{"F": {"ts_code": "300609.SZ", "name": "汇纳科技", "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": "20170215", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 24.9, "pe_ttm": null, "pb": 3.4789, "dv_ttm": null, "total_mv": 299084.856, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [60.9, 46.9, 44.4, 49.9, 50.7, 48.5], "rev_series": [2.2, 3.9, 3.6, 3.8, 3.6, 3.1], "np_series": [-0.1, 0.4, -0.4, -0.3, -0.2, -0.8], "roe_series": [-1.0, 3.2, -3.5, -3.2, -2.3, -8.5], "period": "20260630", "rev_ttm": 3.2, "np_ttm": -1.4, "ocf_ttm": -0.4, "fcf_ttm": -0.9, "fcf_yield": -3.1, "ocf_yield": -1.4, "gm_median": 48.5, "gm_std": 2.2, "gm_stab": 0.95, "gm_chg_2022": -16.5, "npm_median": -7.0, "roe_median": -3.2, "commodity": false, "hard_ratio": 22.0, "fix_assets": 2.5, "goodwill_ratio": 1.9, "pb_calc": 3.48, "capex_dep": 1.71, "interest_debt": 1.2, "debt_ebitda": null, "debt_ratio": 21.9, "debt_mv": 3.9, "payout": null, "div_years": 2, "rev_cagr3": -5.3, "np_cagr3": null, "rev_yoy": 9.5, "np_yoy": -344.0, "np_vol": 279.8, "loss_years": 4, "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], ["运维及数据服务", 12.0], ["数据与运维服务", 12.0], ["数字化集成与应用收入", 8.0]], "ret_prev_year": 56.5, "ret_prev2_year": -9.1, "ret_ytd": -35.4, "ret_pivot": 8.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -4.9, "ret_60": -21.3, "ret_120": -31.4, "ret_250": -52.6, "mdd_250": -58.1, "vol_250": 52.4, "pos_52w": 45.6}, "S": {"duration": 100, "pricing": 61, "hard": 35, "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 -1.4 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 22%,有息负债 1 亿,经营现金流/市值 -1.4%: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": "只占定价权一条(毛利率 48.5%),硬资产占比 22%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "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 -3.1%(经营现金流/市值 -1.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 48.5%,稳定度 95%,2020→2022 成本通胀期毛利率变化 -16.5 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 22%,资本开支/折旧 1.71 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 -53%,最大回撤 -58%,年化波动 52%,现价在 52 周高点的 46%;近 20 / 60 / 120 日 -5% / -21% / -31%。", "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%。", "汇纳科技:PE ;股息率 ;毛利率 比行业中位高 20.4个百分点;固定资产占比 比行业中位高 13.4个百分点。"]}}