{"F": {"ts_code": "300242.SZ", "name": "佳云科技", "mkt": "CN", "ccy": "元", "sw1": "传媒", "sw2": "广告营销", "sw3": "营销代理", "ind": "广告营销", "fin_source": "tushare", "market": "创业板", "list_date": "20110712", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 4.16, "pe_ttm": null, "pb": 11.2284, "dv_ttm": null, "total_mv": 263974.9632, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [4.2, 2.8, 8.1, 10.3, 7.2, 5.4], "rev_series": [70.0, 65.3, 22.7, 7.5, 15.7, 18.1], "np_series": [-3.7, -1.9, 0.2, -1.0, -1.1, -0.4], "roe_series": [-42.9, -33.1, 3.4, -21.2, -30.0, -13.2], "period": "20260630", "rev_ttm": 11.5, "np_ttm": -0.2, "ocf_ttm": -0.2, "fcf_ttm": -0.2, "fcf_yield": -0.8, "ocf_yield": -0.7, "gm_median": 7.2, "gm_std": 2.5, "gm_stab": 0.65, "gm_chg_2022": 4.0, "npm_median": -3.3, "roe_median": -21.2, "commodity": false, "hard_ratio": 1.5, "fix_assets": 0.0, "goodwill_ratio": 0.0, "pb_calc": 11.23, "capex_dep": 4.1, "interest_debt": 0.6, "debt_ebitda": null, "debt_ratio": 43.5, "debt_mv": 2.3, "payout": null, "div_years": 0, "rev_cagr3": -7.3, "np_cagr3": null, "rev_yoy": -58.4, "np_yoy": 54.7, "np_vol": 295.4, "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", 35.0], ["互联网营销业务", 30.0], ["互联网营销", 30.0], ["美妆护肤业务", 4.0]], "ret_prev_year": 22.9, "ret_prev2_year": 3.0, "ret_ytd": -16.8, "ret_pivot": 82.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.7, "ret_60": -9.0, "ret_120": -18.9, "ret_250": -12.2, "mdd_250": -41.0, "vol_250": 52.2, "pos_52w": 62.3}, "S": {"duration": 100, "pricing": 37, "hard": 2, "bondness": 23}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -0.2 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 44%,有息负债 1 亿,经营现金流/市值 -0.7%: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": "两条都不占:固定资产占比 2%,毛利率近 5 年中位 7.2%。", "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 -0.8%(经营现金流/市值 -0.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 7.2%,稳定度 65%,2020→2022 成本通胀期毛利率变化 4.0 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 2%,资本开支/折旧 4.10 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 -12%,最大回撤 -41%,年化波动 52%,现价在 52 周高点的 62%;近 20 / 60 / 120 日 -7% / -9% / -19%。", "行业对照": ["同申万二级「广告营销」28 家中位:PE 98.3 / 股息率 0.2% / 毛利率 14.7% / 固定资产占比 3% / 分红率 32%。", "佳云科技:PE ;股息率 ;毛利率 比行业中位低 7.5个百分点;固定资产占比 比行业中位低 1.4个百分点。"]}}