{"F": {"ts_code": "603559.SH", "name": "中通国脉", "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": "20161202", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 10.57, "pe_ttm": null, "pb": 5.3956, "dv_ttm": null, "total_mv": 424149.789, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [17.5, 9.8, 5.8, -1.7, -0.3, 4.6], "rev_series": [6.6, 5.2, 4.4, 3.1, 3.6, 4.2], "np_series": [-0.0, -3.6, -1.6, -2.8, -3.0, -1.6], "roe_series": [-0.4, -52.5, -38.7, -135.5, -55.6, -18.3], "period": "20260630", "rev_ttm": 4.7, "np_ttm": -1.1, "ocf_ttm": -1.4, "fcf_ttm": -1.4, "fcf_yield": -3.3, "ocf_yield": -3.2, "gm_median": 4.6, "gm_std": 4.2, "gm_stab": 0.09, "gm_chg_2022": -11.7, "npm_median": -67.6, "roe_median": -52.5, "commodity": false, "hard_ratio": 2.8, "fix_assets": 0.4, "goodwill_ratio": 0.0, "pb_calc": 5.4, "capex_dep": 0.12, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 38.8, "debt_mv": 0.0, "payout": null, "div_years": 0, "rev_cagr3": -1.9, "np_cagr3": null, "rev_yoy": 27.4, "np_yoy": 122.5, "np_vol": 4467.1, "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": -23.0, "ret_prev2_year": 15.2, "ret_ytd": 51.2, "ret_pivot": 31.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 19.0, "ret_60": 28.6, "ret_120": 42.5, "ret_250": 26.1, "mdd_250": -35.2, "vol_250": 49.2, "pos_52w": 96.8}, "S": {"duration": 100, "pricing": 9, "hard": 4, "bondness": 23}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -1.1 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 39%,有息负债 0 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 3%,毛利率近 5 年中位 4.6%。", "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 -3.3%(经营现金流/市值 -3.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 4.6%,稳定度 9%,2020→2022 成本通胀期毛利率变化 -11.7 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 3%,资本开支/折旧 0.12 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 26%,最大回撤 -35%,年化波动 49%,现价在 52 周高点的 97%;近 20 / 60 / 120 日 19% / 29% / 42%。", "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%。", "中通国脉:PE ;股息率 ;毛利率 比行业中位低 15.5个百分点;固定资产占比 比行业中位低 9.3个百分点。"]}}