{"F": {"ts_code": "002796.SZ", "name": "世嘉科技", "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": "20160510", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 28.45, "pe_ttm": null, "pb": 8.633, "dv_ttm": null, "total_mv": 717983.8305, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [12.4, 5.4, 8.4, 10.0, 11.7, 6.2], "rev_series": [16.4, 13.0, 11.0, 10.5, 9.6, 9.4], "np_series": [0.4, -6.7, -0.3, -0.1, 0.9, -0.6], "roe_series": [2.5, -54.4, -3.6, -1.7, 10.5, -6.4], "period": "20260630", "rev_ttm": 9.4, "np_ttm": -0.5, "ocf_ttm": -0.2, "fcf_ttm": -0.5, "fcf_yield": -0.8, "ocf_yield": -0.2, "gm_median": 8.4, "gm_std": 2.3, "gm_stab": 0.72, "gm_chg_2022": -4.0, "npm_median": -3.3, "roe_median": -3.6, "commodity": false, "hard_ratio": 28.6, "fix_assets": 4.8, "goodwill_ratio": 0.0, "pb_calc": 8.63, "capex_dep": 0.68, "interest_debt": 3.7, "debt_ebitda": 35.5, "debt_ratio": 51.5, "debt_mv": 5.1, "payout": null, "div_years": 0, "rev_cagr3": -4.8, "np_cagr3": null, "rev_yoy": -0.7, "np_yoy": 8.8, "np_vol": 870.4, "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": [["专用设备箱体系统", 24.0], ["射频器件", 24.0], ["电梯轿厢系统", 18.0], ["电梯箱体系统", 18.0]], "ret_prev_year": 147.1, "ret_prev2_year": -0.8, "ret_ytd": 2.6, "ret_pivot": 225.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.3, "ret_60": -28.9, "ret_120": -50.7, "ret_250": 109.2, "mdd_250": -64.5, "vol_250": 76.8, "pos_52w": 42.9}, "S": {"duration": 100, "pricing": 34, "hard": 46, "bondness": 35}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.5 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 52%,有息负债 4 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 29%,毛利率近 5 年中位 8.4%。", "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 -0.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 8.4%,稳定度 72%,2020→2022 成本通胀期毛利率变化 -4.0 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 29%,资本开支/折旧 0.68 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 109%,最大回撤 -64%,年化波动 77%,现价在 52 周高点的 43%;近 20 / 60 / 120 日 -6% / -29% / -51%。", "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%。", "世嘉科技:PE ;股息率 ;毛利率 比行业中位低 20.7个百分点;固定资产占比 比行业中位高 14.4个百分点。"]}}