{"F": {"ts_code": "300523.SZ", "name": "辰安科技", "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": "20160726", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 20.96, "pe_ttm": null, "pb": 5.2446, "dv_ttm": null, "total_mv": 487608.4096, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [39.2, 36.9, 43.4, 40.6, 26.5, 29.6], "rev_series": [16.5, 15.4, 24.0, 22.6, 14.0, 14.7], "np_series": [0.9, -1.6, 0.1, 0.8, -3.2, -2.2], "roe_series": [5.9, -10.6, 0.5, 5.4, -23.7, -20.2], "period": "20260630", "rev_ttm": 14.9, "np_ttm": -2.1, "ocf_ttm": -1.1, "fcf_ttm": -1.2, "fcf_yield": -2.4, "ocf_yield": -2.3, "gm_median": 36.9, "gm_std": 6.4, "gm_stab": 0.83, "gm_chg_2022": 4.2, "npm_median": -8.6, "roe_median": -10.6, "commodity": false, "hard_ratio": 3.1, "fix_assets": 1.2, "goodwill_ratio": 2.2, "pb_calc": 5.24, "capex_dep": 0.36, "interest_debt": 10.2, "debt_ebitda": null, "debt_ratio": 70.0, "debt_mv": 20.8, "payout": null, "div_years": 0, "rev_cagr3": -15.1, "np_cagr3": null, "rev_yoy": 3.4, "np_yoy": 19.9, "np_vol": 533.5, "loss_years": 3, "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", 42.0], ["装备与消防", 17.0], ["消防安全平台及其配套产品", 17.0], ["城市安全", 14.0]], "ret_prev_year": 20.9, "ret_prev2_year": -2.5, "ret_ytd": -12.4, "ret_pivot": 35.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 8.5, "ret_60": 8.9, "ret_120": -8.2, "ret_250": -13.9, "mdd_250": -36.8, "vol_250": 41.3, "pos_52w": 75.2}, "S": {"duration": 100, "pricing": 58, "hard": 5, "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 -2.1 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 70%,有息负债 10 亿,经营现金流/市值 -2.3%: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 3%,毛利率近 5 年中位 36.9%。", "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 -2.4%(经营现金流/市值 -2.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 36.9%,稳定度 83%,2020→2022 成本通胀期毛利率变化 4.2 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 3%,资本开支/折旧 0.36 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 -14%,最大回撤 -37%,年化波动 41%,现价在 52 周高点的 75%;近 20 / 60 / 120 日 8% / 9% / -8%。", "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%。", "辰安科技:PE ;股息率 ;毛利率 比行业中位高 8.8个百分点;固定资产占比 比行业中位低 5.5个百分点。"]}}