{"F": {"ts_code": "300959.SZ", "name": "线上线下", "mkt": "CN", "ccy": "元", "sw1": "通信", "sw2": "通信服务", "sw3": "通信应用增值服务", "ind": "通信服务", "fin_source": "tushare", "market": "创业板", "list_date": "20210322", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 93.41, "pe_ttm": null, "pb": 6.8054, "dv_ttm": null, "total_mv": 750715.6198, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [12.3, 10.3, 7.8, 6.7, 8.0, 9.1], "rev_series": [11.0, 12.9, 17.4, 14.8, 11.4, 5.8], "np_series": [0.8, 0.8, 0.5, 0.3, 0.3, -0.1], "roe_series": [29.5, 11.6, 4.4, 2.2, 2.6, -1.0], "period": "20260630", "rev_ttm": 4.4, "np_ttm": -0.3, "ocf_ttm": 1.1, "fcf_ttm": 1.0, "fcf_yield": 1.4, "ocf_yield": 1.4, "gm_median": 8.0, "gm_std": 1.3, "gm_stab": 0.84, "gm_chg_2022": -4.6, "npm_median": 2.8, "roe_median": 2.6, "commodity": false, "hard_ratio": 3.1, "fix_assets": 0.4, "goodwill_ratio": 0.0, "pb_calc": 6.81, "capex_dep": 0.48, "interest_debt": 0.2, "debt_ebitda": null, "debt_ratio": 7.3, "debt_mv": 0.3, "payout": 84.3, "div_years": 4, "rev_cagr3": -30.7, "np_cagr3": null, "rev_yoy": -42.4, "np_yoy": -139.1, "np_vol": 53.1, "loss_years": 1, "far_share": 100, "earn_yield": null, "consensus_n": 1, "fwd_pe": 233.5, "fwd_pe2": 194.6, "fwd_g1": null, "fwd_g2": 20.0, "peg": 11.68, "consensus_disp": null, "mainbz": [["产品", 50.0], ["移动信息服务", 46.0], ["数字营销", 4.0]], "ret_prev_year": 116.1, "ret_prev2_year": 23.8, "ret_ytd": -1.4, "ret_pivot": 288.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -9.2, "ret_60": -43.7, "ret_120": 15.9, "ret_250": 96.4, "mdd_250": -63.2, "vol_250": 95.9, "pos_52w": 41.2}, "S": {"duration": 100, "pricing": 37, "hard": 5, "bondness": 53}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -0.3 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 7%,有息负债 0 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": "两条都不占:固定资产占比 3%,毛利率近 5 年中位 8.0%。", "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 1.4%(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 8.0%,稳定度 84%,2020→2022 成本通胀期毛利率变化 -4.6 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 3%,资本开支/折旧 0.48 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 96%,最大回撤 -63%,年化波动 96%,现价在 52 周高点的 41%;近 20 / 60 / 120 日 -9% / -44% / 16%。", "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%。", "线上线下:PE ;股息率 ;毛利率 比行业中位低 12.1个百分点;固定资产占比 比行业中位低 9.0个百分点。"]}}