{"F": {"ts_code": "300419.SZ", "name": "ST浩丰", "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": "20150122", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 9.15, "pe_ttm": null, "pb": 10.5399, "dv_ttm": null, "total_mv": 336494.727, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [20.6, 15.5, 14.6, 24.8, 35.3, 36.0], "rev_series": [6.4, 6.2, 10.6, 5.5, 4.3, 2.4], "np_series": [0.2, -0.3, 0.4, -1.6, -0.0, -1.0], "roe_series": [2.7, -4.3, 5.7, -30.5, -0.7, -26.5], "period": "20260630", "rev_ttm": 1.8, "np_ttm": -1.2, "ocf_ttm": 0.5, "fcf_ttm": 0.5, "fcf_yield": 1.6, "ocf_yield": 1.6, "gm_median": 24.8, "gm_std": 9.2, "gm_stab": 0.63, "gm_chg_2022": -6.0, "npm_median": -5.9, "roe_median": -4.3, "commodity": false, "hard_ratio": 12.3, "fix_assets": 0.6, "goodwill_ratio": 12.3, "pb_calc": 10.54, "capex_dep": 0.07, "interest_debt": 0.8, "debt_ebitda": null, "debt_ratio": 37.4, "debt_mv": 2.4, "payout": null, "div_years": 0, "rev_cagr3": -39.0, "np_cagr3": null, "rev_yoy": -56.0, "np_yoy": -224.9, "np_vol": 1251.2, "loss_years": 4, "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", 49.0], ["IT系统解决方案", 31.0], ["酒店及家庭传媒服务", 17.0], ["其他业务", 1.0]], "ret_prev_year": 45.2, "ret_prev2_year": -26.4, "ret_ytd": 45.2, "ret_pivot": 89.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -2.9, "ret_60": 32.8, "ret_120": 19.5, "ret_250": 36.2, "mdd_250": -25.9, "vol_250": 44.5, "pos_52w": 95.5}, "S": {"duration": 100, "pricing": 38, "hard": 20, "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 -1.2 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 37%,有息负债 1 亿,经营现金流/市值 1.6%: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 12%,毛利率近 5 年中位 24.8%。", "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 1.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 24.8%,稳定度 63%,2020→2022 成本通胀期毛利率变化 -6.0 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 12%,资本开支/折旧 0.07 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 36%,最大回撤 -26%,年化波动 44%,现价在 52 周高点的 96%;近 20 / 60 / 120 日 -3% / 33% / 20%。", "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%。", "ST浩丰:PE ;股息率 ;毛利率 比行业中位低 3.3个百分点;固定资产占比 比行业中位高 3.7个百分点。"]}}