{"F": {"ts_code": "301302.SZ", "name": "华如科技", "mkt": "CN", "ccy": "元", "sw1": "国防军工", "sw2": "军工电子Ⅱ", "sw3": "军工电子Ⅲ", "ind": "军工电子Ⅱ", "fin_source": "tushare", "market": "创业板", "list_date": "20220623", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 22.5, "pe_ttm": null, "pb": 2.4663, "dv_ttm": null, "total_mv": 350696.25, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [57.3, 59.1, 56.1, 38.9, -40.9, 28.2], "rev_series": [5.3, 6.9, 8.3, 3.6, 2.5, 3.0], "np_series": [0.9, 1.2, 1.3, -2.2, -3.5, -2.4], "roe_series": [14.3, 13.2, 8.1, -9.8, -18.3, -14.7], "period": "20260630", "rev_ttm": 3.8, "np_ttm": -2.1, "ocf_ttm": -0.9, "fcf_ttm": -1.0, "fcf_yield": -2.8, "ocf_yield": -2.4, "gm_median": 38.9, "gm_std": 36.4, "gm_stab": 0.06, "gm_chg_2022": -1.1, "npm_median": -61.2, "roe_median": -9.8, "commodity": false, "hard_ratio": 6.7, "fix_assets": 1.1, "goodwill_ratio": 0.0, "pb_calc": 2.47, "capex_dep": 0.76, "interest_debt": 0.7, "debt_ebitda": null, "debt_ratio": 14.6, "debt_mv": 2.1, "payout": null, "div_years": 0, "rev_cagr3": -28.6, "np_cagr3": null, "rev_yoy": 74.8, "np_yoy": 25.1, "np_vol": 113.0, "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": [["技术开发收入", 42.0], ["技术开发", 42.0], ["合计特别调整", 8.0], ["其他业务", 8.0]], "ret_prev_year": -4.9, "ret_prev2_year": -4.2, "ret_ytd": -1.6, "ret_pivot": 62.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.2, "ret_60": -26.9, "ret_120": -21.1, "ret_250": -17.4, "mdd_250": -46.1, "vol_250": 60.2, "pos_52w": 60.3}, "S": {"duration": 100, "pricing": 28, "hard": 11, "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 -2.1 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 15%,有息负债 1 亿,经营现金流/市值 -2.4%: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 7%,毛利率近 5 年中位 38.9%。", "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 -2.8%(经营现金流/市值 -2.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 38.9%,稳定度 6%,2020→2022 成本通胀期毛利率变化 -1.1 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 7%,资本开支/折旧 0.76 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 -17%,最大回撤 -46%,年化波动 60%,现价在 52 周高点的 60%;近 20 / 60 / 120 日 -6% / -27% / -21%。", "行业对照": ["同申万二级「军工电子Ⅱ」61 家中位:PE 79.0 / 股息率 0.5% / 毛利率 39.7% / 固定资产占比 14% / 分红率 33%。", "华如科技:PE ;股息率 ;毛利率 比行业中位低 0.8个百分点;固定资产占比 比行业中位低 7.4个百分点。"]}}