{"F": {"ts_code": "300449.SZ", "name": "汉邦高科", "mkt": "CN", "ccy": "元", "sw1": "计算机", "sw2": "计算机设备", "sw3": "安防设备", "ind": "计算机设备", "fin_source": "tushare", "market": "创业板", "list_date": "20150422", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 7.05, "pe_ttm": null, "pb": 10.1507, "dv_ttm": null, "total_mv": 272155.38, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [32.5, 12.9, 25.6, 15.2, 15.4, 11.6], "rev_series": [4.2, 2.9, 1.2, 1.3, 1.5, 1.6], "np_series": [0.5, -7.5, -1.2, -1.3, -0.6, -0.8], "roe_series": [5.2, -139.9, -120.2, -55.1, -15.8, -24.2], "period": "20260630", "rev_ttm": 1.6, "np_ttm": -0.7, "ocf_ttm": 0.4, "fcf_ttm": 0.4, "fcf_yield": 1.3, "ocf_yield": 1.4, "gm_median": 15.2, "gm_std": 4.9, "gm_stab": 0.68, "gm_chg_2022": -6.9, "npm_median": -95.7, "roe_median": -55.1, "commodity": false, "hard_ratio": 4.2, "fix_assets": 0.2, "goodwill_ratio": 0.0, "pb_calc": 10.15, "capex_dep": 1.19, "interest_debt": 0.7, "debt_ebitda": null, "debt_ratio": 45.4, "debt_mv": 2.4, "payout": null, "div_years": 0, "rev_cagr3": 9.4, "np_cagr3": null, "rev_yoy": -8.5, "np_yoy": 38.5, "np_vol": 683.9, "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", 34.0], ["解决方案", 29.0], ["解决方案：智算服务解决方案", 27.0], ["音视频产品", 3.0]], "ret_prev_year": -2.9, "ret_prev2_year": 16.8, "ret_ytd": -7.5, "ret_pivot": 43.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.9, "ret_60": -10.6, "ret_120": -15.8, "ret_250": -13.2, "mdd_250": -50.6, "vol_250": 56.4, "pos_52w": 58.5}, "S": {"duration": 100, "pricing": 35, "hard": 7, "bondness": 14}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.7 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 45%,有息负债 1 亿,经营现金流/市值 1.4%: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 4%,毛利率近 5 年中位 15.2%。", "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 1.3%(经营现金流/市值 1.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 15.2%,稳定度 68%,2020→2022 成本通胀期毛利率变化 -6.9 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 4%,资本开支/折旧 1.19 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 -13%,最大回撤 -51%,年化波动 56%,现价在 52 周高点的 58%;近 20 / 60 / 120 日 -2% / -11% / -16%。", "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%。", "汉邦高科:PE ;股息率 ;毛利率 比行业中位低 20.6个百分点;固定资产占比 比行业中位低 7.5个百分点。"]}}