{"F": {"ts_code": "605218.SH", "name": "伟时电子", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "光学光电子", "sw3": "面板", "ind": "光学光电子", "fin_source": "tushare", "market": "主板", "list_date": "20200928", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 14.09, "pe_ttm": null, "pb": 1.9656, "dv_ttm": 0.1419, "total_mv": 342125.9123, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [24.5, 16.7, 18.4, 17.8, 12.6, 11.1], "rev_series": [11.0, 12.0, 13.6, 15.7, 20.3, 23.7], "np_series": [0.8, 0.5, 1.0, 1.2, 0.6, 0.2], "roe_series": [10.1, 4.6, 8.2, 9.6, 4.3, 1.7], "period": "20260630", "rev_ttm": 25.3, "np_ttm": -0.5, "ocf_ttm": -0.5, "fcf_ttm": -2.5, "fcf_yield": -7.3, "ocf_yield": -1.5, "gm_median": 16.7, "gm_std": 2.9, "gm_stab": 0.83, "gm_chg_2022": -6.1, "npm_median": 4.4, "roe_median": 4.6, "commodity": false, "hard_ratio": 32.9, "fix_assets": 9.3, "goodwill_ratio": 0.0, "pb_calc": 1.97, "capex_dep": 2.6, "interest_debt": 2.7, "debt_ebitda": 4.9, "debt_ratio": 38.7, "debt_mv": 7.9, "payout": 20.7, "div_years": 5, "rev_cagr3": 20.4, "np_cagr3": -38.7, "rev_yoy": 16.0, "np_yoy": -365.4, "np_vol": 54.4, "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", 46.0], ["背光显示模组", 36.0], ["智能显示组件和红外器件", 5.0], ["智能显示组件", 5.0]], "ret_prev_year": -30.7, "ret_prev2_year": 2.5, "ret_ytd": -23.5, "ret_pivot": -19.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.4, "ret_60": -16.6, "ret_120": -26.0, "ret_250": -42.2, "mdd_250": -52.0, "vol_250": 41.7, "pos_52w": 56.4}, "S": {"duration": 100, "pricing": 41, "hard": 53, "bondness": 23}, "label": "重资产陷阱", "tags": ["亏损或困境", "资本开支扩张期"], "text": {"像什么": ["资产很重:固定资产占总资产 33%,但毛利率近 5 年中位只有 16.7%,产品同质、售价涨不动。", "2020→2022 成本通胀期毛利率变化 -6.1 个百分点;有息负债/EBITDA 4.9 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 33%),没有定价权:毛利率近 5 年中位 16.7%,稳定度 83%。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 -7.3%(经营现金流/市值 -1.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 16.7%,稳定度 83%,2020→2022 成本通胀期毛利率变化 -6.1 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 33%,资本开支/折旧 2.60 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 -42%,最大回撤 -52%,年化波动 42%,现价在 52 周高点的 56%;近 20 / 60 / 120 日 3% / -17% / -26%。", "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%。", "伟时电子:PE ;股息率 比行业中位低 0.5个百分点;毛利率 比行业中位低 2.6个百分点;固定资产占比 比行业中位高 1.5个百分点。"]}}