{"F": {"ts_code": "920198.BJ", "name": "微创光电", "mkt": "CN", "ccy": "元", "sw1": "计算机", "sw2": "计算机设备", "sw3": "安防设备", "ind": "计算机设备", "fin_source": "tushare", "market": "北交所", "list_date": "20200727", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 8.27, "pe_ttm": 40.5729, "pb": 3.071, "dv_ttm": null, "total_mv": 133447.9221, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [56.8, 60.5, 43.5, 43.0, 45.7, 40.1], "rev_series": [2.0, 1.5, 1.1, 1.3, 2.1, 1.7], "np_series": [0.6, 0.4, -0.2, -1.9, 0.0, -0.1], "roe_series": [15.1, 7.9, -3.8, -35.9, 0.9, -2.7], "period": "20260630", "rev_ttm": 1.9, "np_ttm": 0.3, "ocf_ttm": 0.7, "fcf_ttm": 0.7, "fcf_yield": 5.2, "ocf_yield": 5.2, "gm_median": 43.5, "gm_std": 7.2, "gm_stab": 0.83, "gm_chg_2022": -13.3, "npm_median": -6.9, "roe_median": -2.7, "commodity": false, "hard_ratio": 22.2, "fix_assets": 1.4, "goodwill_ratio": 0.0, "pb_calc": 3.07, "capex_dep": 0.21, "interest_debt": 0.7, "debt_ebitda": 1.6, "debt_ratio": 33.1, "debt_mv": 5.5, "payout": null, "div_years": 1, "rev_cagr3": 17.0, "np_cagr3": null, "rev_yoy": 51.4, "np_yoy": 109.5, "np_vol": 306.1, "loss_years": 3, "far_share": 88.0, "earn_yield": 2.5, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["智能交通解决方案", 66.0], ["视频监控信息化产品", 10.0], ["视频监控产品", 10.0], ["智能视频设备", 6.0]], "ret_prev_year": -3.8, "ret_prev2_year": -8.8, "ret_ytd": -17.5, "ret_pivot": 36.5, "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": 64, "pricing": 55, "hard": 36, "bondness": 8}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 0.3 亿,近 5 年亏损 3 年;PE 41 倍(盈利极薄),估值指标失真。", "资产负债率 33%,有息负债 1 亿,经营现金流/市值 5.2%: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 22%,毛利率近 5 年中位 43.5%。", "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 5.2%(经营现金流/市值 5.2%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 43.5%,稳定度 83%,2020→2022 成本通胀期毛利率变化 -13.3 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 22%,资本开支/折旧 0.21 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 40.6 倍 粗算,约 88%(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「计算机设备」88 家中位:PE 51.7 / 股息率 0.8% / 毛利率 35.8% / 固定资产占比 12% / 分红率 49%。", "微创光电:PE 比行业中位低 11.1倍;股息率 ;毛利率 比行业中位高 7.7个百分点;固定资产占比 比行业中位高 10.5个百分点。"]}}