{"F": {"ts_code": "688781.SH", "name": "视涯科技", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "光学光电子", "sw3": "面板", "ind": "光学光电子", "fin_source": "tushare", "market": "科创板", "list_date": "20260325", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 42.49, "pe_ttm": null, "pb": 10.4764, "dv_ttm": null, "total_mv": 4249000.0, "trade_date": "20260904", "years": ["20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [19.1, 17.0, 21.5, 21.8], "rev_series": [1.9, 2.2, 2.8, 5.1], "np_series": [-2.5, -3.0, -2.5, -2.1], "roe_series": [-15.9, -15.4, -10.8, -10.2], "period": "20260630", "rev_ttm": 9.5, "np_ttm": -1.4, "ocf_ttm": -0.3, "fcf_ttm": -10.8, "fcf_yield": -2.5, "ocf_yield": -0.1, "gm_median": 20.3, "gm_std": 1.9, "gm_stab": 0.9, "gm_chg_2022": null, "npm_median": -109.0, "roe_median": -13.1, "commodity": false, "hard_ratio": 36.0, "fix_assets": 26.2, "goodwill_ratio": 0.0, "pb_calc": 10.48, "capex_dep": 6.57, "interest_debt": 11.8, "debt_ebitda": null, "debt_ratio": 44.2, "debt_mv": 2.8, "payout": null, "div_years": 0, "rev_cagr3": 39.1, "np_cagr3": null, "rev_yoy": 287.9, "np_yoy": 56.4, "np_vol": 18.6, "loss_years": 4, "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": [["硅基OLED微显示屏", 46.0], ["硅基OLED微型显示屏", 46.0], ["战略产品开发", 5.0], ["光学系统和XR整体解决方案", 2.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": null, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": 11.1, "ret_60": -11.6, "ret_120": null, "ret_250": null, "mdd_250": -41.1, "vol_250": 63.3, "pos_52w": 77.7}, "S": {"duration": 100, "pricing": 49, "hard": 58, "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 -1.4 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 44%,有息负债 12 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": "只占硬资产一条(占比 36%),没有定价权:毛利率近 5 年中位 20.3%,稳定度 90%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 -2.5%(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 20.3%,稳定度 90%。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 36%,资本开支/折旧 6.57 倍。涨。"], ["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?"]], "行业对照": ["同申万二级「光学光电子」95 家中位:PE 61.6 / 股息率 0.6% / 毛利率 19.3% / 固定资产占比 31% / 分红率 43%。", "视涯科技:PE ;股息率 ;毛利率 比行业中位高 1.0个百分点;固定资产占比 比行业中位高 4.6个百分点。"]}}