{"F": {"ts_code": "300597.SZ", "name": "吉大通信", "mkt": "CN", "ccy": "元", "sw1": "通信", "sw2": "通信服务", "sw3": "通信工程及服务", "ind": "通信服务", "fin_source": "tushare", "market": "创业板", "list_date": "20170123", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 7.97, "pe_ttm": null, "pb": 2.3393, "dv_ttm": null, "total_mv": 217238.29, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [20.7, 22.4, 18.6, 21.2, 23.3, 13.9], "rev_series": [4.9, 5.1, 5.3, 5.6, 5.3, 4.7], "np_series": [0.3, 0.3, 0.2, 0.0, 0.0, -0.8], "roe_series": [3.7, 4.0, 2.3, 0.4, 0.5, -8.8], "period": "20260630", "rev_ttm": 4.7, "np_ttm": -0.8, "ocf_ttm": -1.5, "fcf_ttm": -1.6, "fcf_yield": -7.2, "ocf_yield": -7.0, "gm_median": 21.2, "gm_std": 3.4, "gm_stab": 0.84, "gm_chg_2022": -2.1, "npm_median": 1.0, "roe_median": 0.5, "commodity": false, "hard_ratio": 6.4, "fix_assets": 1.0, "goodwill_ratio": 0.0, "pb_calc": 2.34, "capex_dep": 0.53, "interest_debt": 4.3, "debt_ebitda": null, "debt_ratio": 39.2, "debt_mv": 19.6, "payout": 30.1, "div_years": 4, "rev_cagr3": -3.7, "np_cagr3": null, "rev_yoy": -1.7, "np_yoy": 13.4, "np_vol": 724.3, "loss_years": 1, "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", 34.0], ["通信网络工程服务", 18.0], ["工程服务", 18.0], ["通信网络设计服务", 15.0]], "ret_prev_year": 5.6, "ret_prev2_year": -4.5, "ret_ytd": -13.7, "ret_pivot": 6.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.1, "ret_60": 0.8, "ret_120": -19.0, "ret_250": -22.6, "mdd_250": -41.2, "vol_250": 36.5, "pos_52w": 71.4}, "S": {"duration": 100, "pricing": 46, "hard": 10, "bondness": 34}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -0.8 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 39%,有息负债 4 亿,经营现金流/市值 -7.0%: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 6%,毛利率近 5 年中位 21.2%。", "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 -7.2%(经营现金流/市值 -7.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 21.2%,稳定度 84%,2020→2022 成本通胀期毛利率变化 -2.1 个百分点。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 6%,资本开支/折旧 0.53 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 -23%,最大回撤 -41%,年化波动 36%,现价在 52 周高点的 71%;近 20 / 60 / 120 日 5% / 1% / -19%。", "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%。", "吉大通信:PE ;股息率 ;毛利率 比行业中位高 1.1个百分点;固定资产占比 比行业中位低 5.7个百分点。"]}}