{"F": {"ts_code": "300462.SZ", "name": "ST华铭", "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": "20150527", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 11.62, "pe_ttm": null, "pb": 1.5514, "dv_ttm": null, "total_mv": 210579.8478, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [46.6, 27.4, 25.4, 31.3, 28.9, 26.0], "rev_series": [12.5, 5.9, 6.2, 6.0, 6.3, 6.9], "np_series": [1.3, -1.9, 0.6, -0.1, -0.1, -0.4], "roe_series": [6.2, -10.2, 4.0, -0.4, -0.7, -2.9], "period": "20260630", "rev_ttm": 6.3, "np_ttm": -0.7, "ocf_ttm": -0.7, "fcf_ttm": -0.9, "fcf_yield": -4.2, "ocf_yield": -3.2, "gm_median": 27.4, "gm_std": 2.1, "gm_stab": 0.92, "gm_chg_2022": -21.2, "npm_median": -1.4, "roe_median": -0.7, "commodity": false, "hard_ratio": 12.8, "fix_assets": 2.3, "goodwill_ratio": 0.0, "pb_calc": 1.55, "capex_dep": 1.27, "interest_debt": 0.2, "debt_ebitda": null, "debt_ratio": 23.3, "debt_mv": 0.9, "payout": null, "div_years": 1, "rev_cagr3": 3.4, "np_cagr3": null, "rev_yoy": -20.9, "np_yoy": -274.5, "np_vol": 150.5, "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", 43.0], ["轨交设备行业", 20.0], ["ETC设备行业", 13.0], ["ETC系列产品", 13.0]], "ret_prev_year": 32.3, "ret_prev2_year": -24.3, "ret_ytd": -1.5, "ret_pivot": 46.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.4, "ret_60": 7.3, "ret_120": -12.6, "ret_250": 6.6, "mdd_250": -31.7, "vol_250": 37.0, "pos_52w": 81.5}, "S": {"duration": 100, "pricing": 50, "hard": 20, "bondness": 20}, "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 4 年;PE 为负,估值指标失真。", "资产负债率 23%,有息负债 0 亿,经营现金流/市值 -3.2%: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 13%,毛利率近 5 年中位 27.4%。", "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 -4.2%(经营现金流/市值 -3.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 27.4%,稳定度 92%,2020→2022 成本通胀期毛利率变化 -21.2 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 13%,资本开支/折旧 1.27 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 7%,最大回撤 -32%,年化波动 37%,现价在 52 周高点的 82%;近 20 / 60 / 120 日 -1% / 7% / -13%。", "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%。", "ST华铭:PE ;股息率 ;毛利率 比行业中位低 8.4个百分点;固定资产占比 比行业中位高 1.1个百分点。"]}}