{"F": {"ts_code": "300287.SZ", "name": "飞利信", "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": "20120201", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 3.68, "pe_ttm": null, "pb": 5.5007, "dv_ttm": null, "total_mv": 528180.7952, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [11.8, 12.3, 15.3, 13.5, 12.4, 9.9], "rev_series": [9.7, 17.1, 11.4, 8.2, 5.8, 3.5], "np_series": [-13.2, -2.5, -4.7, -2.8, -2.1, -1.6], "roe_series": [-42.4, -11.1, -24.7, -18.5, -16.2, -14.3], "period": "20260630", "rev_ttm": 2.6, "np_ttm": -1.5, "ocf_ttm": -0.1, "fcf_ttm": -0.1, "fcf_yield": -0.2, "ocf_yield": -0.2, "gm_median": 12.4, "gm_std": 1.8, "gm_stab": 0.86, "gm_chg_2022": 3.5, "npm_median": -35.5, "roe_median": -16.2, "commodity": false, "hard_ratio": 34.7, "fix_assets": 6.0, "goodwill_ratio": 0.0, "pb_calc": 5.5, "capex_dep": 0.05, "interest_debt": 0.4, "debt_ebitda": null, "debt_ratio": 45.1, "debt_mv": 0.7, "payout": null, "div_years": 0, "rev_cagr3": -32.7, "np_cagr3": null, "rev_yoy": -39.6, "np_yoy": 13.0, "np_vol": 55.4, "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", 49.0], ["物联网与智能化", 23.0], ["数据、软件及服务", 12.0], ["音视频与控制", 11.0]], "ret_prev_year": 16.4, "ret_prev2_year": 4.5, "ret_ytd": -24.7, "ret_pivot": 27.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -4.4, "ret_60": 5.4, "ret_120": -22.2, "ret_250": -42.9, "mdd_250": -54.2, "vol_250": 50.6, "pos_52w": 54.2}, "S": {"duration": 100, "pricing": 46, "hard": 56, "bondness": 23}, "label": "重资产陷阱", "tags": ["亏损或困境", "近5年≥2年亏损"], "text": {"像什么": ["资产很重:固定资产占总资产 35%,但毛利率近 5 年中位只有 12.4%,产品同质、售价涨不动。", "2020→2022 成本通胀期毛利率变化 3.5 个百分点;资产负债率 45%,折旧与利息两头吃。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 35%),没有定价权:毛利率近 5 年中位 12.4%,稳定度 86%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "加息期怎么走": "滞胀里两头挤,成本全涨售价涨不动还吃折旧,跌得比成长股狠。除非商品价格反转,否则回避。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 -0.2%(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 12.4%,稳定度 86%,2020→2022 成本通胀期毛利率变化 3.5 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 35%,资本开支/折旧 0.05 倍。涨。"], ["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 -43%,最大回撤 -54%,年化波动 51%,现价在 52 周高点的 54%;近 20 / 60 / 120 日 -4% / 5% / -22%。", "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%。", "飞利信:PE ;股息率 ;毛利率 比行业中位低 15.7个百分点;固定资产占比 比行业中位高 26.1个百分点。"]}}