{"F": {"ts_code": "688272.SH", "name": "富吉瑞", "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": "20211018", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 28.27, "pe_ttm": null, "pb": 5.5698, "dv_ttm": null, "total_mv": 214852.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [49.2, 52.4, 33.1, 26.9, 42.4, 37.8], "rev_series": [3.3, 3.2, 1.1, 2.1, 3.0, 2.1], "np_series": [0.9, 0.8, -0.9, -1.0, 0.1, -0.8], "roe_series": [56.1, 16.8, -13.9, -17.9, 2.3, -18.0], "period": "20260630", "rev_ttm": 2.0, "np_ttm": -0.9, "ocf_ttm": -0.3, "fcf_ttm": -0.8, "fcf_yield": -3.7, "ocf_yield": -1.4, "gm_median": 37.8, "gm_std": 8.6, "gm_stab": 0.77, "gm_chg_2022": -16.1, "npm_median": -39.2, "roe_median": -13.9, "commodity": false, "hard_ratio": 10.4, "fix_assets": 0.7, "goodwill_ratio": 0.0, "pb_calc": 5.57, "capex_dep": 5.8, "interest_debt": 1.9, "debt_ebitda": null, "debt_ratio": 44.5, "debt_mv": 8.8, "payout": null, "div_years": 1, "rev_cagr3": 23.7, "np_cagr3": null, "rev_yoy": -5.5, "np_yoy": -31.8, "np_vol": 327.8, "loss_years": 3, "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", 49.0], ["机芯", 14.0], ["热像仪", 12.0], ["红外探测器及配套产品", 11.0]], "ret_prev_year": 99.5, "ret_prev2_year": -15.0, "ret_ytd": -13.4, "ret_pivot": 118.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.2, "ret_60": -17.1, "ret_120": -19.4, "ret_250": -4.5, "mdd_250": -56.8, "vol_250": 67.3, "pos_52w": 51.4}, "S": {"duration": 100, "pricing": 50, "hard": 17, "bondness": 3}, "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 -0.9 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 44%,有息负债 2 亿,经营现金流/市值 -1.4%: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 10%,毛利率近 5 年中位 37.8%。", "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 -3.7%(经营现金流/市值 -1.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 37.8%,稳定度 77%,2020→2022 成本通胀期毛利率变化 -16.1 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 10%,资本开支/折旧 5.80 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 -4%,最大回撤 -57%,年化波动 67%,现价在 52 周高点的 51%;近 20 / 60 / 120 日 -3% / -17% / -19%。", "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%。", "富吉瑞:PE ;股息率 ;毛利率 比行业中位低 1.9个百分点;固定资产占比 比行业中位低 3.7个百分点。"]}}