{"F": {"ts_code": "920768.BJ", "name": "拾比佰", "mkt": "CN", "ccy": "元", "sw1": "家用电器", "sw2": "家电零部件Ⅱ", "sw3": "家电零部件Ⅲ", "ind": "家电零部件Ⅱ", "fin_source": "tushare", "market": "北交所", "list_date": "20210628", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 7.49, "pe_ttm": 18.6817, "pb": 1.6034, "dv_ttm": 1.4305, "total_mv": 116363.142, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [13.5, 12.4, 8.1, 3.1, 6.9, 10.5], "rev_series": [11.3, 14.2, 10.1, 11.4, 16.3, 18.3], "np_series": [0.6, 0.7, 0.1, -0.4, -0.0, 0.5], "roe_series": [15.7, 12.1, 1.9, -5.8, -0.6, 7.9], "period": "20260630", "rev_ttm": 20.1, "np_ttm": 0.6, "ocf_ttm": 1.4, "fcf_ttm": 0.9, "fcf_yield": 8.1, "ocf_yield": 11.9, "gm_median": 8.1, "gm_std": 3.2, "gm_stab": 0.61, "gm_chg_2022": -5.4, "npm_median": 1.3, "roe_median": 1.9, "commodity": false, "hard_ratio": 19.5, "fix_assets": 3.0, "goodwill_ratio": 0.0, "pb_calc": 1.6, "capex_dep": 1.35, "interest_debt": 2.0, "debt_ebitda": 1.6, "debt_ratio": 53.5, "debt_mv": 16.8, "payout": 30.6, "div_years": 3, "rev_cagr3": 21.7, "np_cagr3": 60.7, "rev_yoy": 21.8, "np_yoy": 28.3, "np_vol": 686.6, "loss_years": 2, "far_share": 73.0, "earn_yield": 5.4, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 34.0], ["PCM板", 22.0], ["PCM产品", 22.0], ["VCM板", 10.0]], "ret_prev_year": 62.8, "ret_prev2_year": 15.8, "ret_ytd": -11.9, "ret_pivot": 168.1, "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": 37, "pricing": 29, "hard": 31, "bondness": 24}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 0.6 亿,近 5 年亏损 2 年;PE 19 倍(盈利极薄),估值指标失真。", "资产负债率 54%,有息负债 2 亿,经营现金流/市值 11.9%: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 20%,毛利率近 5 年中位 8.1%。", "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 8.1%(经营现金流/市值 11.9%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 8.1%,稳定度 61%,2020→2022 成本通胀期毛利率变化 -5.4 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 20%,资本开支/折旧 1.35 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 18.7 倍 粗算,约 73%(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「家电零部件Ⅱ」34 家中位:PE 50.3 / 股息率 1.0% / 毛利率 18.8% / 固定资产占比 21% / 分红率 39%。", "拾比佰:PE 比行业中位低 31.6倍;股息率 比行业中位高 0.4个百分点;毛利率 比行业中位低 10.7个百分点;固定资产占比 比行业中位低 1.1个百分点。"]}}