{"F": {"ts_code": "300177.SZ", "name": "中海达", "mkt": "CN", "ccy": "元", "sw1": "国防军工", "sw2": "军工电子Ⅱ", "sw3": "军工电子Ⅲ", "ind": "军工电子Ⅱ", "fin_source": "tushare", "market": "创业板", "list_date": "20110215", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 6.45, "pe_ttm": null, "pb": 3.8435, "dv_ttm": null, "total_mv": 479989.0695, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [45.7, 45.5, 41.2, 36.6, 39.9, 32.7], "rev_series": [17.7, 18.0, 13.2, 11.9, 12.2, 10.1], "np_series": [0.9, 0.5, -1.1, -4.3, -0.1, -2.3], "roe_series": [4.9, 2.3, -4.9, -22.5, -0.8, -16.3], "period": "20260630", "rev_ttm": 8.7, "np_ttm": -2.5, "ocf_ttm": 1.8, "fcf_ttm": 1.3, "fcf_yield": 2.7, "ocf_yield": 3.7, "gm_median": 39.9, "gm_std": 4.3, "gm_stab": 0.89, "gm_chg_2022": -4.5, "npm_median": -11.6, "roe_median": -4.9, "commodity": false, "hard_ratio": 10.5, "fix_assets": 2.8, "goodwill_ratio": 1.3, "pb_calc": 3.84, "capex_dep": 1.7, "interest_debt": 5.0, "debt_ebitda": null, "debt_ratio": 54.1, "debt_mv": 10.4, "payout": null, "div_years": 1, "rev_cagr3": -8.4, "np_cagr3": null, "rev_yoy": -29.1, "np_yoy": -81.3, "np_vol": 670.3, "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": [["高精度定位装备及行业解决方案", 43.0], ["北斗+精准定位装备", 43.0], ["时空数据及信息化", 7.0], ["北斗+时空数据", 7.0]], "ret_prev_year": -5.3, "ret_prev2_year": 51.7, "ret_ytd": -37.6, "ret_pivot": -6.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.7, "ret_60": -3.7, "ret_120": -30.9, "ret_250": -45.0, "mdd_250": -52.9, "vol_250": 37.1, "pos_52w": 54.3}, "S": {"duration": 100, "pricing": 55, "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 -2.5 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 54%,有息负债 5 亿,经营现金流/市值 3.7%: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 39.9%),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 2.7%(经营现金流/市值 3.7%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 39.9%,稳定度 89%,2020→2022 成本通胀期毛利率变化 -4.5 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 1.70 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 -45%,最大回撤 -53%,年化波动 37%,现价在 52 周高点的 54%;近 20 / 60 / 120 日 2% / -4% / -31%。", "行业对照": ["同申万二级「军工电子Ⅱ」61 家中位:PE 79.0 / 股息率 0.5% / 毛利率 39.7% / 固定资产占比 14% / 分红率 33%。", "中海达:PE ;股息率 ;毛利率 比行业中位高 0.2个百分点;固定资产占比 比行业中位低 3.6个百分点。"]}}