{"F": {"ts_code": "920510.BJ", "name": "丰光精密", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "通用设备", "sw3": "金属制品", "ind": "通用设备", "fin_source": "tushare", "market": "北交所", "list_date": "20201228", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 21.1, "pe_ttm": null, "pb": 9.8033, "dv_ttm": null, "total_mv": 388250.8222, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [37.9, 36.8, 31.0, 35.3, 36.3, 27.3], "rev_series": [1.8, 2.6, 2.5, 2.1, 2.3, 2.1], "np_series": [0.3, 0.5, 0.7, 0.4, 0.2, -0.2], "roe_series": [11.3, 15.1, 20.5, 8.7, 5.1, -3.9], "period": "20260630", "rev_ttm": 2.4, "np_ttm": -0.1, "ocf_ttm": 0.3, "fcf_ttm": -0.2, "fcf_yield": -0.6, "ocf_yield": 0.7, "gm_median": 35.3, "gm_std": 3.6, "gm_stab": 0.9, "gm_chg_2022": -6.9, "npm_median": 16.9, "roe_median": 8.7, "commodity": false, "hard_ratio": 56.8, "fix_assets": 3.6, "goodwill_ratio": 0.0, "pb_calc": 9.8, "capex_dep": 1.5, "interest_debt": 1.9, "debt_ebitda": 6.8, "debt_ratio": 38.2, "debt_mv": 5.0, "payout": 44.4, "div_years": 1, "rev_cagr3": -5.6, "np_cagr3": null, "rev_yoy": 30.9, "np_yoy": 332.7, "np_vol": 81.7, "loss_years": 1, "far_share": 100, "earn_yield": null, "consensus_n": 3, "fwd_pe": 287.7, "fwd_pe2": 166.6, "fwd_g1": null, "fwd_g2": 73.0, "peg": 3.94, "consensus_disp": null, "mainbz": [["产品收入", 82.0], ["加工收入", 15.0], ["其他业务", 3.0]], "ret_prev_year": 27.3, "ret_prev2_year": -16.5, "ret_ytd": 0.4, "ret_pivot": 115.7, "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": 53, "hard": 91, "bondness": 51}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -0.1 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 38%,有息负债 2 亿,经营现金流/市值 0.7%: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": "硬资产占比 57%、毛利率 35.3% 两条都占,但所在行业(机械设备)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "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 -0.6%(经营现金流/市值 0.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 35.3%,稳定度 90%,2020→2022 成本通胀期毛利率变化 -6.9 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 57%,资本开支/折旧 1.50 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「通用设备」248 家中位:PE 50.6 / 股息率 0.8% / 毛利率 28.5% / 固定资产占比 21% / 分红率 45%。", "丰光精密:PE ;股息率 ;毛利率 比行业中位高 6.8个百分点;固定资产占比 比行业中位高 36.0个百分点。"]}}