{"F": {"ts_code": "300292.SZ", "name": "吴通控股", "mkt": "CN", "ccy": "元", "sw1": "通信", "sw2": "通信服务", "sw3": "通信应用增值服务", "ind": "通信服务", "fin_source": "tushare", "market": "创业板", "list_date": "20120229", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 4.28, "pe_ttm": 43.5934, "pb": 3.8203, "dv_ttm": null, "total_mv": 574275.42, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [10.2, 8.7, 11.2, 11.1, 10.5, 9.8], "rev_series": [37.7, 42.3, 36.1, 36.8, 43.6, 43.5], "np_series": [-5.6, 0.6, 0.2, 0.3, 0.9, 1.2], "roe_series": [-42.9, 5.3, 1.6, 2.0, 6.9, 8.4], "period": "20260630", "rev_ttm": 42.0, "np_ttm": 1.3, "ocf_ttm": 0.1, "fcf_ttm": -0.1, "fcf_yield": -0.2, "ocf_yield": 0.3, "gm_median": 10.5, "gm_std": 1.0, "gm_stab": 0.91, "gm_chg_2022": 1.1, "npm_median": 1.3, "roe_median": 5.3, "commodity": false, "hard_ratio": 8.7, "fix_assets": 2.2, "goodwill_ratio": 0.0, "pb_calc": 3.82, "capex_dep": 0.61, "interest_debt": 3.5, "debt_ebitda": 1.5, "debt_ratio": 41.4, "debt_mv": 6.0, "payout": null, "div_years": 0, "rev_cagr3": 6.5, "np_cagr3": 79.6, "rev_yoy": -6.6, "np_yoy": 23.6, "np_vol": 111.7, "loss_years": 0, "far_share": 89.0, "earn_yield": 2.3, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 47.0], ["移动信息服务", 39.0], ["电子制造服务", 5.0], ["电子制造产品", 5.0]], "ret_prev_year": -7.0, "ret_prev2_year": 30.4, "ret_ytd": -5.1, "ret_pivot": 24.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.2, "ret_60": -24.9, "ret_120": -13.4, "ret_250": -18.8, "mdd_250": -45.2, "vol_250": 47.5, "pos_52w": 60.8}, "S": {"duration": 66, "pricing": 45, "hard": 14, "bondness": 18}, "label": "中性", "tags": [], "text": {"像什么": ["PE 43.6 倍、股息率 —、毛利率近 5 年中位 10.5%、固定资产占比 9%、有息负债/EBITDA 1.5 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 9%,毛利率近 5 年中位 10.5%。", "加息期怎么走": "按行业与估值常规看,没有明确的利率方向性。", "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 0.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 10.5%,稳定度 91%,2020→2022 成本通胀期毛利率变化 1.1 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 9%,资本开支/折旧 0.61 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 43.6 倍 粗算,约 89%(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 -19%,最大回撤 -45%,年化波动 48%,现价在 52 周高点的 61%;近 20 / 60 / 120 日 -0% / -25% / -13%。", "行业对照": ["同申万二级「通信服务」38 家中位:PE 82.0 / 股息率 0.4% / 毛利率 20.1% / 固定资产占比 12% / 分红率 34%。", "吴通控股:PE 比行业中位低 38.4倍;股息率 ;毛利率 比行业中位低 9.6个百分点;固定资产占比 比行业中位低 3.4个百分点。"]}}