{"F": {"ts_code": "300555.SZ", "name": "ST路通", "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": "20161018", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 12.74, "pe_ttm": null, "pb": 6.408, "dv_ttm": null, "total_mv": 254800.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [24.7, 18.1, 22.2, 19.8, 16.9, 21.3], "rev_series": [1.9, 1.9, 2.1, 1.8, 1.8, 1.2], "np_series": [0.0, -0.2, -0.2, -0.3, -0.6, -0.9], "roe_series": [0.5, -2.6, -3.0, -5.8, -10.7, -19.8], "period": "20260630", "rev_ttm": 1.2, "np_ttm": -0.9, "ocf_ttm": -0.2, "fcf_ttm": -0.3, "fcf_yield": -1.1, "ocf_yield": -1.0, "gm_median": 19.8, "gm_std": 1.9, "gm_stab": 0.9, "gm_chg_2022": -2.5, "npm_median": -20.3, "roe_median": -5.8, "commodity": false, "hard_ratio": 15.0, "fix_assets": 0.7, "goodwill_ratio": 1.0, "pb_calc": 6.41, "capex_dep": 0.34, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 16.8, "debt_mv": 0.0, "payout": null, "div_years": 0, "rev_cagr3": -18.3, "np_cagr3": null, "rev_yoy": 12.0, "np_yoy": 1.9, "np_vol": 209.5, "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", 39.0], ["网络传输系统", 21.0], ["网络传输", 21.0], ["智慧物联应用", 13.0]], "ret_prev_year": 68.7, "ret_prev2_year": 17.0, "ret_ytd": -13.1, "ret_pivot": 104.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.6, "ret_60": 8.8, "ret_120": -3.4, "ret_250": 17.6, "mdd_250": -26.9, "vol_250": 42.2, "pos_52w": 79.5}, "S": {"duration": 100, "pricing": 47, "hard": 24, "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 -0.9 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 17%,有息负债 0 亿,经营现金流/市值 -1.0%: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 15%,毛利率近 5 年中位 19.8%。", "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 -1.1%(经营现金流/市值 -1.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 19.8%,稳定度 90%,2020→2022 成本通胀期毛利率变化 -2.5 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 15%,资本开支/折旧 0.34 倍。有一些。"], ["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 18%,最大回撤 -27%,年化波动 42%,现价在 52 周高点的 80%;近 20 / 60 / 120 日 2% / 9% / -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%。", "ST路通:PE ;股息率 ;毛利率 比行业中位低 9.3个百分点;固定资产占比 比行业中位高 0.8个百分点。"]}}