{"F": {"ts_code": "688680.SH", "name": "海优新材", "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": "20210122", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 32.32, "pe_ttm": null, "pb": 1.908, "dv_ttm": null, "total_mv": 315349.472, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [24.2, 15.1, 7.9, 3.4, -0.4, -1.0], "rev_series": [14.8, 31.1, 53.1, 48.7, 25.9, 11.6], "np_series": [2.2, 2.5, 0.5, -2.3, -5.6, -4.9], "roe_series": [34.5, 16.5, 2.1, -9.8, -29.3, -36.2], "period": "20260630", "rev_ttm": 11.4, "np_ttm": -4.1, "ocf_ttm": 1.1, "fcf_ttm": 0.9, "fcf_yield": 2.8, "ocf_yield": 3.4, "gm_median": 3.4, "gm_std": 6.0, "gm_stab": -0.76, "gm_chg_2022": -16.3, "npm_median": -4.7, "roe_median": -9.8, "commodity": false, "hard_ratio": 21.1, "fix_assets": 5.0, "goodwill_ratio": 0.0, "pb_calc": 1.91, "capex_dep": 0.28, "interest_debt": 5.1, "debt_ebitda": null, "debt_ratio": 30.4, "debt_mv": 16.1, "payout": null, "div_years": 3, "rev_cagr3": -39.7, "np_cagr3": null, "rev_yoy": -3.5, "np_yoy": 64.3, "np_vol": 211.0, "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", 34.0], ["光伏胶膜", 31.0], ["光伏封装材料行业", 31.0], ["其他业务", 2.0]], "ret_prev_year": 13.2, "ret_prev2_year": -48.5, "ret_ytd": -15.5, "ret_pivot": 40.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -7.8, "ret_60": -24.3, "ret_120": -35.6, "ret_250": -34.1, "mdd_250": -56.3, "vol_250": 55.8, "pos_52w": 44.2}, "S": {"duration": 100, "pricing": 5, "hard": 34, "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 -4.1 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 30%,有息负债 5 亿,经营现金流/市值 3.4%: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 21%,毛利率近 5 年中位 3.4%。", "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 3.4%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 3.4%,稳定度 -76%,2020→2022 成本通胀期毛利率变化 -16.3 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 21%,资本开支/折旧 0.28 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 -34%,最大回撤 -56%,年化波动 56%,现价在 52 周高点的 44%;近 20 / 60 / 120 日 -8% / -24% / -36%。", "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%。", "海优新材:PE ;股息率 ;毛利率 比行业中位低 14.4个百分点;固定资产占比 比行业中位低 1.5个百分点。"]}}