{"F": {"ts_code": "300300.SZ", "name": "海峡创新", "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": "20120319", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 9.13, "pe_ttm": 57.6521, "pb": 24.51, "dv_ttm": null, "total_mv": 608831.4023, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [1.8, 7.6, -5.1, -8.1, -1.4, 0.6], "rev_series": [3.5, 4.7, 1.6, 1.2, 1.7, 1.5], "np_series": [-5.9, -3.6, -1.8, -3.1, 0.1, 1.4], "roe_series": [-48.4, -50.1, -38.7, -112.7, 3.2, 64.2], "period": "20260630", "rev_ttm": 1.6, "np_ttm": 1.1, "ocf_ttm": -0.9, "fcf_ttm": -0.9, "fcf_yield": -1.6, "ocf_yield": -1.5, "gm_median": -1.4, "gm_std": 5.4, "gm_stab": 4.82, "gm_chg_2022": -6.9, "npm_median": -77.1, "roe_median": -38.7, "commodity": false, "hard_ratio": 2.2, "fix_assets": 0.2, "goodwill_ratio": 0.0, "pb_calc": 24.51, "capex_dep": 0.28, "interest_debt": 3.4, "debt_ebitda": null, "debt_ratio": 74.6, "debt_mv": 5.6, "payout": null, "div_years": 0, "rev_cagr3": -2.5, "np_cagr3": null, "rev_yoy": 7.6, "np_yoy": -684.3, "np_vol": 952.9, "loss_years": 3, "far_share": 91.0, "earn_yield": 1.7, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 33.0], ["智慧城市及金融", 30.0], ["智慧城市与金融", 30.0], ["智慧商业及医疗", 3.0]], "ret_prev_year": 421.9, "ret_prev2_year": -28.2, "ret_ytd": -39.3, "ret_pivot": 521.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 14.4, "ret_60": 7.4, "ret_120": -30.7, "ret_250": 56.6, "mdd_250": -65.1, "vol_250": 95.2, "pos_52w": 49.4}, "S": {"duration": 76, "pricing": 39, "hard": 4, "bondness": 23}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 1.1 亿,近 5 年亏损 3 年;PE 58 倍(盈利极薄),估值指标失真。", "资产负债率 75%,有息负债 3 亿,经营现金流/市值 -1.5%: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 -1.4%。", "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 -1.6%(经营现金流/市值 -1.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 -1.4%,稳定度 482%,2020→2022 成本通胀期毛利率变化 -6.9 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 2%,资本开支/折旧 0.28 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 57.7 倍 粗算,约 91%(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 57%,最大回撤 -65%,年化波动 95%,现价在 52 周高点的 49%;近 20 / 60 / 120 日 14% / 7% / -31%。", "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%。", "海峡创新:PE 比行业中位低 26.3倍;股息率 ;毛利率 比行业中位低 29.5个百分点;固定资产占比 比行业中位低 6.4个百分点。"]}}