{"F": {"ts_code": "301117.SZ", "name": "ST佳缘", "mkt": "CN", "ccy": "元", "sw1": "计算机", "sw2": "计算机设备", "sw3": "安防设备", "ind": "计算机设备", "fin_source": "tushare", "market": "创业板", "list_date": "20220117", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 14.76, "pe_ttm": null, "pb": 2.2315, "dv_ttm": null, "total_mv": 266914.0836, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [52.0, 53.4, 55.5, 48.5, 43.2, 22.1], "rev_series": [1.9, 3.2, 2.7, 2.3, 3.4, 3.2], "np_series": [0.5, 0.9, 0.6, -0.1, 0.1, -0.4], "roe_series": [30.2, 37.1, 7.7, -0.4, 0.9, -3.3], "period": "20260630", "rev_ttm": 2.1, "np_ttm": -1.2, "ocf_ttm": -1.4, "fcf_ttm": -2.8, "fcf_yield": -10.5, "ocf_yield": -5.1, "gm_median": 48.5, "gm_std": 12.0, "gm_stab": 0.75, "gm_chg_2022": 3.4, "npm_median": 3.3, "roe_median": 0.9, "commodity": false, "hard_ratio": 20.8, "fix_assets": 3.2, "goodwill_ratio": 0.3, "pb_calc": 2.23, "capex_dep": 3.71, "interest_debt": 2.0, "debt_ebitda": null, "debt_ratio": 21.0, "debt_mv": 7.6, "payout": 16.7, "div_years": 3, "rev_cagr3": 5.9, "np_cagr3": null, "rev_yoy": -65.9, "np_yoy": -1329.7, "np_vol": 257.9, "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", 34.0], ["信息化综合解决方案服务", 16.0], ["信息化综合解决方案", 16.0], ["网络信息安全服务", 16.0]], "ret_prev_year": 143.5, "ret_prev2_year": -43.8, "ret_ytd": -61.2, "ret_pivot": 15.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": -20.6, "ret_60": -40.3, "ret_120": -60.6, "ret_250": -44.9, "mdd_250": -78.6, "vol_250": 84.8, "pos_52w": 24.5}, "S": {"duration": 100, "pricing": 61, "hard": 33, "bondness": 23}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -1.2 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 21%,有息负债 2 亿,经营现金流/市值 -5.1%: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 21%,毛利率近 5 年中位 48.5%。", "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 -10.5%(经营现金流/市值 -5.1%)。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 75%,2020→2022 成本通胀期毛利率变化 3.4 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 21%,资本开支/折旧 3.71 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 -45%,最大回撤 -79%,年化波动 85%,现价在 52 周高点的 24%;近 20 / 60 / 120 日 -21% / -40% / -61%。", "行业对照": ["同申万二级「计算机设备」88 家中位:PE 51.7 / 股息率 0.8% / 毛利率 35.8% / 固定资产占比 12% / 分红率 49%。", "ST佳缘:PE ;股息率 ;毛利率 比行业中位高 12.7个百分点;固定资产占比 比行业中位高 9.1个百分点。"]}}