{"F": {"ts_code": "002194.SZ", "name": "武汉凡谷", "mkt": "CN", "ccy": "元", "sw1": "通信", "sw2": "通信设备", "sw3": "通信网络设备及器件", "ind": "通信设备", "fin_source": "tushare", "market": "主板", "list_date": "20071207", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 9.96, "pe_ttm": null, "pb": 2.722, "dv_ttm": null, "total_mv": 680552.7564, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [28.2, 24.5, 24.3, 22.5, 23.6, 20.5], "rev_series": [14.9, 18.4, 20.7, 15.9, 14.8, 13.5], "np_series": [1.9, 2.3, 2.8, 0.8, 0.5, -0.1], "roe_series": [9.6, 10.2, 11.0, 3.2, 2.1, -0.5], "period": "20260630", "rev_ttm": 13.1, "np_ttm": -0.1, "ocf_ttm": 0.1, "fcf_ttm": -0.2, "fcf_yield": -0.3, "ocf_yield": 0.2, "gm_median": 23.6, "gm_std": 1.5, "gm_stab": 0.94, "gm_chg_2022": -3.8, "npm_median": 5.3, "roe_median": 3.2, "commodity": false, "hard_ratio": 10.5, "fix_assets": 3.0, "goodwill_ratio": 0.0, "pb_calc": 2.72, "capex_dep": 0.43, "interest_debt": 0.1, "debt_ebitda": 0.1, "debt_ratio": 14.0, "debt_mv": 0.1, "payout": 93.6, "div_years": 4, "rev_cagr3": -13.3, "np_cagr3": null, "rev_yoy": -5.3, "np_yoy": -31.2, "np_vol": 54.3, "loss_years": 1, "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", 48.0], ["双工器", 35.0], ["滤波器", 8.0], ["其他主营业务", 5.0]], "ret_prev_year": 17.0, "ret_prev2_year": 15.3, "ret_ytd": -23.7, "ret_pivot": 17.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -10.3, "ret_60": -11.9, "ret_120": -18.6, "ret_250": -32.7, "mdd_250": -50.5, "vol_250": 53.1, "pos_52w": 61.1}, "S": {"duration": 100, "pricing": 49, "hard": 17, "bondness": 53}, "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 14%,有息负债 0 亿,经营现金流/市值 0.2%: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 10%,毛利率近 5 年中位 23.6%。", "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 -0.3%(经营现金流/市值 0.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 23.6%,稳定度 94%,2020→2022 成本通胀期毛利率变化 -3.8 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 10%,资本开支/折旧 0.43 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 -33%,最大回撤 -50%,年化波动 53%,现价在 52 周高点的 61%;近 20 / 60 / 120 日 -10% / -12% / -19%。", "行业对照": ["同申万二级「通信设备」89 家中位:PE 84.6 / 股息率 0.3% / 毛利率 29.1% / 固定资产占比 14% / 分红率 41%。", "武汉凡谷:PE ;股息率 ;毛利率 比行业中位低 5.5个百分点;固定资产占比 比行业中位低 3.7个百分点。"]}}