{"F": {"ts_code": "600289.SH", "name": "ST信通", "mkt": "CN", "ccy": "元", "sw1": "通信", "sw2": "通信服务", "sw3": "通信工程及服务", "ind": "通信服务", "fin_source": "tushare", "market": "主板", "list_date": "20000720", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 4.27, "pe_ttm": null, "pb": 3.1977, "dv_ttm": null, "total_mv": 269459.2467, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [58.8, 62.1, 61.7, 62.3, 49.0, 17.9], "rev_series": [5.2, 3.9, 2.6, 2.0, 3.2, 3.1], "np_series": [-3.6, -2.0, -3.5, -10.5, -1.0, -4.7], "roe_series": [-31.8, -12.4, -22.7, -115.2, -18.4, -59.4], "period": "20260630", "rev_ttm": 8.1, "np_ttm": -4.9, "ocf_ttm": -4.4, "fcf_ttm": -4.5, "fcf_yield": -16.7, "ocf_yield": -16.3, "gm_median": 61.7, "gm_std": 17.1, "gm_stab": 0.72, "gm_chg_2022": 2.9, "npm_median": -134.1, "roe_median": -22.7, "commodity": false, "hard_ratio": 12.3, "fix_assets": 1.8, "goodwill_ratio": 0.0, "pb_calc": 3.2, "capex_dep": 0.63, "interest_debt": 0.1, "debt_ebitda": null, "debt_ratio": 41.4, "debt_mv": 0.5, "payout": null, "div_years": 0, "rev_cagr3": 5.9, "np_cagr3": null, "rev_yoy": 761.5, "np_yoy": -20.2, "np_vol": 171.3, "loss_years": 5, "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", 50.0], ["计算机与通信分部", 50.0], ["其他业务", 0.0], ["智能交通分部", 0.0]], "ret_prev_year": 270.9, "ret_prev2_year": -29.2, "ret_ytd": -35.7, "ret_pivot": 211.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.0, "ret_60": -24.2, "ret_120": -46.4, "ret_250": -35.7, "mdd_250": -55.1, "vol_250": 42.9, "pos_52w": 48.6}, "S": {"duration": 100, "pricing": 66, "hard": 20, "bondness": 17}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -4.9 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 41%,有息负债 0 亿,经营现金流/市值 -16.3%: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": "两条都不占:固定资产占比 12%,毛利率近 5 年中位 61.7%。", "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 -16.7%(经营现金流/市值 -16.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 61.7%,稳定度 72%,2020→2022 成本通胀期毛利率变化 2.9 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 12%,资本开支/折旧 0.63 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 -36%,最大回撤 -55%,年化波动 43%,现价在 52 周高点的 49%;近 20 / 60 / 120 日 -3% / -24% / -46%。", "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%。", "ST信通:PE ;股息率 ;毛利率 比行业中位高 41.6个百分点;固定资产占比 比行业中位高 0.2个百分点。"]}}