{"F": {"ts_code": "300504.SZ", "name": "天邑股份", "mkt": "CN", "ccy": "元", "sw1": "通信", "sw2": "通信设备", "sw3": "通信终端及配件", "ind": "通信设备", "fin_source": "tushare", "market": "创业板", "list_date": "20180330", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 17.21, "pe_ttm": null, "pb": 2.103, "dv_ttm": null, "total_mv": 466433.3366, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [21.0, 20.5, 19.6, 16.8, 12.6, 10.5], "rev_series": [19.1, 24.0, 29.9, 25.5, 17.7, 12.3], "np_series": [1.1, 1.8, 1.9, 1.0, -0.3, -1.0], "roe_series": [6.0, 9.3, 9.1, 4.5, -1.2, -4.9], "period": "20260630", "rev_ttm": 13.6, "np_ttm": -0.1, "ocf_ttm": -3.9, "fcf_ttm": -4.0, "fcf_yield": -8.7, "ocf_yield": -8.4, "gm_median": 16.8, "gm_std": 3.9, "gm_stab": 0.77, "gm_chg_2022": -1.4, "npm_median": 3.9, "roe_median": 4.5, "commodity": false, "hard_ratio": 12.8, "fix_assets": 3.6, "goodwill_ratio": 0.5, "pb_calc": 2.1, "capex_dep": 0.31, "interest_debt": 0.4, "debt_ebitda": 1.6, "debt_ratio": 20.4, "debt_mv": 0.9, "payout": 54.1, "div_years": 3, "rev_cagr3": -25.7, "np_cagr3": null, "rev_yoy": 20.2, "np_yoy": 231.6, "np_vol": 123.8, "loss_years": 2, "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], ["宽带网络终端设备", 46.0], ["通信网络物理连接及保护设备", 1.0], ["通信网络物理连接与保护设备", 1.0]], "ret_prev_year": -17.4, "ret_prev2_year": -0.3, "ret_ytd": 15.6, "ret_pivot": 37.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 16.7, "ret_60": -1.3, "ret_120": -2.9, "ret_250": 2.9, "mdd_250": -35.1, "vol_250": 48.1, "pos_52w": 86.8}, "S": {"duration": 100, "pricing": 42, "hard": 20, "bondness": 44}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.1 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 20%,有息负债 0 亿,经营现金流/市值 -8.4%: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 13%,毛利率近 5 年中位 16.8%。", "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 -8.7%(经营现金流/市值 -8.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 16.8%,稳定度 77%,2020→2022 成本通胀期毛利率变化 -1.4 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 13%,资本开支/折旧 0.31 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 3%,最大回撤 -35%,年化波动 48%,现价在 52 周高点的 87%;近 20 / 60 / 120 日 17% / -1% / -3%。", "行业对照": ["同申万二级「通信设备」89 家中位:PE 84.6 / 股息率 0.3% / 毛利率 29.1% / 固定资产占比 14% / 分红率 41%。", "天邑股份:PE ;股息率 ;毛利率 比行业中位低 12.3个百分点;固定资产占比 比行业中位低 1.4个百分点。"]}}