{"F": {"ts_code": "688793.SH", "name": "倍轻松", "mkt": "CN", "ccy": "元", "sw1": "家用电器", "sw2": "小家电", "sw3": "个护小家电", "ind": "小家电", "fin_source": "tushare", "market": "科创板", "list_date": "20210715", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 18.45, "pe_ttm": null, "pb": 8.4227, "dv_ttm": null, "total_mv": 156830.7195, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [58.4, 56.7, 49.8, 59.3, 60.6, 57.6], "rev_series": [8.3, 11.9, 9.0, 12.7, 10.9, 7.8], "np_series": [0.7, 0.9, -1.2, -0.5, 0.1, -1.0], "roe_series": [35.6, 20.6, -22.1, -11.6, 2.6, -32.2], "period": "20260630", "rev_ttm": 7.6, "np_ttm": -1.1, "ocf_ttm": -0.5, "fcf_ttm": -0.7, "fcf_yield": -4.3, "ocf_yield": -3.1, "gm_median": 57.6, "gm_std": 3.7, "gm_stab": 0.94, "gm_chg_2022": -8.5, "npm_median": -3.9, "roe_median": -11.6, "commodity": false, "hard_ratio": 4.7, "fix_assets": 0.2, "goodwill_ratio": 0.0, "pb_calc": 8.42, "capex_dep": 0.31, "interest_debt": 1.2, "debt_ebitda": null, "debt_ratio": 57.0, "debt_mv": 7.9, "payout": null, "div_years": 1, "rev_cagr3": -4.6, "np_cagr3": null, "rev_yoy": -4.9, "np_yoy": -30.6, "np_vol": 434.2, "loss_years": 3, "far_share": 100, "earn_yield": null, "consensus_n": 2, "fwd_pe": 69.6, "fwd_pe2": 40.5, "fwd_g1": null, "fwd_g2": 72.0, "peg": 0.97, "consensus_disp": null, "mainbz": [["产品", 38.0], ["肩部", 11.0], ["头部+头皮", 9.0], ["头皮+头部", 9.0]], "ret_prev_year": -26.8, "ret_prev2_year": -11.4, "ret_ytd": -15.4, "ret_pivot": -40.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.1, "ret_60": 5.1, "ret_120": -15.0, "ret_250": -46.8, "mdd_250": -57.9, "vol_250": 53.2, "pos_52w": 53.0}, "S": {"duration": 100, "pricing": 65, "hard": 8, "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 57%,有息负债 1 亿,经营现金流/市值 -3.1%: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 57.6%),硬资产占比 5%。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 -4.3%(经营现金流/市值 -3.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 57.6%,稳定度 94%,2020→2022 成本通胀期毛利率变化 -8.5 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 5%,资本开支/折旧 0.31 倍。没有资产可言。"], ["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 -47%,最大回撤 -58%,年化波动 53%,现价在 52 周高点的 53%;近 20 / 60 / 120 日 5% / 5% / -15%。", "行业对照": ["同申万二级「小家电」23 家中位:PE 50.5 / 股息率 1.8% / 毛利率 27.6% / 固定资产占比 22% / 分红率 50%。", "倍轻松:PE ;股息率 ;毛利率 比行业中位高 30.0个百分点;固定资产占比 比行业中位低 17.0个百分点。"]}}