{"F": {"ts_code": "300778.SZ", "name": "新城市", "mkt": "CN", "ccy": "元", "sw1": "建筑装饰", "sw2": "工程咨询服务Ⅱ", "sw3": "工程咨询服务Ⅲ", "ind": "工程咨询服务Ⅱ", "fin_source": "tushare", "market": "创业板", "list_date": "20190510", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 10.89, "pe_ttm": null, "pb": 1.8639, "dv_ttm": null, "total_mv": 221785.3044, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [42.0, 43.5, 37.7, 42.6, 39.2, 13.5], "rev_series": [4.2, 4.0, 4.7, 2.9, 2.0, 1.4], "np_series": [1.0, 0.8, 0.6, -0.5, -1.6, -0.3], "roe_series": [10.6, 8.2, 5.5, -4.0, -12.0, -2.3], "period": "20260630", "rev_ttm": 1.4, "np_ttm": -0.5, "ocf_ttm": -0.2, "fcf_ttm": -0.3, "fcf_yield": -1.1, "ocf_yield": -0.9, "gm_median": 39.2, "gm_std": 11.1, "gm_stab": 0.72, "gm_chg_2022": -4.3, "npm_median": -17.9, "roe_median": -2.3, "commodity": false, "hard_ratio": 0.9, "fix_assets": 0.1, "goodwill_ratio": 0.0, "pb_calc": 1.86, "capex_dep": 0.54, "interest_debt": 0.4, "debt_ebitda": null, "debt_ratio": 14.5, "debt_mv": 1.6, "payout": null, "div_years": 2, "rev_cagr3": -32.4, "np_cagr3": null, "rev_yoy": -5.3, "np_yoy": -134.9, "np_vol": 111.5, "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", 42.0], ["城乡规划类", 21.0], ["工程设计和咨询类", 14.0], ["工程设计及咨询", 14.0]], "ret_prev_year": 24.4, "ret_prev2_year": -17.9, "ret_ytd": -21.5, "ret_pivot": 21.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.5, "ret_60": 4.4, "ret_120": -18.4, "ret_250": -36.6, "mdd_250": -50.5, "vol_250": 45.4, "pos_52w": 60.5}, "S": {"duration": 100, "pricing": 49, "hard": 1, "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 -0.5 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 14%,有息负债 0 亿,经营现金流/市值 -0.9%: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 1%,毛利率近 5 年中位 39.2%。", "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 -1.1%(经营现金流/市值 -0.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 39.2%,稳定度 72%,2020→2022 成本通胀期毛利率变化 -4.3 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 1%,资本开支/折旧 0.54 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 -37%,最大回撤 -50%,年化波动 45%,现价在 52 周高点的 60%;近 20 / 60 / 120 日 4% / 4% / -18%。", "行业对照": ["同申万二级「工程咨询服务Ⅱ」46 家中位:PE 41.0 / 股息率 1.4% / 毛利率 33.2% / 固定资产占比 7% / 分红率 39%。", "新城市:PE ;股息率 ;毛利率 比行业中位高 6.0个百分点;固定资产占比 比行业中位低 5.8个百分点。"]}}