{"F": {"ts_code": "002313.SZ", "name": "日海智能", "mkt": "CN", "ccy": "元", "sw1": "通信", "sw2": "通信设备", "sw3": "通信终端及配件", "ind": "通信设备", "fin_source": "tushare", "market": "主板", "list_date": "20091203", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 8.59, "pe_ttm": null, "pb": 37.3653, "dv_ttm": null, "total_mv": 321609.6, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [13.1, 17.5, 12.2, 17.2, 17.7, 16.5], "rev_series": [39.4, 47.5, 33.6, 28.3, 29.8, 27.5], "np_series": [-7.6, -2.3, -12.8, -3.6, -1.3, -2.3], "roe_series": [-37.1, -7.8, -97.5, -85.5, -100.2, -351.1], "period": "20260630", "rev_ttm": 29.0, "np_ttm": -1.7, "ocf_ttm": -1.8, "fcf_ttm": -2.2, "fcf_yield": -6.8, "ocf_yield": -5.6, "gm_median": 17.2, "gm_std": 2.0, "gm_stab": 0.88, "gm_chg_2022": -0.9, "npm_median": -8.3, "roe_median": -97.5, "commodity": false, "hard_ratio": 3.0, "fix_assets": 0.9, "goodwill_ratio": 7.2, "pb_calc": 37.37, "capex_dep": 2.41, "interest_debt": 12.0, "debt_ebitda": null, "debt_ratio": 97.3, "debt_mv": 37.3, "payout": null, "div_years": 0, "rev_cagr3": -6.4, "np_cagr3": null, "rev_yoy": 10.9, "np_yoy": 133.3, "np_vol": 291.4, "loss_years": 5, "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": [["无线通信模组", 72.0], ["通信工程服务", 12.0], ["工程", 12.0], ["其他主营业务", 2.0]], "ret_prev_year": 30.0, "ret_prev2_year": -31.1, "ret_ytd": -15.7, "ret_pivot": 31.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.8, "ret_60": 4.6, "ret_120": -6.4, "ret_250": -29.1, "mdd_250": -44.2, "vol_250": 43.4, "pos_52w": 66.3}, "S": {"duration": 100, "pricing": 46, "hard": 5, "bondness": 23}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -1.7 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 97%,有息负债 12 亿,经营现金流/市值 -5.6%: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 3%,毛利率近 5 年中位 17.2%。", "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 -6.8%(经营现金流/市值 -5.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 17.2%,稳定度 88%,2020→2022 成本通胀期毛利率变化 -0.9 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 3%,资本开支/折旧 2.41 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 -29%,最大回撤 -44%,年化波动 43%,现价在 52 周高点的 66%;近 20 / 60 / 120 日 5% / 5% / -6%。", "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%。", "日海智能:PE ;股息率 ;毛利率 比行业中位低 11.9个百分点;固定资产占比 比行业中位低 11.2个百分点。"]}}