{"F": {"ts_code": "300302.SZ", "name": "同有科技", "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": "20120321", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 27.18, "pe_ttm": 58.2524, "pb": 10.1345, "dv_ttm": null, "total_mv": 1302639.0084, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [47.2, 48.7, 45.6, 34.8, 41.6, 48.9], "rev_series": [3.3, 3.9, 4.4, 3.5, 3.6, 4.0], "np_series": [0.4, -0.1, -0.2, -1.9, -2.8, -0.5], "roe_series": [2.9, -0.8, -1.3, -13.4, -23.4, -5.1], "period": "20260630", "rev_ttm": 4.9, "np_ttm": 2.2, "ocf_ttm": -1.3, "fcf_ttm": -1.8, "fcf_yield": -1.4, "ocf_yield": -1.0, "gm_median": 45.6, "gm_std": 5.3, "gm_stab": 0.88, "gm_chg_2022": -1.6, "npm_median": -13.0, "roe_median": -5.1, "commodity": false, "hard_ratio": 19.3, "fix_assets": 3.9, "goodwill_ratio": 5.2, "pb_calc": 10.13, "capex_dep": 2.67, "interest_debt": 6.1, "debt_ebitda": 8.0, "debt_ratio": 36.5, "debt_mv": 4.7, "payout": null, "div_years": 0, "rev_cagr3": -2.5, "np_cagr3": null, "rev_yoy": 50.1, "np_yoy": 1502.5, "np_vol": 331.0, "loss_years": 5, "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", 50.0], ["存储系统", 33.0], ["固态存储", 16.0], ["其他存储", 1.0]], "ret_prev_year": 15.1, "ret_prev2_year": 16.4, "ret_ytd": 49.8, "ret_pivot": 145.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -12.3, "ret_60": -40.3, "ret_120": 39.2, "ret_250": 61.7, "mdd_250": -55.9, "vol_250": 78.6, "pos_52w": 45.6}, "S": {"duration": 77, "pricing": 60, "hard": 31, "bondness": 35}, "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 2.2 亿,近 5 年亏损 5 年;PE 58 倍(盈利极薄),估值指标失真。", "资产负债率 36%,有息负债 6 亿,经营现金流/市值 -1.0%: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": "只占定价权一条(毛利率 45.6%),硬资产占比 19%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "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 -1.4%(经营现金流/市值 -1.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 45.6%,稳定度 88%,2020→2022 成本通胀期毛利率变化 -1.6 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 19%,资本开支/折旧 2.67 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 58.3 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 62%,最大回撤 -56%,年化波动 79%,现价在 52 周高点的 46%;近 20 / 60 / 120 日 -12% / -40% / 39%。", "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%。", "同有科技:PE 比行业中位高 6.6倍;股息率 ;毛利率 比行业中位高 9.8个百分点;固定资产占比 比行业中位高 7.6个百分点。"]}}