{"F": {"ts_code": "000839.SZ", "name": "国安股份", "mkt": "CN", "ccy": "元", "sw1": "通信", "sw2": "通信服务", "sw3": "通信应用增值服务", "ind": "通信服务", "fin_source": "tushare", "market": "主板", "list_date": "19971031", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 2.75, "pe_ttm": null, "pb": 8.8346, "dv_ttm": null, "total_mv": 1077952.26, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [4.7, 13.6, 12.3, 17.3, 14.5, 14.9], "rev_series": [23.6, 26.6, 27.1, 29.8, 34.0, 33.2], "np_series": [-26.3, -14.8, -13.9, -0.9, -0.8, 0.9], "roe_series": [-35.7, -30.6, -57.8, -7.9, -5.9, 6.2], "period": "20260630", "rev_ttm": 34.6, "np_ttm": -0.2, "ocf_ttm": 0.7, "fcf_ttm": 0.6, "fcf_yield": 0.6, "ocf_yield": 0.7, "gm_median": 14.5, "gm_std": 1.7, "gm_stab": 0.89, "gm_chg_2022": 7.6, "npm_median": -2.8, "roe_median": -7.9, "commodity": false, "hard_ratio": 1.4, "fix_assets": 0.8, "goodwill_ratio": 0.0, "pb_calc": 8.83, "capex_dep": 0.54, "interest_debt": 17.2, "debt_ebitda": 4.3, "debt_ratio": 88.9, "debt_mv": 16.0, "payout": null, "div_years": 0, "rev_cagr3": 7.1, "np_cagr3": null, "rev_yoy": 8.3, "np_yoy": -386.8, "np_vol": 78.8, "loss_years": 4, "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], ["综合信息服务业务", 31.0], ["企业数智综合服务", 31.0], ["房地产开发及物业管理", 2.0]], "ret_prev_year": -14.3, "ret_prev2_year": 34.5, "ret_ytd": 4.2, "ret_pivot": 18.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -5.5, "ret_60": 5.4, "ret_120": -24.5, "ret_250": -2.5, "mdd_250": -40.5, "vol_250": 50.6, "pos_52w": 69.1}, "S": {"duration": 100, "pricing": 50, "hard": 2, "bondness": 26}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.2 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 89%,有息负债 17 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": "两条都不占:固定资产占比 1%,毛利率近 5 年中位 14.5%。", "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 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 14.5%,稳定度 89%,2020→2022 成本通胀期毛利率变化 7.6 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 1%,资本开支/折旧 0.54 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 -2%,最大回撤 -40%,年化波动 51%,现价在 52 周高点的 69%;近 20 / 60 / 120 日 -6% / 5% / -24%。", "行业对照": ["同申万二级「通信服务」38 家中位:PE 82.0 / 股息率 0.4% / 毛利率 20.1% / 固定资产占比 12% / 分红率 34%。", "国安股份:PE ;股息率 ;毛利率 比行业中位低 5.6个百分点;固定资产占比 比行业中位低 10.7个百分点。"]}}