_prev_year": 84.4, "ret_prev2_year": -39.9, "ret_ytd": -26.0, "ret_pivot": 110.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.6, "ret_60": 10.8, "ret_120": -14.7, "ret_250": -26.9, "mdd_250": -47.1, "vol_250": 46.9, "pos_52w": 71.9}, "S": {"duration": 100, "pricing": 34, "hard": 28, "bondness": 19}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.6 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 15%,有息负债 0 亿,经营现金流/市值 -2.0%: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 7.0%。", "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 -2.1%(经营现金流/市值 -2.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 7.0%,稳定度 76%,2020→2022 成本通胀期毛利率变化 -5.4 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 0.20 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 -27%,最大回撤 -47%,年化波动 47%,现价在 52 周高点的 72%;近 20 / 60 / 120 日 -1% / 11% / -15%。", "行业对照": ["同申万二级「塑料」77 家中位:PE 41.1 / 股息率 0.7% / 毛利率 16.9% / 固定资产占比 32% / 分红率 40%。", "永悦科技:PE ;股息率 ;毛利率 比行业中位低 9.9个百分点;固定资产占比 比行业中位低 14.2个百分点。"]}}