{"F": {"ts_code": "300025.SZ", "name": "华星创业", "mkt": "CN", "ccy": "元", "sw1": "通信", "sw2": "通信服务", "sw3": "通信工程及服务", "ind": "通信服务", "fin_source": "tushare", "market": "创业板", "list_date": "20091030", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 5.87, "pe_ttm": null, "pb": 7.254, "dv_ttm": null, "total_mv": 298661.4323, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [8.0, 14.8, 11.8, 13.5, 9.0, 8.6], "rev_series": [7.9, 7.2, 6.8, 7.1, 6.9, 5.7], "np_series": [-1.5, -0.2, 0.1, -0.3, -0.8, -1.5], "roe_series": [-37.5, -7.9, 2.9, -3.8, -12.5, -28.9], "period": "20260630", "rev_ttm": 5.4, "np_ttm": -1.4, "ocf_ttm": 0.4, "fcf_ttm": 0.3, "fcf_yield": 1.1, "ocf_yield": 1.2, "gm_median": 11.8, "gm_std": 2.4, "gm_stab": 0.79, "gm_chg_2022": 3.9, "npm_median": -3.9, "roe_median": -7.9, "commodity": false, "hard_ratio": 16.7, "fix_assets": 1.2, "goodwill_ratio": 0.0, "pb_calc": 7.25, "capex_dep": null, "interest_debt": 0.6, "debt_ebitda": null, "debt_ratio": 40.4, "debt_mv": 2.2, "payout": null, "div_years": 0, "rev_cagr3": -5.6, "np_cagr3": null, "rev_yoy": -10.3, "np_yoy": 29.2, "np_vol": 167.0, "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], ["网络优化及服务", 32.0], ["网络优化", 32.0], ["其他主营业务", 1.0]], "ret_prev_year": -46.4, "ret_prev2_year": 12.1, "ret_ytd": 1.9, "ret_pivot": -29.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 18.6, "ret_60": 29.3, "ret_120": 0.2, "ret_250": -20.2, "mdd_250": -47.7, "vol_250": 36.7, "pos_52w": 76.7}, "S": {"duration": 100, "pricing": 44, "hard": 27, "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 -1.4 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 40%,有息负债 1 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 17%,毛利率近 5 年中位 11.8%。", "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 11.8%,稳定度 79%,2020→2022 成本通胀期毛利率变化 3.9 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 17%。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 -20%,最大回撤 -48%,年化波动 37%,现价在 52 周高点的 77%;近 20 / 60 / 120 日 19% / 29% / 0%。", "行业对照": ["同申万二级「通信服务」38 家中位:PE 82.0 / 股息率 0.4% / 毛利率 20.1% / 固定资产占比 12% / 分红率 34%。", "华星创业:PE ;股息率 ;毛利率 比行业中位低 8.3个百分点;固定资产占比 比行业中位高 4.6个百分点。"]}}