{"F": {"ts_code": "605178.SH", "name": "时空科技", "mkt": "CN", "ccy": "元", "sw1": "建筑装饰", "sw2": "专业工程", "sw3": "其他专业工程", "ind": "专业工程", "fin_source": "tushare", "market": "主板", "list_date": "20200821", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 65.11, "pe_ttm": null, "pb": 6.0521, "dv_ttm": null, "total_mv": 645109.88, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [38.5, 28.8, 12.0, 10.2, 9.8, 17.6], "rev_series": [9.0, 7.5, 3.3, 2.0, 3.4, 3.5], "np_series": [1.3, -0.2, -2.1, -2.1, -2.6, -2.4], "roe_series": [8.9, -0.9, -10.9, -12.2, -17.9, -20.0], "period": "20260630", "rev_ttm": 3.3, "np_ttm": -2.1, "ocf_ttm": -0.7, "fcf_ttm": -1.0, "fcf_yield": -1.5, "ocf_yield": -1.1, "gm_median": 12.0, "gm_std": 7.1, "gm_stab": 0.41, "gm_chg_2022": -26.5, "npm_median": -72.6, "roe_median": -12.2, "commodity": false, "hard_ratio": 13.3, "fix_assets": 2.3, "goodwill_ratio": 0.0, "pb_calc": 6.05, "capex_dep": 1.24, "interest_debt": 2.1, "debt_ebitda": null, "debt_ratio": 31.8, "debt_mv": 3.3, "payout": null, "div_years": 0, "rev_cagr3": 1.7, "np_cagr3": null, "rev_yoy": -14.8, "np_yoy": 56.9, "np_vol": 421.1, "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], ["智慧城市", 26.0], ["夜间经济", 21.0], ["其他业务", 3.0]], "ret_prev_year": 260.4, "ret_prev2_year": -48.2, "ret_ytd": 25.7, "ret_pivot": 331.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.6, "ret_60": 3.6, "ret_120": -4.0, "ret_250": 147.0, "mdd_250": -55.1, "vol_250": 74.0, "pos_52w": 54.2}, "S": {"duration": 100, "pricing": 24, "hard": 21, "bondness": 21}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -2.1 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 32%,有息负债 2 亿,经营现金流/市值 -1.1%: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 13%,毛利率近 5 年中位 12.0%。", "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 -1.5%(经营现金流/市值 -1.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 12.0%,稳定度 41%,2020→2022 成本通胀期毛利率变化 -26.5 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 13%,资本开支/折旧 1.24 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 147%,最大回撤 -55%,年化波动 74%,现价在 52 周高点的 54%;近 20 / 60 / 120 日 -2% / 4% / -4%。", "行业对照": ["同申万二级「专业工程」39 家中位:PE 40.2 / 股息率 1.1% / 毛利率 13.6% / 固定资产占比 10% / 分红率 38%。", "时空科技:PE ;股息率 ;毛利率 比行业中位低 1.6个百分点;固定资产占比 比行业中位高 3.0个百分点。"]}}