{"F": {"ts_code": "300366.SZ", "name": "ST创意", "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": "20140127", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 5.51, "pe_ttm": null, "pb": 3.0843, "dv_ttm": null, "total_mv": 334774.4311, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [21.1, 22.0, 20.1, 16.5, 8.2, 10.4], "rev_series": [20.1, 18.7, 19.1, 16.7, 14.1, 7.5], "np_series": [-7.8, -0.2, -0.6, -4.7, -0.8, -6.3], "roe_series": [-37.7, -1.1, -2.4, -22.3, -4.2, -41.6], "period": "20260630", "rev_ttm": 5.9, "np_ttm": -6.4, "ocf_ttm": -0.7, "fcf_ttm": -0.9, "fcf_yield": -2.7, "ocf_yield": -2.1, "gm_median": 16.5, "gm_std": 5.4, "gm_stab": 0.67, "gm_chg_2022": -1.0, "npm_median": -12.4, "roe_median": -4.2, "commodity": false, "hard_ratio": 13.9, "fix_assets": 3.0, "goodwill_ratio": 0.6, "pb_calc": 3.08, "capex_dep": 1.58, "interest_debt": 3.7, "debt_ebitda": null, "debt_ratio": 59.2, "debt_mv": 11.1, "payout": null, "div_years": 0, "rev_cagr3": -26.8, "np_cagr3": null, "rev_yoy": -47.6, "np_yoy": -6.9, "np_vol": 367.4, "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": [["产品", 50.0], ["技术开发及服务", 25.0], ["大数据/人工智能", 20.0], ["物联网产品", 4.0]], "ret_prev_year": -26.8, "ret_prev2_year": -29.1, "ret_ytd": -19.1, "ret_pivot": -29.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 11.3, "ret_60": 10.2, "ret_120": -11.0, "ret_250": -38.1, "mdd_250": -58.2, "vol_250": 45.6, "pos_52w": 56.1}, "S": {"duration": 100, "pricing": 38, "hard": 22, "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 -6.4 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 59%,有息负债 4 亿,经营现金流/市值 -2.1%: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 14%,毛利率近 5 年中位 16.5%。", "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 -2.7%(经营现金流/市值 -2.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 16.5%,稳定度 67%,2020→2022 成本通胀期毛利率变化 -1.0 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 14%,资本开支/折旧 1.58 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 -38%,最大回撤 -58%,年化波动 46%,现价在 52 周高点的 56%;近 20 / 60 / 120 日 11% / 10% / -11%。", "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%。", "ST创意:PE ;股息率 ;毛利率 比行业中位低 32.2个百分点;固定资产占比 比行业中位高 5.1个百分点。"]}}