{"F": {"ts_code": "688084.SH", "name": "晶品特装", "mkt": "CN", "ccy": "元", "sw1": "国防军工", "sw2": "军工电子Ⅱ", "sw3": "军工电子Ⅲ", "ind": "军工电子Ⅱ", "fin_source": "tushare", "market": "科创板", "list_date": "20221208", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 47.71, "pe_ttm": null, "pb": 2.3766, "dv_ttm": null, "total_mv": 360969.5661, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [54.9, 28.6, 42.2, 37.5, 17.5, 20.6], "rev_series": [2.8, 4.2, 2.8, 2.3, 1.6, 2.9], "np_series": [0.6, 0.6, 0.5, 0.3, -0.6, -0.2], "roe_series": [22.8, 12.1, 4.0, 1.8, -3.5, -1.1], "period": "20260630", "rev_ttm": 2.9, "np_ttm": -0.3, "ocf_ttm": 0.4, "fcf_ttm": -0.2, "fcf_yield": -0.7, "ocf_yield": 1.1, "gm_median": 28.6, "gm_std": 9.5, "gm_stab": 0.67, "gm_chg_2022": -12.7, "npm_median": 11.9, "roe_median": 1.8, "commodity": false, "hard_ratio": 17.6, "fix_assets": 3.1, "goodwill_ratio": 0.2, "pb_calc": 2.38, "capex_dep": 4.08, "interest_debt": 0.1, "debt_ebitda": null, "debt_ratio": 13.3, "debt_mv": 0.4, "payout": 100.0, "div_years": 2, "rev_cagr3": 1.5, "np_cagr3": null, "rev_yoy": -3.2, "np_yoy": -124.4, "np_vol": 121.9, "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", 45.0], ["智能感知设备", 22.0], ["智能制造", 11.0], ["特种机器人", 10.0]], "ret_prev_year": 47.1, "ret_prev2_year": -24.7, "ret_ytd": -42.4, "ret_pivot": 39.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 7.6, "ret_60": 0.6, "ret_120": -37.6, "ret_250": -50.2, "mdd_250": -63.8, "vol_250": 57.7, "pos_52w": 45.7}, "S": {"duration": 100, "pricing": 42, "hard": 28, "bondness": 56}, "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 -0.3 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 13%,有息负债 0 亿,经营现金流/市值 1.1%: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 28.6%。", "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 -0.7%(经营现金流/市值 1.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 28.6%,稳定度 67%,2020→2022 成本通胀期毛利率变化 -12.7 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 18%,资本开支/折旧 4.08 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 -50%,最大回撤 -64%,年化波动 58%,现价在 52 周高点的 46%;近 20 / 60 / 120 日 8% / 1% / -38%。", "行业对照": ["同申万二级「军工电子Ⅱ」61 家中位:PE 79.0 / 股息率 0.5% / 毛利率 39.7% / 固定资产占比 14% / 分红率 33%。", "晶品特装:PE ;股息率 ;毛利率 比行业中位低 11.1个百分点;固定资产占比 比行业中位高 3.5个百分点。"]}}