{"F": {"ts_code": "300155.SZ", "name": "安居宝", "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": "创业板", "list_date": "20110107", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 4.59, "pe_ttm": null, "pb": 2.1947, "dv_ttm": null, "total_mv": 257603.5143, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [38.3, 32.0, 37.0, 40.4, 42.4, 32.4], "rev_series": [9.4, 7.6, 4.4, 3.6, 2.1, 1.5], "np_series": [1.0, 0.3, -0.5, -0.4, -0.5, -0.5], "roe_series": [8.2, 2.0, -3.4, -2.9, -4.0, -4.4], "period": "20260630", "rev_ttm": 1.3, "np_ttm": -0.6, "ocf_ttm": -0.1, "fcf_ttm": -0.1, "fcf_yield": -0.5, "ocf_yield": -0.4, "gm_median": 37.0, "gm_std": 4.2, "gm_stab": 0.89, "gm_chg_2022": -1.3, "npm_median": -12.3, "roe_median": -3.4, "commodity": false, "hard_ratio": 10.5, "fix_assets": 1.4, "goodwill_ratio": 0.2, "pb_calc": 2.19, "capex_dep": 0.31, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 8.6, "debt_mv": 0.0, "payout": null, "div_years": 1, "rev_cagr3": -29.9, "np_cagr3": null, "rev_yoy": -22.4, "np_yoy": -20.2, "np_vol": 102.8, "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", 47.0], ["楼宇对讲系统", 26.0], ["智能家居系统", 8.0], ["停车场系统及道闸广告业务", 6.0]], "ret_prev_year": 37.2, "ret_prev2_year": -19.1, "ret_ytd": -30.1, "ret_pivot": 23.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 10.6, "ret_60": 6.5, "ret_120": -11.0, "ret_250": -15.8, "mdd_250": -52.0, "vol_250": 43.7, "pos_52w": 61.2}, "S": {"duration": 100, "pricing": 56, "hard": 17, "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 -0.6 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 9%,有息负债 0 亿,经营现金流/市值 -0.4%: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": "只占定价权一条(毛利率 37.0%),硬资产占比 10%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "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 -0.5%(经营现金流/市值 -0.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 37.0%,稳定度 89%,2020→2022 成本通胀期毛利率变化 -1.3 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 10%,资本开支/折旧 0.31 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 -16%,最大回撤 -52%,年化波动 44%,现价在 52 周高点的 61%;近 20 / 60 / 120 日 11% / 6% / -11%。", "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%。", "安居宝:PE ;股息率 ;毛利率 比行业中位高 1.2个百分点;固定资产占比 比行业中位低 1.2个百分点。"]}}