{"F": {"ts_code": "600936.SH", "name": "北投科技", "mkt": "CN", "ccy": "元", "sw1": "传媒", "sw2": "电视广播Ⅱ", "sw3": "电视广播Ⅲ", "ind": "电视广播Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20160815", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 5.45, "pe_ttm": null, "pb": 8.9156, "dv_ttm": null, "total_mv": 910709.279, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [20.0, 13.9, 0.6, 8.5, -1.7, 19.7], "rev_series": [21.7, 18.5, 16.8, 14.0, 13.6, 35.9], "np_series": [-1.4, -3.5, -10.4, -7.0, -8.8, -3.8], "roe_series": [-3.9, -10.2, -37.7, -37.1, -80.7, -46.5], "period": "20260630", "rev_ttm": 44.3, "np_ttm": 0.2, "ocf_ttm": -0.7, "fcf_ttm": -1.5, "fcf_yield": -1.7, "ocf_yield": -0.7, "gm_median": 8.5, "gm_std": 8.0, "gm_stab": 0.06, "gm_chg_2022": -19.5, "npm_median": -49.7, "roe_median": -37.7, "commodity": false, "hard_ratio": 8.9, "fix_assets": 4.9, "goodwill_ratio": 0.0, "pb_calc": 8.92, "capex_dep": 0.68, "interest_debt": 2.4, "debt_ebitda": 0.5, "debt_ratio": 63.1, "debt_mv": 2.6, "payout": null, "div_years": 0, "rev_cagr3": 28.8, "np_cagr3": null, "rev_yoy": -30.8, "np_yoy": 117.5, "np_vol": 96.5, "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], ["主营业务", 50.0], ["其他业务", 0.0]], "ret_prev_year": 46.5, "ret_prev2_year": -21.5, "ret_ytd": 29.1, "ret_pivot": 137.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -2.7, "ret_60": 10.3, "ret_120": 36.3, "ret_250": 43.4, "mdd_250": -35.2, "vol_250": 56.4, "pos_52w": 83.7}, "S": {"duration": 100, "pricing": 10, "hard": 14, "bondness": 2}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 0.2 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 63%,有息负债 2 亿,经营现金流/市值 -0.7%: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 9%,毛利率近 5 年中位 8.5%。", "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 -1.7%(经营现金流/市值 -0.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 8.5%,稳定度 6%,2020→2022 成本通胀期毛利率变化 -19.5 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 9%,资本开支/折旧 0.68 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 43%,最大回撤 -35%,年化波动 56%,现价在 52 周高点的 84%;近 20 / 60 / 120 日 -3% / 10% / 36%。", "行业对照": ["同申万二级「电视广播Ⅱ」15 家中位:PE 38.2 / 股息率 2.1% / 毛利率 24.7% / 固定资产占比 26% / 分红率 62%。", "北投科技:PE ;股息率 ;毛利率 比行业中位低 16.2个百分点;固定资产占比 比行业中位低 17.6个百分点。"]}}