{"F": {"ts_code": "603189.SH", "name": "*ST网达", "mkt": "CN", "ccy": "元", "sw1": "计算机", "sw2": "软件开发", "sw3": "垂直应用软件", "ind": "软件开发", "fin_source": "tushare", "market": "主板", "list_date": "20160914", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 9.82, "pe_ttm": null, "pb": 1.8464, "dv_ttm": 1.0087, "total_mv": 264696.4306, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [51.9, 47.1, 35.2, 17.9, 28.4, 28.8], "rev_series": [3.3, 3.6, 3.2, 3.0, 3.3, 2.6], "np_series": [0.7, 0.7, 0.4, -0.8, 0.1, 0.1], "roe_series": [8.4, 5.1, 2.1, -5.1, 0.7, 0.4], "period": "20260630", "rev_ttm": 3.0, "np_ttm": -0.1, "ocf_ttm": -0.6, "fcf_ttm": -1.0, "fcf_yield": -3.9, "ocf_yield": -2.3, "gm_median": 28.8, "gm_std": 9.6, "gm_stab": 0.67, "gm_chg_2022": -16.7, "npm_median": 3.1, "roe_median": 0.7, "commodity": false, "hard_ratio": 28.1, "fix_assets": 4.4, "goodwill_ratio": 0.0, "pb_calc": 1.85, "capex_dep": 1.94, "interest_debt": 0.2, "debt_ebitda": 2.8, "debt_ratio": 7.4, "debt_mv": 0.8, "payout": 437.5, "div_years": 5, "rev_cagr3": -6.9, "np_cagr3": -47.6, "rev_yoy": 37.0, "np_yoy": -349.9, "np_vol": 144.4, "loss_years": 1, "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": [["国产信创集成", 30.0], ["AI视频大数据解决方案", 25.0], ["高新视频解决方案-高清视频", 22.0], ["高新视频解决方案", 22.0]], "ret_prev_year": 30.2, "ret_prev2_year": -16.4, "ret_ytd": -48.1, "ret_pivot": -33.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.8, "ret_60": -16.3, "ret_120": -48.5, "ret_250": -54.6, "mdd_250": -65.5, "vol_250": 54.8, "pos_52w": 41.8}, "S": {"duration": 100, "pricing": 42, "hard": 45, "bondness": 69}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -0.1 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 7%,有息负债 0 亿,经营现金流/市值 -2.3%: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 28%,毛利率近 5 年中位 28.8%。", "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 -3.9%(经营现金流/市值 -2.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 28.8%,稳定度 67%,2020→2022 成本通胀期毛利率变化 -16.7 个百分点。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 28%,资本开支/折旧 1.94 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 -55%,最大回撤 -66%,年化波动 55%,现价在 52 周高点的 42%;近 20 / 60 / 120 日 2% / -16% / -48%。", "行业对照": ["同申万二级「软件开发」135 家中位:PE 82.7 / 股息率 0.5% / 毛利率 48.7% / 固定资产占比 9% / 分红率 45%。", "*ST网达:PE ;股息率 比行业中位高 0.5个百分点;毛利率 比行业中位低 19.9个百分点;固定资产占比 比行业中位高 19.3个百分点。"]}}