{"F": {"ts_code": "688450.SH", "name": "光格科技", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "电网设备", "sw3": "电网自动化设备", "ind": "电网设备", "fin_source": "tushare", "market": "科创板", "list_date": "20230724", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 32.7, "pe_ttm": null, "pb": 2.326, "dv_ttm": null, "total_mv": 215820.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [56.8, 59.8, 58.4, 57.1, 53.9, 52.8], "rev_series": [1.9, 2.8, 3.0, 3.0, 1.8, 2.2], "np_series": [0.4, 0.7, 0.7, 0.5, -0.7, -0.7], "roe_series": [33.7, 42.2, 30.7, 6.9, -6.4, -6.8], "period": "20260630", "rev_ttm": 2.2, "np_ttm": -0.5, "ocf_ttm": -0.0, "fcf_ttm": -0.6, "fcf_yield": -2.8, "ocf_yield": -0.1, "gm_median": 57.1, "gm_std": 2.6, "gm_stab": 0.95, "gm_chg_2022": 1.5, "npm_median": 15.4, "roe_median": 6.9, "commodity": false, "hard_ratio": 26.2, "fix_assets": 3.1, "goodwill_ratio": 0.0, "pb_calc": 2.33, "capex_dep": 9.16, "interest_debt": 0.5, "debt_ebitda": null, "debt_ratio": 22.4, "debt_mv": 2.4, "payout": 26.5, "div_years": 1, "rev_cagr3": -10.5, "np_cagr3": null, "rev_yoy": 6.6, "np_yoy": 54.7, "np_vol": 110.9, "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", 48.0], ["电力设施资产监控运维管理系统", 27.0], ["海缆资产监控运维管理系统", 11.0], ["港口交通资产监控运维管理系统", 6.0]], "ret_prev_year": 27.8, "ret_prev2_year": -41.1, "ret_ytd": 18.6, "ret_pivot": 82.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.8, "ret_60": -19.5, "ret_120": -7.3, "ret_250": 3.2, "mdd_250": -61.5, "vol_250": 61.5, "pos_52w": 48.8}, "S": {"duration": 100, "pricing": 70, "hard": 42, "bondness": 32}, "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 -0.5 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 22%,有息负债 0 亿,经营现金流/市值 -0.1%: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": "只占定价权一条(毛利率 57.1%),硬资产占比 26%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "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 -2.8%(经营现金流/市值 -0.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 57.1%,稳定度 95%,2020→2022 成本通胀期毛利率变化 1.5 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 26%,资本开支/折旧 9.16 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 3%,最大回撤 -62%,年化波动 62%,现价在 52 周高点的 49%;近 20 / 60 / 120 日 -4% / -20% / -7%。", "行业对照": ["同申万二级「电网设备」141 家中位:PE 43.5 / 股息率 1.0% / 毛利率 23.5% / 固定资产占比 15% / 分红率 40%。", "光格科技:PE ;股息率 ;毛利率 比行业中位高 33.6个百分点;固定资产占比 比行业中位高 11.3个百分点。"]}}