{"F": {"ts_code": "600775.SH", "name": "南京熊猫", "mkt": "CN", "ccy": "元", "sw1": "通信", "sw2": "通信设备", "sw3": "通信终端及配件", "ind": "通信设备", "fin_source": "tushare", "market": "主板", "list_date": "19961118", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 9.88, "pe_ttm": 298.0166, "pb": 2.9227, "dv_ttm": 0.1012, "total_mv": 902872.438, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [15.3, 12.6, 14.2, 17.7, 16.1, 15.2], "rev_series": [39.5, 45.3, 41.5, 29.1, 26.5, 24.9], "np_series": [0.8, 0.4, 0.4, -2.4, -1.9, 0.1], "roe_series": [2.2, 1.2, 1.1, -6.9, -5.9, 0.3], "period": "20260630", "rev_ttm": 27.8, "np_ttm": 0.3, "ocf_ttm": -0.8, "fcf_ttm": -1.2, "fcf_yield": -1.3, "ocf_yield": -0.9, "gm_median": 15.2, "gm_std": 1.7, "gm_stab": 0.89, "gm_chg_2022": -1.1, "npm_median": 1.8, "roe_median": 0.3, "commodity": false, "hard_ratio": 12.0, "fix_assets": 6.5, "goodwill_ratio": 0.0, "pb_calc": 2.92, "capex_dep": 0.49, "interest_debt": 0.1, "debt_ebitda": null, "debt_ratio": 37.7, "debt_mv": 0.2, "payout": 85.5, "div_years": 3, "rev_cagr3": -15.7, "np_cagr3": -35.8, "rev_yoy": 28.4, "np_yoy": 42.9, "np_vol": 290.6, "loss_years": 2, "far_share": 98.0, "earn_yield": 0.3, "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], ["先进制造服务", 33.0], ["智能装备及智慧城市", 16.0], ["无线专用通信", 3.0]], "ret_prev_year": 21.7, "ret_prev2_year": -24.2, "ret_ytd": -19.1, "ret_pivot": 25.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.6, "ret_60": -1.4, "ret_120": -39.1, "ret_250": -22.7, "mdd_250": -57.1, "vol_250": 50.9, "pos_52w": 50.6}, "S": {"duration": 100, "pricing": 45, "hard": 19, "bondness": 54}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 0.3 亿,近 5 年亏损 2 年;PE 298 倍(盈利极薄),估值指标失真。", "资产负债率 38%,有息负债 0 亿,经营现金流/市值 -0.9%: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 15.2%。", "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 -1.3%(经营现金流/市值 -0.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 15.2%,稳定度 89%,2020→2022 成本通胀期毛利率变化 -1.1 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 12%,资本开支/折旧 0.49 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 298.0 倍 粗算,约 98%(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 -23%,最大回撤 -57%,年化波动 51%,现价在 52 周高点的 51%;近 20 / 60 / 120 日 -1% / -1% / -39%。", "行业对照": ["同申万二级「通信设备」89 家中位:PE 84.6 / 股息率 0.3% / 毛利率 29.1% / 固定资产占比 14% / 分红率 41%。", "南京熊猫:PE 比行业中位高 213.4倍;股息率 比行业中位低 0.2个百分点;毛利率 比行业中位低 13.9个百分点;固定资产占比 比行业中位低 2.2个百分点。"]}}