{"F": {"ts_code": "300264.SZ", "name": "佳创视讯", "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": "20110916", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 6.36, "pe_ttm": null, "pb": 2118.1193, "dv_ttm": null, "total_mv": 274025.37, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [27.0, 30.9, 24.1, 28.8, 4.8, 25.0], "rev_series": [1.3, 1.4, 1.5, 1.3, 1.5, 1.2], "np_series": [-0.5, -1.1, -0.8, -0.7, -0.6, -0.3], "roe_series": [-17.7, -54.3, -72.6, -86.6, -103.4, -174.5], "period": "20260630", "rev_ttm": 0.6, "np_ttm": -0.4, "ocf_ttm": -0.1, "fcf_ttm": -0.1, "fcf_yield": -0.4, "ocf_yield": -0.2, "gm_median": 25.0, "gm_std": 9.3, "gm_stab": 0.63, "gm_chg_2022": -3.0, "npm_median": -53.0, "roe_median": -86.6, "commodity": false, "hard_ratio": 2.6, "fix_assets": 0.0, "goodwill_ratio": 1.8, "pb_calc": 2118.12, "capex_dep": 2.11, "interest_debt": 1.2, "debt_ebitda": null, "debt_ratio": 100.1, "debt_mv": 4.2, "payout": null, "div_years": 0, "rev_cagr3": -7.4, "np_cagr3": null, "rev_yoy": -67.2, "np_yoy": -53.5, "np_vol": 56.4, "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", 34.0], ["系统集成设备", 27.0], ["系统集成及服务", 27.0], ["音视频软件产品及解决方案", 5.0]], "ret_prev_year": 24.5, "ret_prev2_year": -34.3, "ret_ytd": -5.2, "ret_pivot": 47.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.1, "ret_60": -42.0, "ret_120": -37.7, "ret_250": -3.3, "mdd_250": -47.2, "vol_250": 68.8, "pos_52w": 57.3}, "S": {"duration": 100, "pricing": 40, "hard": 4, "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 -0.4 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 100%,有息负债 1 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 3%,毛利率近 5 年中位 25.0%。", "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 -0.4%(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 25.0%,稳定度 63%,2020→2022 成本通胀期毛利率变化 -3.0 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 3%,资本开支/折旧 2.11 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 -3%,最大回撤 -47%,年化波动 69%,现价在 52 周高点的 57%;近 20 / 60 / 120 日 -6% / -42% / -38%。", "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%。", "佳创视讯:PE ;股息率 ;毛利率 比行业中位低 3.1个百分点;固定资产占比 比行业中位低 6.0个百分点。"]}}