{"F": {"ts_code": "002512.SZ", "name": "ST达华", "mkt": "CN", "ccy": "元", "sw1": "计算机", "sw2": "计算机设备", "sw3": "其他计算机设备", "ind": "计算机设备", "fin_source": "tushare", "market": "主板", "list_date": "20101203", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 4.2, "pe_ttm": null, "pb": 14.3718, "dv_ttm": null, "total_mv": 463015.014, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [13.1, 8.2, 9.6, 13.2, 11.0, 11.3], "rev_series": [21.1, 22.4, 17.4, 19.7, 19.3, 18.5], "np_series": [0.2, -5.2, -3.3, -3.6, 0.2, -2.0], "roe_series": [1.5, -48.8, -43.3, -63.2, 6.0, -57.5], "period": "20260630", "rev_ttm": 22.4, "np_ttm": -1.2, "ocf_ttm": 0.6, "fcf_ttm": 0.5, "fcf_yield": 1.1, "ocf_yield": 1.2, "gm_median": 11.0, "gm_std": 1.7, "gm_stab": 0.85, "gm_chg_2022": -3.5, "npm_median": -19.9, "roe_median": -48.8, "commodity": false, "hard_ratio": 8.2, "fix_assets": 1.8, "goodwill_ratio": 10.2, "pb_calc": 14.37, "capex_dep": 0.21, "interest_debt": 4.0, "debt_ebitda": 6.6, "debt_ratio": 84.4, "debt_mv": 8.7, "payout": null, "div_years": 0, "rev_cagr3": 2.0, "np_cagr3": null, "rev_yoy": 51.0, "np_yoy": 163.3, "np_vol": 1066.9, "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": [["产品", 33.0], ["电视机主板及机顶盒", 31.0], ["液晶显示主控板卡类", 31.0], ["项目开发及集成类", 1.0]], "ret_prev_year": 31.4, "ret_prev2_year": -25.1, "ret_ytd": -32.6, "ret_pivot": 20.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 8.5, "ret_60": 3.7, "ret_120": -7.9, "ret_250": 1.9, "mdd_250": -62.2, "vol_250": 66.0, "pos_52w": 52.2}, "S": {"duration": 100, "pricing": 40, "hard": 13, "bondness": 33}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -1.2 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 84%,有息负债 4 亿,经营现金流/市值 1.2%: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 8%,毛利率近 5 年中位 11.0%。", "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 1.1%(经营现金流/市值 1.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 11.0%,稳定度 85%,2020→2022 成本通胀期毛利率变化 -3.5 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 8%,资本开支/折旧 0.21 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 -62%,年化波动 66%,现价在 52 周高点的 52%;近 20 / 60 / 120 日 8% / 4% / -8%。", "行业对照": ["同申万二级「计算机设备」88 家中位:PE 51.7 / 股息率 0.8% / 毛利率 35.8% / 固定资产占比 12% / 分红率 49%。", "ST达华:PE ;股息率 ;毛利率 比行业中位低 24.8个百分点;固定资产占比 比行业中位低 3.5个百分点。"]}}