{"F": {"ts_code": "300365.SZ", "name": "恒华科技", "mkt": "CN", "ccy": "元", "sw1": "计算机", "sw2": "软件开发", "sw3": "垂直应用软件", "ind": "软件开发", "fin_source": "tushare", "market": "创业板", "list_date": "20140123", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 4.79, "pe_ttm": null, "pb": 1.8355, "dv_ttm": null, "total_mv": 287330.7845, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [32.5, 35.4, 19.1, 15.1, 0.8, 3.5], "rev_series": [9.7, 8.7, 6.1, 8.3, 9.6, 9.0], "np_series": [0.8, 0.6, -2.2, 0.2, -1.6, -2.3], "roe_series": [3.9, 2.7, -10.7, 0.9, -8.2, -13.1], "period": "20260630", "rev_ttm": 6.8, "np_ttm": -2.7, "ocf_ttm": -0.1, "fcf_ttm": -0.2, "fcf_yield": -0.6, "ocf_yield": -0.5, "gm_median": 15.1, "gm_std": 12.4, "gm_stab": 0.18, "gm_chg_2022": -13.4, "npm_median": -16.5, "roe_median": -8.2, "commodity": false, "hard_ratio": 2.0, "fix_assets": 0.4, "goodwill_ratio": 1.0, "pb_calc": 1.84, "capex_dep": 1.08, "interest_debt": 0.1, "debt_ebitda": null, "debt_ratio": 16.1, "debt_mv": 0.4, "payout": 50.0, "div_years": 2, "rev_cagr3": 13.8, "np_cagr3": null, "rev_yoy": -58.5, "np_yoy": -613.6, "np_vol": 400.6, "loss_years": 3, "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": [["软件服务", 81.0], ["技术服务", 15.0], ["软件销售", 4.0]], "ret_prev_year": 2.9, "ret_prev2_year": -9.0, "ret_ytd": -24.2, "ret_pivot": 0.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.6, "ret_60": 1.9, "ret_120": -30.3, "ret_250": -32.5, "mdd_250": -41.4, "vol_250": 36.6, "pos_52w": 66.1}, "S": {"duration": 100, "pricing": 18, "hard": 3, "bondness": 27}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -2.7 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 16%,有息负债 0 亿,经营现金流/市值 -0.5%: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 15.1%。", "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 -0.6%(经营现金流/市值 -0.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 15.1%,稳定度 18%,2020→2022 成本通胀期毛利率变化 -13.4 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 1.08 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 -32%,最大回撤 -41%,年化波动 37%,现价在 52 周高点的 66%;近 20 / 60 / 120 日 1% / 2% / -30%。", "行业对照": ["同申万二级「软件开发」135 家中位:PE 82.7 / 股息率 0.5% / 毛利率 48.7% / 固定资产占比 9% / 分红率 45%。", "恒华科技:PE ;股息率 ;毛利率 比行业中位低 33.6个百分点;固定资产占比 比行业中位低 6.8个百分点。"]}}