{"F": {"ts_code": "300249.SZ", "name": "依米康", "mkt": "CN", "ccy": "元", "sw1": "计算机", "sw2": "计算机设备", "sw3": "其他计算机设备", "ind": "计算机设备", "fin_source": "tushare", "market": "创业板", "list_date": "20110803", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 13.44, "pe_ttm": 168.0089, "pb": 9.4945, "dv_ttm": null, "total_mv": 616124.1408, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [14.4, 17.5, 17.4, 14.5, 13.8, 17.3], "rev_series": [13.5, 14.5, 8.8, 8.0, 11.4, 14.5], "np_series": [-1.7, 0.3, -0.3, -2.2, -0.9, 0.3], "roe_series": [-23.6, 4.8, -5.1, -41.7, -23.9, 9.8], "period": "20260630", "rev_ttm": 16.3, "np_ttm": 0.4, "ocf_ttm": -0.1, "fcf_ttm": -0.3, "fcf_yield": -0.6, "ocf_yield": -0.2, "gm_median": 17.3, "gm_std": 1.6, "gm_stab": 0.91, "gm_chg_2022": 2.9, "npm_median": -6.0, "roe_median": -5.1, "commodity": false, "hard_ratio": 4.2, "fix_assets": 1.1, "goodwill_ratio": 0.1, "pb_calc": 9.49, "capex_dep": 2.93, "interest_debt": 4.3, "debt_ebitda": 6.1, "debt_ratio": 74.2, "debt_mv": 7.0, "payout": null, "div_years": 1, "rev_cagr3": 18.2, "np_cagr3": null, "rev_yoy": 24.7, "np_yoy": 40.7, "np_vol": 267.5, "loss_years": 3, "far_share": 97.0, "earn_yield": 0.6, "consensus_n": 3, "fwd_pe": 91.6, "fwd_pe2": 50.4, "fwd_g1": 83.0, "fwd_g2": 82.0, "peg": 1.12, "consensus_disp": null, "mainbz": [["信息领域产品", 50.0], ["ICT领域产品", 50.0]], "ret_prev_year": 14.5, "ret_prev2_year": 48.3, "ret_ytd": -8.1, "ret_pivot": 99.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.2, "ret_60": -6.4, "ret_120": -22.9, "ret_250": -23.6, "mdd_250": -44.0, "vol_250": 57.7, "pos_52w": 67.9}, "S": {"duration": 99, "pricing": 50, "hard": 7, "bondness": 17}, "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 0.4 亿,近 5 年亏损 3 年;PE 168 倍(盈利极薄),估值指标失真。", "资产负债率 74%,有息负债 4 亿,经营现金流/市值 -0.2%: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 -0.6%(经营现金流/市值 -0.2%)。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 91%,2020→2022 成本通胀期毛利率变化 2.9 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 2.93 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 168.0 倍 粗算,约 97%(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 -24%,最大回撤 -44%,年化波动 58%,现价在 52 周高点的 68%;近 20 / 60 / 120 日 4% / -6% / -23%。", "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%。", "依米康:PE 比行业中位高 116.3倍;股息率 ;毛利率 比行业中位低 18.5个百分点;固定资产占比 比行业中位低 7.5个百分点。"]}}