{"F": {"ts_code": "002528.SZ", "name": "*ST英飞", "mkt": "CN", "ccy": "元", "sw1": "计算机", "sw2": "计算机设备", "sw3": "安防设备", "ind": "计算机设备", "fin_source": "tushare", "market": "主板", "list_date": "20101224", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 6.81, "pe_ttm": null, "pb": null, "dv_ttm": null, "total_mv": 816297.7431, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [21.8, 20.1, 11.4, 16.2, 28.0, 27.5], "rev_series": [52.4, 29.4, 18.4, 14.0, 9.4, 4.9], "np_series": [0.9, -14.4, -9.7, -7.7, -4.0, -2.9], "roe_series": [0.7, -48.3, -55.7, -87.2, -119.5, -926.7], "period": "20260630", "rev_ttm": 4.5, "np_ttm": -3.9, "ocf_ttm": -0.6, "fcf_ttm": -0.6, "fcf_yield": -0.8, "ocf_yield": -0.7, "gm_median": 20.1, "gm_std": 6.4, "gm_stab": 0.68, "gm_chg_2022": -10.4, "npm_median": -53.1, "roe_median": -87.2, "commodity": false, "hard_ratio": 18.5, "fix_assets": 2.7, "goodwill_ratio": 0.0, "pb_calc": null, "capex_dep": 0.19, "interest_debt": 7.4, "debt_ebitda": null, "debt_ratio": 116.0, "debt_mv": 9.1, "payout": null, "div_years": 0, "rev_cagr3": -35.5, "np_cagr3": null, "rev_yoy": -19.5, "np_yoy": -1047.0, "np_vol": 2145.8, "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": [["物联产品", 84.0], ["解决方案", 16.0]], "ret_prev_year": -6.3, "ret_prev2_year": -64.8, "ret_ytd": 154.1, "ret_pivot": 200.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 47.4, "ret_60": 42.5, "ret_120": 83.6, "ret_250": 134.0, "mdd_250": -31.7, "vol_250": 48.9, "pos_52w": 89.6}, "S": {"duration": 100, "pricing": 38, "hard": 30, "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 -3.9 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 116%,有息负债 7 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 18%,毛利率近 5 年中位 20.1%。", "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 -0.8%(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 20.1%,稳定度 68%,2020→2022 成本通胀期毛利率变化 -10.4 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 18%,资本开支/折旧 0.19 倍。有一些。"], ["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 134%,最大回撤 -32%,年化波动 49%,现价在 52 周高点的 90%;近 20 / 60 / 120 日 47% / 42% / 84%。", "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英飞:PE ;股息率 ;毛利率 比行业中位低 15.7个百分点;固定资产占比 比行业中位高 6.8个百分点。"]}}