{"F": {"ts_code": "300042.SZ", "name": "朗科科技", "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": "创业板", "list_date": "20100108", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 37.45, "pe_ttm": 53.5745, "pb": 6.6322, "dv_ttm": 0.1869, "total_mv": 750498.3745, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [13.3, 9.8, 10.4, 9.3, 9.7, 14.0], "rev_series": [14.9, 19.1, 17.7, 10.9, 8.3, 12.4], "np_series": [0.7, 0.7, 0.6, -0.4, -1.0, 0.3], "roe_series": [6.8, 6.3, 5.4, -3.8, -9.2, 2.6], "period": "20260630", "rev_ttm": 17.3, "np_ttm": 1.4, "ocf_ttm": -2.5, "fcf_ttm": -2.6, "fcf_yield": -3.5, "ocf_yield": -3.4, "gm_median": 9.8, "gm_std": 1.7, "gm_stab": 0.83, "gm_chg_2022": -2.9, "npm_median": 2.0, "roe_median": 2.6, "commodity": false, "hard_ratio": 3.5, "fix_assets": 0.6, "goodwill_ratio": 0.0, "pb_calc": 6.63, "capex_dep": 0.63, "interest_debt": 3.8, "debt_ebitda": 2.1, "debt_ratio": 32.4, "debt_mv": 5.0, "payout": 51.7, "div_years": 3, "rev_cagr3": -11.2, "np_cagr3": -24.1, "rev_yoy": 101.8, "np_yoy": 632.4, "np_vol": 104.7, "loss_years": 2, "far_share": 91.0, "earn_yield": 1.9, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["闪存应用产品", 70.0], ["闪存控制芯片及其他", 29.0], ["其他业务", 1.0], ["合计特别调整", 1.0]], "ret_prev_year": 11.3, "ret_prev2_year": -34.1, "ret_ytd": 46.1, "ret_pivot": 140.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -20.5, "ret_60": -40.2, "ret_120": -1.3, "ret_250": 37.0, "mdd_250": -50.8, "vol_250": 77.6, "pos_52w": 49.2}, "S": {"duration": 74, "pricing": 39, "hard": 6, "bondness": 46}, "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 2 年;PE 54 倍(盈利极薄),估值指标失真。", "资产负债率 32%,有息负债 4 亿,经营现金流/市值 -3.4%: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 4%,毛利率近 5 年中位 9.8%。", "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 -3.5%(经营现金流/市值 -3.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 9.8%,稳定度 83%,2020→2022 成本通胀期毛利率变化 -2.9 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 4%,资本开支/折旧 0.63 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 53.6 倍 粗算,约 91%(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 37%,最大回撤 -51%,年化波动 78%,现价在 52 周高点的 49%;近 20 / 60 / 120 日 -20% / -40% / -1%。", "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%。", "朗科科技:PE 比行业中位高 1.9倍;股息率 比行业中位低 0.6个百分点;毛利率 比行业中位低 26.0个百分点;固定资产占比 比行业中位低 8.2个百分点。"]}}