{"F": {"ts_code": "603602.SH", "name": "纵横通信", "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": "20170810", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 11.84, "pe_ttm": null, "pb": 2.9989, "dv_ttm": 0.1626, "total_mv": 273572.08, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [12.1, 11.3, 12.5, 14.3, 16.6, 15.2], "rev_series": [7.8, 8.8, 11.3, 13.6, 16.6, 18.4], "np_series": [0.2, 0.2, 0.2, 0.3, 0.2, -1.6], "roe_series": [2.3, 2.4, 2.9, 4.2, 2.0, -16.9], "period": "20260630", "rev_ttm": 20.2, "np_ttm": -1.6, "ocf_ttm": 1.4, "fcf_ttm": 0.5, "fcf_yield": 1.9, "ocf_yield": 5.2, "gm_median": 14.3, "gm_std": 1.9, "gm_stab": 0.87, "gm_chg_2022": 0.3, "npm_median": 1.8, "roe_median": 2.4, "commodity": false, "hard_ratio": 9.3, "fix_assets": 2.1, "goodwill_ratio": 3.3, "pb_calc": 3.0, "capex_dep": 7.06, "interest_debt": 7.9, "debt_ebitda": 6.2, "debt_ratio": 58.1, "debt_mv": 29.0, "payout": 46.5, "div_years": 5, "rev_cagr3": 17.4, "np_cagr3": null, "rev_yoy": 23.3, "np_yoy": 27.1, "np_vol": 390.5, "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": [["数字营销服务", 41.0], ["全域数字营销服务", 41.0], ["5G新基建", 10.0], ["政企行业智能化服务", 3.0]], "ret_prev_year": -8.6, "ret_prev2_year": 9.0, "ret_ytd": -18.7, "ret_pivot": -0.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 6.4, "ret_60": -7.1, "ret_120": -13.8, "ret_250": -26.2, "mdd_250": -44.5, "vol_250": 36.0, "pos_52w": 68.3}, "S": {"duration": 100, "pricing": 45, "hard": 15, "bondness": 35}, "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 1 年;PE 为负,估值指标失真。", "资产负债率 58%,有息负债 8 亿,经营现金流/市值 5.2%: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 9%,毛利率近 5 年中位 14.3%。", "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 1.9%(经营现金流/市值 5.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 14.3%,稳定度 87%,2020→2022 成本通胀期毛利率变化 0.3 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 9%,资本开支/折旧 7.06 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 -44%,年化波动 36%,现价在 52 周高点的 68%;近 20 / 60 / 120 日 6% / -7% / -14%。", "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%。", "纵横通信:PE ;股息率 与行业中位持平;毛利率 比行业中位低 0.4个百分点;固定资产占比 比行业中位高 6.4个百分点。"]}}