{"F": {"ts_code": "300571.SZ", "name": "平治信息", "mkt": "CN", "ccy": "元", "sw1": "通信", "sw2": "通信服务", "sw3": "通信应用增值服务", "ind": "通信服务", "fin_source": "tushare", "market": "创业板", "list_date": "20161213", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 28.92, "pe_ttm": null, "pb": 3.3085, "dv_ttm": null, "total_mv": 403515.8436, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [20.5, 15.0, 10.4, 14.2, 9.5, 8.5], "rev_series": [24.1, 36.0, 35.6, 19.1, 14.4, 10.1], "np_series": [2.1, 2.4, 1.2, -0.4, -1.2, -2.0], "roe_series": [27.7, 22.2, 7.9, -2.4, -7.7, -15.0], "period": "20260630", "rev_ttm": 10.0, "np_ttm": -2.2, "ocf_ttm": 3.8, "fcf_ttm": -1.8, "fcf_yield": -4.6, "ocf_yield": 9.3, "gm_median": 10.4, "gm_std": 2.6, "gm_stab": 0.75, "gm_chg_2022": -10.1, "npm_median": -2.2, "roe_median": -2.4, "commodity": false, "hard_ratio": 41.8, "fix_assets": 22.1, "goodwill_ratio": 0.1, "pb_calc": 3.31, "capex_dep": 1.66, "interest_debt": 20.4, "debt_ebitda": 9.3, "debt_ratio": 76.9, "debt_mv": 50.6, "payout": null, "div_years": 1, "rev_cagr3": -34.3, "np_cagr3": null, "rev_yoy": -0.7, "np_yoy": -172.5, "np_vol": 73.1, "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", 36.0], ["通信设备制造", 15.0], ["通信设备业", 15.0], ["算力业务", 14.0]], "ret_prev_year": 10.2, "ret_prev2_year": -29.0, "ret_ytd": 4.6, "ret_pivot": 48.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -17.3, "ret_60": -27.4, "ret_120": -4.4, "ret_250": -17.2, "mdd_250": -59.4, "vol_250": 69.7, "pos_52w": 42.2}, "S": {"duration": 100, "pricing": 35, "hard": 67, "bondness": 35}, "label": "重资产陷阱", "tags": ["亏损或困境", "近5年≥2年亏损"], "text": {"像什么": ["资产很重:固定资产占总资产 42%,但毛利率近 5 年中位只有 10.4%,产品同质、售价涨不动。", "2020→2022 成本通胀期毛利率变化 -10.1 个百分点;有息负债/EBITDA 9.3 倍,折旧与利息两头吃。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 42%),没有定价权:毛利率近 5 年中位 10.4%,稳定度 75%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "加息期怎么走": "滞胀里两头挤,成本全涨售价涨不动还吃折旧,跌得比成长股狠。除非商品价格反转,否则回避。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 -4.6%(经营现金流/市值 9.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 10.4%,稳定度 75%,2020→2022 成本通胀期毛利率变化 -10.1 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 42%,资本开支/折旧 1.66 倍。涨。"], ["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 -17%,最大回撤 -59%,年化波动 70%,现价在 52 周高点的 42%;近 20 / 60 / 120 日 -17% / -27% / -4%。", "行业对照": ["同申万二级「通信服务」38 家中位:PE 82.0 / 股息率 0.4% / 毛利率 20.1% / 固定资产占比 12% / 分红率 34%。", "平治信息:PE ;股息率 ;毛利率 比行业中位低 9.7个百分点;固定资产占比 比行业中位高 29.7个百分点。"]}}