{"F": {"ts_code": "603322.SH", "name": "超讯科技", "mkt": "CN", "ccy": "元", "sw1": "通信", "sw2": "通信服务", "sw3": "通信工程及服务", "ind": "通信服务", "fin_source": "tushare", "market": "主板", "list_date": "20160728", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 27.16, "pe_ttm": null, "pb": 13.637, "dv_ttm": null, "total_mv": 428005.7488, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [19.8, 10.8, 8.3, 8.5, 10.2, 9.4], "rev_series": [14.8, 14.8, 20.3, 23.0, 16.7, 23.2], "np_series": [0.4, -2.3, 0.2, 0.2, -0.6, -0.4], "roe_series": [9.9, -75.0, 7.2, 7.2, -23.6, -15.9], "period": "20260630", "rev_ttm": 12.8, "np_ttm": -0.6, "ocf_ttm": 1.7, "fcf_ttm": 1.6, "fcf_yield": 3.8, "ocf_yield": 3.9, "gm_median": 9.4, "gm_std": 1.0, "gm_stab": 0.9, "gm_chg_2022": -11.5, "npm_median": -3.2, "roe_median": -15.9, "commodity": false, "hard_ratio": 0.3, "fix_assets": 0.1, "goodwill_ratio": 0.8, "pb_calc": 13.64, "capex_dep": 2.87, "interest_debt": 1.6, "debt_ebitda": null, "debt_ratio": 86.4, "debt_mv": 3.7, "payout": null, "div_years": 0, "rev_cagr3": 4.6, "np_cagr3": null, "rev_yoy": -64.9, "np_yoy": -28.2, "np_vol": 312.2, "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": [["算力", 31.0], ["智算业务", 31.0], ["通服", 13.0], ["通信技术服务业务", 13.0]], "ret_prev_year": 0.9, "ret_prev2_year": 0.8, "ret_ytd": -29.2, "ret_pivot": 12.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.4, "ret_60": -2.3, "ret_120": -23.4, "ret_250": -35.7, "mdd_250": -58.2, "vol_250": 56.5, "pos_52w": 46.7}, "S": {"duration": 100, "pricing": 40, "hard": 0, "bondness": 18}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -0.6 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 86%,有息负债 2 亿,经营现金流/市值 3.9%: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 0%,毛利率近 5 年中位 9.4%。", "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 3.8%(经营现金流/市值 3.9%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 9.4%,稳定度 90%,2020→2022 成本通胀期毛利率变化 -11.5 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 0%,资本开支/折旧 2.87 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 -36%,最大回撤 -58%,年化波动 56%,现价在 52 周高点的 47%;近 20 / 60 / 120 日 -0% / -2% / -23%。", "行业对照": ["同申万二级「通信服务」38 家中位:PE 82.0 / 股息率 0.4% / 毛利率 20.1% / 固定资产占比 12% / 分红率 34%。", "超讯科技:PE ;股息率 ;毛利率 比行业中位低 10.7个百分点;固定资产占比 比行业中位低 11.8个百分点。"]}}