{"F": {"ts_code": "300324.SZ", "name": "旋极信息", "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": "20120608", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 3.58, "pe_ttm": null, "pb": 2.6156, "dv_ttm": null, "total_mv": 618477.399, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [28.9, 26.9, 30.1, 22.5, 19.2, 17.3], "rev_series": [28.0, 31.7, 24.5, 30.0, 27.2, 20.9], "np_series": [-12.5, -1.1, -5.9, -2.7, -2.7, -4.7], "roe_series": [-26.8, -2.8, -16.0, -8.2, -9.0, -17.3], "period": "20260630", "rev_ttm": 16.5, "np_ttm": -4.7, "ocf_ttm": 0.6, "fcf_ttm": 0.1, "fcf_yield": 0.2, "ocf_yield": 0.9, "gm_median": 22.5, "gm_std": 4.7, "gm_stab": 0.79, "gm_chg_2022": 1.2, "npm_median": -10.7, "roe_median": -9.0, "commodity": false, "hard_ratio": 10.7, "fix_assets": 5.4, "goodwill_ratio": 0.6, "pb_calc": 2.62, "capex_dep": 0.56, "interest_debt": 2.4, "debt_ebitda": null, "debt_ratio": 49.4, "debt_mv": 3.9, "payout": null, "div_years": 0, "rev_cagr3": -5.2, "np_cagr3": null, "rev_yoy": -41.9, "np_yoy": -2.1, "np_vol": 184.4, "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": [["行业数字化业务", 38.0], ["行业数字化", 38.0], ["行业数据智能", 9.0], ["其他业务", 8.0]], "ret_prev_year": 80.7, "ret_prev2_year": -2.1, "ret_ytd": -40.1, "ret_pivot": 53.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": -5.3, "ret_60": -5.8, "ret_120": -36.1, "ret_250": -42.3, "mdd_250": -58.2, "vol_250": 56.1, "pos_52w": 45.7}, "S": {"duration": 100, "pricing": 47, "hard": 17, "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 -4.7 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 49%,有息负债 2 亿,经营现金流/市值 0.9%: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 11%,毛利率近 5 年中位 22.5%。", "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 0.2%(经营现金流/市值 0.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 22.5%,稳定度 79%,2020→2022 成本通胀期毛利率变化 1.2 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 11%,资本开支/折旧 0.56 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 -42%,最大回撤 -58%,年化波动 56%,现价在 52 周高点的 46%;近 20 / 60 / 120 日 -5% / -6% / -36%。", "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%。", "旋极信息:PE ;股息率 ;毛利率 比行业中位低 13.3个百分点;固定资产占比 比行业中位低 1.0个百分点。"]}}