{"F": {"ts_code": "300810.SZ", "name": "中科海讯", "mkt": "CN", "ccy": "元", "sw1": "国防军工", "sw2": "航海装备Ⅱ", "sw3": "航海装备Ⅲ", "ind": "航海装备Ⅱ", "fin_source": "tushare", "market": "创业板", "list_date": "20191206", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 25.64, "pe_ttm": null, "pb": 4.1253, "dv_ttm": 0.077, "total_mv": 302680.4564, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [68.4, 63.2, 63.6, -6.6, 27.4, 23.2], "rev_series": [1.3, 2.0, 2.2, 1.6, 2.4, 3.2], "np_series": [0.2, 0.1, 0.1, -1.6, -0.3, -0.4], "roe_series": [2.1, 1.1, 1.2, -16.6, -3.1, -5.5], "period": "20260630", "rev_ttm": 3.2, "np_ttm": -0.2, "ocf_ttm": -1.1, "fcf_ttm": -1.1, "fcf_yield": -3.7, "ocf_yield": -3.6, "gm_median": 27.4, "gm_std": 26.6, "gm_stab": 0.03, "gm_chg_2022": -4.9, "npm_median": -10.6, "roe_median": -3.1, "commodity": false, "hard_ratio": 7.9, "fix_assets": 1.0, "goodwill_ratio": 0.0, "pb_calc": 4.13, "capex_dep": 0.35, "interest_debt": 1.5, "debt_ebitda": 22.0, "debt_ratio": 43.0, "debt_mv": 4.8, "payout": null, "div_years": 5, "rev_cagr3": 13.1, "np_cagr3": null, "rev_yoy": 9.0, "np_yoy": 30.5, "np_vol": 535.7, "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", 48.0], ["信号处理平台", 45.0], ["声纳系统", 3.0], ["声呐系统", 3.0]], "ret_prev_year": 99.4, "ret_prev2_year": -5.7, "ret_ytd": -33.0, "ret_pivot": 64.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.7, "ret_60": 4.7, "ret_120": -28.9, "ret_250": -53.4, "mdd_250": -61.9, "vol_250": 48.0, "pos_52w": 46.6}, "S": {"duration": 100, "pricing": 19, "hard": 13, "bondness": 22}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.2 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 43%,有息负债 2 亿,经营现金流/市值 -3.6%: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 27.4%。", "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 -3.7%(经营现金流/市值 -3.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 27.4%,稳定度 3%,2020→2022 成本通胀期毛利率变化 -4.9 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 8%,资本开支/折旧 0.35 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 -53%,最大回撤 -62%,年化波动 48%,现价在 52 周高点的 47%;近 20 / 60 / 120 日 5% / 5% / -29%。", "行业对照": ["同申万二级「航海装备Ⅱ」10 家中位:PE 30.4 / 股息率 0.6% / 毛利率 20.8% / 固定资产占比 13% / 分红率 30%。", "中科海讯:PE ;股息率 比行业中位低 0.5个百分点;毛利率 比行业中位高 6.6个百分点;固定资产占比 比行业中位低 5.0个百分点。"]}}