{"F": {"ts_code": "300183.SZ", "name": "东软载波", "mkt": "CN", "ccy": "元", "sw1": "通信", "sw2": "通信设备", "sw3": "其他通信设备", "ind": "通信设备", "fin_source": "tushare", "market": "创业板", "list_date": "20110222", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 10.56, "pe_ttm": null, "pb": 1.5837, "dv_ttm": 0.0473, "total_mv": 488515.3152, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [49.8, 46.9, 47.6, 38.8, 36.6, 28.2], "rev_series": [8.8, 9.1, 9.4, 9.9, 10.3, 10.5], "np_series": [1.9, 1.3, 1.6, 0.6, 0.7, 0.1], "roe_series": [6.2, 4.4, 5.3, 1.9, 2.1, 0.3], "period": "20260630", "rev_ttm": 9.6, "np_ttm": -0.3, "ocf_ttm": 0.9, "fcf_ttm": -0.3, "fcf_yield": -0.7, "ocf_yield": 1.9, "gm_median": 38.8, "gm_std": 7.2, "gm_stab": 0.81, "gm_chg_2022": -2.2, "npm_median": 6.5, "roe_median": 2.1, "commodity": false, "hard_ratio": 16.8, "fix_assets": 5.8, "goodwill_ratio": 5.9, "pb_calc": 1.58, "capex_dep": 3.87, "interest_debt": 0.1, "debt_ebitda": 0.4, "debt_ratio": 10.7, "debt_mv": 0.1, "payout": 69.2, "div_years": 5, "rev_cagr3": 4.0, "np_cagr3": -60.0, "rev_yoy": -17.7, "np_yoy": -314.5, "np_vol": 40.8, "loss_years": 0, "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], ["电力线载波通信系列产品", 31.0], ["集成电路", 17.0], ["智能化业务", 2.0]], "ret_prev_year": -23.0, "ret_prev2_year": 29.3, "ret_ytd": -28.8, "ret_pivot": -20.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.2, "ret_60": -2.0, "ret_120": -34.1, "ret_250": -42.2, "mdd_250": -50.7, "vol_250": 35.6, "pos_52w": 55.7}, "S": {"duration": 100, "pricing": 54, "hard": 27, "bondness": 42}, "label": "亏损或困境", "tags": ["资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -0.3 亿,近 5 年亏损 0 年;PE 为负,估值指标失真。", "资产负债率 11%,有息负债 0 亿,经营现金流/市值 1.9%: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 38.8%。", "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 -0.7%(经营现金流/市值 1.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 38.8%,稳定度 81%,2020→2022 成本通胀期毛利率变化 -2.2 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 17%,资本开支/折旧 3.87 倍。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 -42%,最大回撤 -51%,年化波动 36%,现价在 52 周高点的 56%;近 20 / 60 / 120 日 -0% / -2% / -34%。", "行业对照": ["同申万二级「通信设备」89 家中位:PE 84.6 / 股息率 0.3% / 毛利率 29.1% / 固定资产占比 14% / 分红率 41%。", "东软载波:PE ;股息率 比行业中位低 0.3个百分点;毛利率 比行业中位高 9.7个百分点;固定资产占比 比行业中位高 2.6个百分点。"]}}