{"F": {"ts_code": "300588.SZ", "name": "熙菱信息", "mkt": "CN", "ccy": "元", "sw1": "计算机", "sw2": "计算机设备", "sw3": "安防设备", "ind": "计算机设备", "fin_source": "tushare", "market": "创业板", "list_date": "20170105", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 25.34, "pe_ttm": null, "pb": 20.1892, "dv_ttm": null, "total_mv": 485187.514, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [14.0, 32.7, 24.8, 31.1, 37.3, 46.0], "rev_series": [2.7, 1.5, 1.8, 1.6, 1.6, 2.2], "np_series": [-1.4, -0.9, -0.6, -0.4, -0.6, -0.4], "roe_series": [-38.8, -22.4, -13.5, -10.0, -17.2, -12.9], "period": "20260630", "rev_ttm": 2.1, "np_ttm": -0.4, "ocf_ttm": 0.7, "fcf_ttm": 0.7, "fcf_yield": 1.5, "ocf_yield": 1.5, "gm_median": 32.7, "gm_std": 7.0, "gm_stab": 0.78, "gm_chg_2022": 10.8, "npm_median": -34.1, "roe_median": -13.5, "commodity": false, "hard_ratio": 8.5, "fix_assets": 0.5, "goodwill_ratio": 12.6, "pb_calc": 20.19, "capex_dep": 0.24, "interest_debt": 0.6, "debt_ebitda": null, "debt_ratio": 56.1, "debt_mv": 1.1, "payout": null, "div_years": 0, "rev_cagr3": 7.9, "np_cagr3": null, "rev_yoy": -13.8, "np_yoy": -18.4, "np_vol": 34.1, "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", 46.0], ["通信运营商软件开发及服务", 25.0], ["其他软件开发与服务", 8.0], ["其他数字政府及企业服务与综合解决方案", 8.0]], "ret_prev_year": 73.5, "ret_prev2_year": 23.4, "ret_ytd": -6.1, "ret_pivot": 177.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 13.6, "ret_60": 39.5, "ret_120": -0.8, "ret_250": 19.5, "mdd_250": -44.1, "vol_250": 65.7, "pos_52w": 78.2}, "S": {"duration": 100, "pricing": 55, "hard": 14, "bondness": 15}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.4 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 56%,有息负债 1 亿,经营现金流/市值 1.5%: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 8%,毛利率近 5 年中位 32.7%。", "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 1.5%(经营现金流/市值 1.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 32.7%,稳定度 78%,2020→2022 成本通胀期毛利率变化 10.8 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 8%,资本开支/折旧 0.24 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 20%,最大回撤 -44%,年化波动 66%,现价在 52 周高点的 78%;近 20 / 60 / 120 日 14% / 40% / -1%。", "行业对照": ["同申万二级「计算机设备」88 家中位:PE 51.7 / 股息率 0.8% / 毛利率 35.8% / 固定资产占比 12% / 分红率 49%。", "熙菱信息:PE ;股息率 ;毛利率 比行业中位低 3.1个百分点;固定资产占比 比行业中位低 3.2个百分点。"]}}