{"F": {"ts_code": "300887.SZ", "name": "谱尼测试", "mkt": "CN", "ccy": "元", "sw1": "社会服务", "sw2": "专业服务", "sw3": "检测服务", "ind": "专业服务", "fin_source": "tushare", "market": "创业板", "list_date": "20200916", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 7.24, "pe_ttm": null, "pb": 1.4526, "dv_ttm": null, "total_mv": 395110.991, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [48.9, 46.2, 35.5, 42.8, 29.6, 32.4], "rev_series": [14.3, 20.1, 37.6, 24.7, 15.4, 13.6], "np_series": [1.6, 2.2, 3.2, 1.1, -3.6, -2.5], "roe_series": [12.1, 11.5, 11.5, 3.1, -10.9, -8.4], "period": "20260630", "rev_ttm": 13.7, "np_ttm": -1.7, "ocf_ttm": 0.9, "fcf_ttm": 0.0, "fcf_yield": 0.1, "ocf_yield": 2.3, "gm_median": 35.5, "gm_std": 6.2, "gm_stab": 0.82, "gm_chg_2022": -13.3, "npm_median": 4.4, "roe_median": 3.1, "commodity": false, "hard_ratio": 37.5, "fix_assets": 12.2, "goodwill_ratio": 1.1, "pb_calc": 1.45, "capex_dep": 0.51, "interest_debt": 1.9, "debt_ebitda": 2.2, "debt_ratio": 16.5, "debt_mv": 4.8, "payout": 30.4, "div_years": 3, "rev_cagr3": -28.7, "np_cagr3": null, "rev_yoy": 0.8, "np_yoy": 43.8, "np_vol": 181.3, "loss_years": 2, "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", 35.0], ["生命科学与健康环保", 22.0], ["健康与环保", 22.0], ["汽车及其他消费品", 7.0]], "ret_prev_year": 25.7, "ret_prev2_year": -35.0, "ret_ytd": -24.6, "ret_pivot": 12.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -8.5, "ret_60": -6.3, "ret_120": -35.8, "ret_250": -21.0, "mdd_250": -60.0, "vol_250": 62.9, "pos_52w": 45.3}, "S": {"duration": 100, "pricing": 50, "hard": 60, "bondness": 37}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -1.7 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 16%,有息负债 2 亿,经营现金流/市值 2.3%: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": "只占硬资产一条(占比 38%),没有定价权:毛利率近 5 年中位 35.5%,稳定度 82%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 0.1%(经营现金流/市值 2.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 35.5%,稳定度 82%,2020→2022 成本通胀期毛利率变化 -13.3 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 38%,资本开支/折旧 0.51 倍。涨。"], ["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 -21%,最大回撤 -60%,年化波动 63%,现价在 52 周高点的 45%;近 20 / 60 / 120 日 -8% / -6% / -36%。", "行业对照": ["同申万二级「专业服务」33 家中位:PE 36.6 / 股息率 1.0% / 毛利率 45.6% / 固定资产占比 24% / 分红率 43%。", "谱尼测试:PE ;股息率 ;毛利率 比行业中位低 10.1个百分点;固定资产占比 比行业中位高 13.2个百分点。"]}}