{"F": {"ts_code": "603042.SH", "name": "华脉科技", "mkt": "CN", "ccy": "元", "sw1": "通信", "sw2": "通信设备", "sw3": "通信线缆及配套", "ind": "通信设备", "fin_source": "tushare", "market": "主板", "list_date": "20170602", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 14.03, "pe_ttm": null, "pb": 3.4368, "dv_ttm": 0.0822, "total_mv": 292899.8204, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [22.0, 18.3, 16.7, 15.8, 18.2, 17.6], "rev_series": [11.6, 11.8, 10.9, 9.4, 9.1, 8.2], "np_series": [0.3, 0.1, -1.0, -0.8, 0.1, -0.6], "roe_series": [3.9, 0.9, -9.4, -9.1, 1.6, -7.3], "period": "20260630", "rev_ttm": 8.4, "np_ttm": -0.2, "ocf_ttm": 0.9, "fcf_ttm": 0.8, "fcf_yield": 2.8, "ocf_yield": 3.2, "gm_median": 17.6, "gm_std": 1.0, "gm_stab": 0.95, "gm_chg_2022": -5.4, "npm_median": -5.9, "roe_median": -7.3, "commodity": false, "hard_ratio": 19.4, "fix_assets": 3.2, "goodwill_ratio": 0.0, "pb_calc": 3.44, "capex_dep": 0.25, "interest_debt": 1.9, "debt_ebitda": 2.0, "debt_ratio": 41.0, "debt_mv": 6.4, "payout": null, "div_years": 2, "rev_cagr3": -9.3, "np_cagr3": null, "rev_yoy": 5.0, "np_yoy": 185.1, "np_vol": 498.2, "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": [["光缆类", 59.0], ["ODN网络物理连接及保护设备", 16.0], ["其他主营业务", 7.0], ["其他", 7.0]], "ret_prev_year": 12.8, "ret_prev2_year": 0.2, "ret_ytd": 7.6, "ret_pivot": 78.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 7.1, "ret_60": -1.7, "ret_120": -10.1, "ret_250": 5.0, "mdd_250": -42.0, "vol_250": 55.6, "pos_52w": 76.6}, "S": {"duration": 100, "pricing": 46, "hard": 31, "bondness": 26}, "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 3 年;PE 为负,估值指标失真。", "资产负债率 41%,有息负债 2 亿,经营现金流/市值 3.2%: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 19%,毛利率近 5 年中位 17.6%。", "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 3.2%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 17.6%,稳定度 95%,2020→2022 成本通胀期毛利率变化 -5.4 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 19%,资本开支/折旧 0.25 倍。有一些。"], ["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 5%,最大回撤 -42%,年化波动 56%,现价在 52 周高点的 77%;近 20 / 60 / 120 日 7% / -2% / -10%。", "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%。", "华脉科技:PE ;股息率 比行业中位低 0.2个百分点;毛利率 比行业中位低 11.5个百分点;固定资产占比 比行业中位高 5.2个百分点。"]}}