{"F": {"ts_code": "300167.SZ", "name": "ST迪威迅", "mkt": "CN", "ccy": "元", "sw1": "计算机", "sw2": "IT服务Ⅱ", "sw3": "IT服务Ⅲ", "ind": "IT服务Ⅱ", "fin_source": "tushare", "market": "创业板", "list_date": "20110125", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 4.07, "pe_ttm": null, "pb": 23.371, "dv_ttm": null, "total_mv": 169445.8623, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [21.2, 17.3, 18.9, 16.5, 19.7, 16.0], "rev_series": [2.5, 3.2, 4.6, 4.4, 4.2, 5.3], "np_series": [-1.2, -1.7, -2.8, -2.3, -0.1, -0.1], "roe_series": [-25.1, -51.3, -175.2, -1180.2, -247.4, -19.8], "period": "20260630", "rev_ttm": 5.2, "np_ttm": -0.5, "ocf_ttm": -0.8, "fcf_ttm": -0.8, "fcf_yield": -4.8, "ocf_yield": -4.8, "gm_median": 17.3, "gm_std": 1.4, "gm_stab": 0.92, "gm_chg_2022": -2.3, "npm_median": -51.6, "roe_median": -175.2, "commodity": false, "hard_ratio": 4.2, "fix_assets": 0.3, "goodwill_ratio": 0.7, "pb_calc": 23.37, "capex_dep": 0.36, "interest_debt": 0.9, "debt_ebitda": null, "debt_ratio": 86.3, "debt_mv": 5.3, "payout": null, "div_years": 0, "rev_cagr3": 5.2, "np_cagr3": null, "rev_yoy": -6.6, "np_yoy": -1241.9, "np_vol": 56.5, "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": [["产品", 50.0], ["软件外包业务", 28.0], ["算力系统解决方案业务", 21.0], ["其他业务", 1.0]], "ret_prev_year": 117.1, "ret_prev2_year": -23.7, "ret_ytd": -17.8, "ret_pivot": 160.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.0, "ret_60": -11.1, "ret_120": -35.4, "ret_250": -43.3, "mdd_250": -53.9, "vol_250": 57.6, "pos_52w": 54.7}, "S": {"duration": 100, "pricing": 47, "hard": 7, "bondness": 18}, "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 5 年;PE 为负,估值指标失真。", "资产负债率 86%,有息负债 1 亿,经营现金流/市值 -4.8%: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 17.3%。", "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 -4.8%(经营现金流/市值 -4.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 17.3%,稳定度 92%,2020→2022 成本通胀期毛利率变化 -2.3 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 0.36 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 -43%,最大回撤 -54%,年化波动 58%,现价在 52 周高点的 55%;近 20 / 60 / 120 日 1% / -11% / -35%。", "行业对照": ["同申万二级「IT服务Ⅱ」134 家中位:PE 84.0 / 股息率 0.4% / 毛利率 28.1% / 固定资产占比 9% / 分红率 35%。", "ST迪威迅:PE ;股息率 ;毛利率 比行业中位低 10.8个百分点;固定资产占比 比行业中位低 4.4个百分点。"]}}