{"F": {"ts_code": "688066.SH", "name": "*ST航图", "mkt": "CN", "ccy": "元", "sw1": "计算机", "sw2": "IT服务Ⅱ", "sw3": "IT服务Ⅲ", "ind": "IT服务Ⅱ", "fin_source": "tushare", "market": "科创板", "list_date": "20190722", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 7.9, "pe_ttm": null, "pb": null, "dv_ttm": null, "total_mv": 208030.226, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [53.4, 52.0, 48.0, 35.9, 22.5, 18.4], "rev_series": [8.5, 14.7, 24.6, 18.2, 15.8, 4.5], "np_series": [1.3, 2.0, 2.6, -3.7, -13.9, -18.6], "roe_series": [10.1, 11.1, 10.7, -15.0, -88.2, null], "period": "20260630", "rev_ttm": 2.1, "np_ttm": -19.6, "ocf_ttm": -0.1, "fcf_ttm": -0.7, "fcf_yield": -3.5, "ocf_yield": -0.7, "gm_median": 35.9, "gm_std": 13.3, "gm_stab": 0.63, "gm_chg_2022": -5.4, "npm_median": -20.7, "roe_median": -2.2, "commodity": false, "hard_ratio": 22.8, "fix_assets": 6.7, "goodwill_ratio": 0.0, "pb_calc": null, "capex_dep": 0.53, "interest_debt": 15.8, "debt_ebitda": null, "debt_ratio": 134.1, "debt_mv": 76.0, "payout": null, "div_years": 2, "rev_cagr3": -43.3, "np_cagr3": null, "rev_yoy": -82.5, "np_yoy": -41.6, "np_vol": 138.1, "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": [["产品", 50.0], ["数据分析应用服务", 36.0], ["系统设计开发", 14.0], ["自有软件销售", 0.0]], "ret_prev_year": 59.6, "ret_prev2_year": -51.7, "ret_ytd": -75.7, "ret_pivot": -37.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": -18.5, "ret_60": -30.8, "ret_120": -64.3, "ret_250": -75.3, "mdd_250": -85.3, "vol_250": 91.2, "pos_52w": 16.3}, "S": {"duration": 100, "pricing": 44, "hard": 36, "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 -19.6 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 134%,有息负债 16 亿,经营现金流/市值 -0.7%: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 23%,毛利率近 5 年中位 35.9%。", "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 -3.5%(经营现金流/市值 -0.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 35.9%,稳定度 63%,2020→2022 成本通胀期毛利率变化 -5.4 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 23%,资本开支/折旧 0.53 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 -75%,最大回撤 -85%,年化波动 91%,现价在 52 周高点的 16%;近 20 / 60 / 120 日 -18% / -31% / -64%。", "行业对照": ["同申万二级「IT服务Ⅱ」134 家中位:PE 84.0 / 股息率 0.4% / 毛利率 28.1% / 固定资产占比 9% / 分红率 35%。", "*ST航图:PE ;股息率 ;毛利率 比行业中位高 7.8个百分点;固定资产占比 比行业中位高 14.2个百分点。"]}}