{"F": {"ts_code": "920001.BJ", "name": "纬达光电", "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": "北交所", "list_date": "20221227", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 11.58, "pe_ttm": null, "pb": 2.5353, "dv_ttm": 0.8636, "total_mv": 177922.1884, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [40.0, 42.3, 38.2, 30.4, 28.5, 12.6], "rev_series": [1.9, 2.7, 2.7, 2.0, 2.2, 2.1], "np_series": [0.5, 0.7, 0.6, 0.3, 0.3, -0.2], "roe_series": [18.5, 21.3, 11.5, 4.2, 4.4, -2.7], "period": "20260630", "rev_ttm": 2.3, "np_ttm": -0.4, "ocf_ttm": -0.2, "fcf_ttm": -0.5, "fcf_yield": -2.9, "ocf_yield": -0.9, "gm_median": 30.4, "gm_std": 10.2, "gm_stab": 0.66, "gm_chg_2022": -1.8, "npm_median": 15.6, "roe_median": 4.4, "commodity": false, "hard_ratio": 25.1, "fix_assets": 2.0, "goodwill_ratio": 0.0, "pb_calc": 2.54, "capex_dep": 4.42, "interest_debt": 0.6, "debt_ebitda": null, "debt_ratio": 11.3, "debt_mv": 3.2, "payout": 47.6, "div_years": 4, "rev_cagr3": -7.2, "np_cagr3": null, "rev_yoy": 13.1, "np_yoy": -235.5, "np_vol": 69.6, "loss_years": 1, "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", 33.0], ["偏光片", 32.0], ["LCD偏光片", 32.0], ["防雾膜", 1.0]], "ret_prev_year": 17.2, "ret_prev2_year": 10.8, "ret_ytd": -40.6, "ret_pivot": 47.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": null, "ret_60": null, "ret_120": null, "ret_250": null, "mdd_250": null, "vol_250": null, "pos_52w": null}, "S": {"duration": 100, "pricing": 44, "hard": 40, "bondness": 45}, "label": "亏损或困境", "tags": ["资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -0.4 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 11%,有息负债 1 亿,经营现金流/市值 -0.9%: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 25%,毛利率近 5 年中位 30.4%。", "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 -2.9%(经营现金流/市值 -0.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 30.4%,稳定度 66%,2020→2022 成本通胀期毛利率变化 -1.8 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 25%,资本开支/折旧 4.42 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?"]], "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%。", "纬达光电:PE ;股息率 比行业中位高 0.3个百分点;毛利率 比行业中位高 11.1个百分点;固定资产占比 比行业中位低 6.3个百分点。"]}}