{"F": {"ts_code": "600986.SH", "name": "浙文互联", "mkt": "CN", "ccy": "元", "sw1": "传媒", "sw2": "广告营销", "sw3": "营销代理", "ind": "广告营销", "fin_source": "tushare", "market": "主板", "list_date": "20040426", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 7.56, "pe_ttm": null, "pb": 2.2272, "dv_ttm": null, "total_mv": 1124454.8196, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [7.7, 5.8, 4.3, 6.3, 8.6, 8.7], "rev_series": [92.6, 142.9, 147.4, 108.2, 77.0, 83.5], "np_series": [0.9, 2.9, 0.8, 1.9, 1.6, 0.9], "roe_series": [2.6, 7.8, 2.0, 4.2, 3.1, 1.7], "period": "20260630", "rev_ttm": 89.4, "np_ttm": -1.6, "ocf_ttm": 4.6, "fcf_ttm": 0.5, "fcf_yield": 0.4, "ocf_yield": 4.1, "gm_median": 6.3, "gm_std": 1.7, "gm_stab": 0.73, "gm_chg_2022": -3.4, "npm_median": 1.8, "roe_median": 3.1, "commodity": false, "hard_ratio": 5.7, "fix_assets": 5.8, "goodwill_ratio": 13.3, "pb_calc": 2.23, "capex_dep": 4.1, "interest_debt": 28.9, "debt_ebitda": 9.1, "debt_ratio": 49.3, "debt_mv": 25.7, "payout": 45.5, "div_years": 1, "rev_cagr3": -17.3, "np_cagr3": 1.9, "rev_yoy": 16.1, "np_yoy": -219.3, "np_vol": 111.5, "loss_years": 0, "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", 45.0], ["数智营销业务", 34.0], ["算力基础设施业务", 10.0], ["算力业务收入", 10.0]], "ret_prev_year": 30.8, "ret_prev2_year": 10.5, "ret_ytd": -3.3, "ret_pivot": 84.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.2, "ret_60": -1.7, "ret_120": -26.8, "ret_250": -23.7, "mdd_250": -58.8, "vol_250": 61.1, "pos_52w": 48.7}, "S": {"duration": 100, "pricing": 34, "hard": 9, "bondness": 51}, "label": "亏损或困境", "tags": ["资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -1.6 亿,近 5 年亏损 0 年;PE 为负,估值指标失真。", "资产负债率 49%,有息负债 29 亿,经营现金流/市值 4.1%: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 6%,毛利率近 5 年中位 6.3%。", "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 0.4%(经营现金流/市值 4.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 6.3%,稳定度 73%,2020→2022 成本通胀期毛利率变化 -3.4 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 6%,资本开支/折旧 4.10 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 -24%,最大回撤 -59%,年化波动 61%,现价在 52 周高点的 49%;近 20 / 60 / 120 日 -6% / -2% / -27%。", "行业对照": ["同申万二级「广告营销」28 家中位:PE 98.3 / 股息率 0.2% / 毛利率 14.7% / 固定资产占比 3% / 分红率 32%。", "浙文互联:PE ;股息率 ;毛利率 比行业中位低 8.4个百分点;固定资产占比 比行业中位高 2.8个百分点。"]}}