{"F": {"ts_code": "002123.SZ", "name": "梦网科技", "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": "20070328", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 8.24, "pe_ttm": null, "pb": 4.5202, "dv_ttm": null, "total_mv": 663668.2224, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [15.7, 13.1, 9.3, 6.3, 10.1, 11.4], "rev_series": [27.4, 31.8, 41.6, 52.3, 44.0, 26.1], "np_series": [1.0, -2.4, -7.2, -18.2, 0.4, -2.2], "roe_series": [2.3, -5.5, -18.9, -72.2, 2.3, -13.2], "period": "20260630", "rev_ttm": 21.9, "np_ttm": -3.2, "ocf_ttm": -0.9, "fcf_ttm": -0.9, "fcf_yield": -1.4, "ocf_yield": -1.3, "gm_median": 10.1, "gm_std": 2.3, "gm_stab": 0.78, "gm_chg_2022": -6.4, "npm_median": -7.7, "roe_median": -13.2, "commodity": false, "hard_ratio": 9.8, "fix_assets": 3.0, "goodwill_ratio": 0.0, "pb_calc": 4.52, "capex_dep": 0.27, "interest_debt": 10.7, "debt_ebitda": null, "debt_ratio": 50.6, "debt_mv": 16.1, "payout": null, "div_years": 1, "rev_cagr3": -14.4, "np_cagr3": null, "rev_yoy": -27.0, "np_yoy": -1154.3, "np_vol": 251.9, "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": [["云通信服务业", 100.0]], "ret_prev_year": 12.5, "ret_prev2_year": -2.8, "ret_ytd": -32.2, "ret_pivot": 12.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -2.0, "ret_60": 11.5, "ret_120": -23.0, "ret_250": -50.4, "mdd_250": -56.4, "vol_250": 44.6, "pos_52w": 50.2}, "S": {"duration": 100, "pricing": 36, "hard": 16, "bondness": 23}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -3.2 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 51%,有息负债 11 亿,经营现金流/市值 -1.3%: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 10%,毛利率近 5 年中位 10.1%。", "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 -1.4%(经营现金流/市值 -1.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 10.1%,稳定度 78%,2020→2022 成本通胀期毛利率变化 -6.4 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 10%,资本开支/折旧 0.27 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 -50%,最大回撤 -56%,年化波动 45%,现价在 52 周高点的 50%;近 20 / 60 / 120 日 -2% / 12% / -23%。", "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%。", "梦网科技:PE ;股息率 ;毛利率 比行业中位低 10.0个百分点;固定资产占比 比行业中位低 2.3个百分点。"]}}