{"F": {"ts_code": "300494.SZ", "name": "盛天网络", "mkt": "CN", "ccy": "元", "sw1": "传媒", "sw2": "游戏Ⅱ", "sw3": "游戏Ⅲ", "ind": "游戏Ⅱ", "fin_source": "tushare", "market": "创业板", "list_date": "20151231", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 8.53, "pe_ttm": null, "pb": 3.1584, "dv_ttm": 0.0586, "total_mv": 418405.1153, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [25.3, 23.5, 27.3, 27.4, 14.6, 21.4], "rev_series": [9.0, 12.2, 16.6, 13.3, 11.4, 12.0], "np_series": [0.6, 1.3, 2.2, 1.7, -2.6, 0.2], "roe_series": [5.8, 10.5, 15.6, 10.4, -16.5, 1.6], "period": "20260630", "rev_ttm": 11.3, "np_ttm": -1.5, "ocf_ttm": 0.2, "fcf_ttm": -0.0, "fcf_yield": -0.1, "ocf_yield": 0.5, "gm_median": 23.5, "gm_std": 4.7, "gm_stab": 0.8, "gm_chg_2022": 2.0, "npm_median": 10.2, "roe_median": 10.4, "commodity": false, "hard_ratio": 2.4, "fix_assets": 0.4, "goodwill_ratio": 1.6, "pb_calc": 3.16, "capex_dep": 4.23, "interest_debt": 0.0, "debt_ebitda": 0.1, "debt_ratio": 11.0, "debt_mv": 0.1, "payout": 10.5, "div_years": 3, "rev_cagr3": -10.3, "np_cagr3": -53.4, "rev_yoy": -10.9, "np_yoy": -326.6, "np_vol": 137.3, "loss_years": 1, "far_share": 100, "earn_yield": null, "consensus_n": 2, "fwd_pe": 32.8, "fwd_pe2": 22.2, "fwd_g1": null, "fwd_g2": 48.0, "peg": 0.68, "consensus_disp": null, "mainbz": [["产品", 33.0], ["网络广告及技术服务", 28.0], ["网络广告与增值业务", 28.0], ["游戏运营业务", 5.0]], "ret_prev_year": 8.4, "ret_prev2_year": -28.8, "ret_ytd": -29.9, "ret_pivot": -2.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -4.4, "ret_60": -8.0, "ret_120": -30.3, "ret_250": -44.2, "mdd_250": -51.5, "vol_250": 39.2, "pos_52w": 54.5}, "S": {"duration": 100, "pricing": 49, "hard": 4, "bondness": 24}, "label": "亏损或困境", "tags": ["资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["TTM 归母净利 -1.5 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 11%,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 23.5%。", "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 -0.1%(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 23.5%,稳定度 80%,2020→2022 成本通胀期毛利率变化 2.0 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 2%,资本开支/折旧 4.23 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 -44%,最大回撤 -52%,年化波动 39%,现价在 52 周高点的 54%;近 20 / 60 / 120 日 -4% / -8% / -30%。", "行业对照": ["同申万二级「游戏Ⅱ」26 家中位:PE 24.6 / 股息率 1.1% / 毛利率 60.8% / 固定资产占比 4% / 分红率 43%。", "盛天网络:PE ;股息率 比行业中位低 1.0个百分点;毛利率 比行业中位低 37.3个百分点;固定资产占比 比行业中位低 1.6个百分点。"]}}