{"F": {"ts_code": "688560.SH", "name": "明冠新材", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "光伏设备", "sw3": "光伏辅材", "ind": "光伏设备", "fin_source": "tushare", "market": "科创板", "list_date": "20201224", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 12.22, "pe_ttm": null, "pb": 0.9603, "dv_ttm": null, "total_mv": 245990.9218, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [20.3, 17.4, 19.1, 6.5, 2.9, -4.1], "rev_series": [9.2, 12.9, 17.4, 14.0, 8.6, 7.2], "np_series": [1.1, 1.2, 1.0, -0.2, -0.7, -1.4], "roe_series": [10.7, 9.0, 4.6, -0.8, -2.4, -5.3], "period": "20260630", "rev_ttm": 7.5, "np_ttm": -1.1, "ocf_ttm": -1.4, "fcf_ttm": -1.7, "fcf_yield": -6.9, "ocf_yield": -5.7, "gm_median": 6.5, "gm_std": 8.8, "gm_stab": -0.35, "gm_chg_2022": -1.2, "npm_median": -1.7, "roe_median": -0.8, "commodity": false, "hard_ratio": 17.4, "fix_assets": 4.8, "goodwill_ratio": 0.0, "pb_calc": 0.96, "capex_dep": 0.46, "interest_debt": 0.2, "debt_ebitda": null, "debt_ratio": 7.8, "debt_mv": 0.8, "payout": null, "div_years": 2, "rev_cagr3": -25.5, "np_cagr3": null, "rev_yoy": 7.2, "np_yoy": 67.1, "np_vol": 72.9, "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", 37.0], ["太阳能电池封装胶膜", 26.0], ["太阳能电池封装用EVA胶膜", 26.0], ["铝塑膜", 8.0]], "ret_prev_year": 11.7, "ret_prev2_year": -31.3, "ret_ytd": -14.5, "ret_pivot": 15.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.0, "ret_60": -5.9, "ret_120": -27.4, "ret_250": -20.0, "mdd_250": -54.9, "vol_250": 56.2, "pos_52w": 54.2}, "S": {"duration": 100, "pricing": 10, "hard": 28, "bondness": 23}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -1.1 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 8%,有息负债 0 亿,经营现金流/市值 -5.7%: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 17%,毛利率近 5 年中位 6.5%。", "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 -6.9%(经营现金流/市值 -5.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 6.5%,稳定度 -35%,2020→2022 成本通胀期毛利率变化 -1.2 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 17%,资本开支/折旧 0.46 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 -20%,最大回撤 -55%,年化波动 56%,现价在 52 周高点的 54%;近 20 / 60 / 120 日 3% / -6% / -27%。", "行业对照": ["同申万二级「光伏设备」73 家中位:PE 41.0 / 股息率 0.5% / 毛利率 17.8% / 固定资产占比 23% / 分红率 29%。", "明冠新材:PE ;股息率 ;毛利率 比行业中位低 11.3个百分点;固定资产占比 比行业中位低 5.2个百分点。"]}}