{"F": {"ts_code": "688311.SH", "name": "盟升电子", "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": "20200731", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 22.99, "pe_ttm": null, "pb": 2.2905, "dv_ttm": null, "total_mv": 402570.993, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [64.1, 59.6, 48.7, 50.3, 26.0, 32.5], "rev_series": [4.2, 4.8, 4.8, 3.3, 1.5, 5.3], "np_series": [1.1, 1.3, 0.3, -0.6, -2.7, -0.2], "roe_series": [9.9, 7.9, 1.5, -3.3, -16.3, -1.0], "period": "20260630", "rev_ttm": 5.4, "np_ttm": -0.3, "ocf_ttm": -0.6, "fcf_ttm": -0.8, "fcf_yield": -2.0, "ocf_yield": -1.5, "gm_median": 48.7, "gm_std": 12.3, "gm_stab": 0.75, "gm_chg_2022": -15.4, "npm_median": -3.3, "roe_median": -1.0, "commodity": false, "hard_ratio": 22.6, "fix_assets": 5.4, "goodwill_ratio": 0.0, "pb_calc": 2.29, "capex_dep": 0.33, "interest_debt": 0.8, "debt_ebitda": 4.1, "debt_ratio": 24.2, "debt_mv": 2.0, "payout": null, "div_years": 1, "rev_cagr3": 3.1, "np_cagr3": null, "rev_yoy": 11.9, "np_yoy": -42.5, "np_vol": 187.0, "loss_years": 3, "far_share": 100, "earn_yield": null, "consensus_n": 2, "fwd_pe": 75.4, "fwd_pe2": 31.3, "fwd_g1": null, "fwd_g2": 141.0, "peg": 0.53, "consensus_disp": null, "mainbz": [["产品", 33.0], ["卫星导航系列产品", 28.0], ["卫星导航", 28.0], ["卫星通信产品", 5.0]], "ret_prev_year": 37.7, "ret_prev2_year": -35.1, "ret_ytd": -49.6, "ret_pivot": 34.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.1, "ret_60": -12.0, "ret_120": -43.9, "ret_250": -45.9, "mdd_250": -65.5, "vol_250": 58.6, "pos_52w": 38.9}, "S": {"duration": 100, "pricing": 54, "hard": 36, "bondness": 29}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "PEG<0.8"], "text": {"像什么": ["TTM 归母净利 -0.3 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 24%,有息负债 1 亿,经营现金流/市值 -1.5%: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 23%,毛利率近 5 年中位 48.7%。", "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 -2.0%(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 48.7%,稳定度 75%,2020→2022 成本通胀期毛利率变化 -15.4 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 23%,资本开支/折旧 0.33 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 -46%,最大回撤 -66%,年化波动 59%,现价在 52 周高点的 39%;近 20 / 60 / 120 日 -6% / -12% / -44%。", "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%。", "盟升电子:PE ;股息率 ;毛利率 比行业中位高 9.0个百分点;固定资产占比 比行业中位高 8.5个百分点。"]}}