{"F": {"ts_code": "688175.SH", "name": "高凌信息", "mkt": "CN", "ccy": "元", "sw1": "国防军工", "sw2": "军工电子Ⅱ", "sw3": "军工电子Ⅲ", "ind": "军工电子Ⅱ", "fin_source": "tushare", "market": "科创板", "list_date": "20220315", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 18.07, "pe_ttm": null, "pb": 1.7781, "dv_ttm": 0.4257, "total_mv": 303778.5647, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [63.4, 56.6, 42.6, 50.9, 39.9, 35.5], "rev_series": [4.0, 5.0, 5.2, 3.6, 2.7, 2.3], "np_series": [1.1, 1.2, 0.9, 0.5, -0.5, -0.4], "roe_series": [23.7, 18.5, 7.0, 2.5, -2.9, -2.4], "period": "20260630", "rev_ttm": 2.3, "np_ttm": -0.1, "ocf_ttm": -0.2, "fcf_ttm": -0.3, "fcf_yield": -0.9, "ocf_yield": -0.7, "gm_median": 42.6, "gm_std": 7.6, "gm_stab": 0.82, "gm_chg_2022": -20.8, "npm_median": 12.9, "roe_median": 2.5, "commodity": false, "hard_ratio": 0.8, "fix_assets": 0.2, "goodwill_ratio": 0.0, "pb_calc": 1.78, "capex_dep": 0.68, "interest_debt": 0.1, "debt_ebitda": null, "debt_ratio": 8.4, "debt_mv": 0.2, "payout": 40.0, "div_years": 5, "rev_cagr3": -23.8, "np_cagr3": null, "rev_yoy": -3.7, "np_yoy": 106.6, "np_vol": 84.4, "loss_years": 2, "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", 41.0], ["军用通信业务", 17.0], ["军用电信网通信设备", 17.0], ["网络内容安全", 13.0]], "ret_prev_year": 88.5, "ret_prev2_year": -13.1, "ret_ytd": -26.8, "ret_pivot": 113.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -5.0, "ret_60": -29.0, "ret_120": -34.5, "ret_250": 5.2, "mdd_250": -47.5, "vol_250": 56.7, "pos_52w": 59.9}, "S": {"duration": 100, "pricing": 54, "hard": 1, "bondness": 40}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.1 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 8%,有息负债 0 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 1%,毛利率近 5 年中位 42.6%。", "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 -0.9%(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 42.6%,稳定度 82%,2020→2022 成本通胀期毛利率变化 -20.8 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 1%,资本开支/折旧 0.68 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 5%,最大回撤 -48%,年化波动 57%,现价在 52 周高点的 60%;近 20 / 60 / 120 日 -5% / -29% / -34%。", "行业对照": ["同申万二级「军工电子Ⅱ」61 家中位:PE 79.0 / 股息率 0.5% / 毛利率 39.7% / 固定资产占比 14% / 分红率 33%。", "高凌信息:PE ;股息率 比行业中位低 0.1个百分点;毛利率 比行业中位高 2.9个百分点;固定资产占比 比行业中位低 13.3个百分点。"]}}