{"F": {"ts_code": "688387.SH", "name": "信科移动", "mkt": "CN", "ccy": "元", "sw1": "通信", "sw2": "通信设备", "sw3": "通信网络设备及器件", "ind": "通信设备", "fin_source": "tushare", "market": "科创板", "list_date": "20220926", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 12.5, "pe_ttm": null, "pb": 7.1772, "dv_ttm": null, "total_mv": 4273437.5, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [8.5, 13.5, 20.0, 21.3, 22.7, 23.1], "rev_series": [45.3, 56.7, 69.2, 78.5, 64.9, 61.5], "np_series": [-17.5, -11.8, -6.7, -3.6, -2.8, -2.7], "roe_series": [-715.7, -52.2, -12.9, -5.3, -4.3, -4.4], "period": "20260630", "rev_ttm": 61.5, "np_ttm": -2.4, "ocf_ttm": 4.9, "fcf_ttm": -0.0, "fcf_yield": -0.0, "ocf_yield": 1.1, "gm_median": 21.3, "gm_std": 3.5, "gm_stab": 0.84, "gm_chg_2022": 11.5, "npm_median": -4.5, "roe_median": -5.3, "commodity": false, "hard_ratio": 9.9, "fix_assets": 14.0, "goodwill_ratio": 0.0, "pb_calc": 7.18, "capex_dep": 4.48, "interest_debt": 9.8, "debt_ebitda": null, "debt_ratio": 57.3, "debt_mv": 2.3, "payout": null, "div_years": 0, "rev_cagr3": -3.9, "np_cagr3": null, "rev_yoy": 0.1, "np_yoy": 44.6, "np_vol": 15.8, "loss_years": 5, "far_share": 100, "earn_yield": null, "consensus_n": 2, "fwd_pe": null, "fwd_pe2": 208.3, "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": 116.4, "ret_prev2_year": -17.3, "ret_ytd": -3.1, "ret_pivot": 129.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -15.1, "ret_60": -20.6, "ret_120": -14.4, "ret_250": 75.3, "mdd_250": -48.9, "vol_250": 84.4, "pos_52w": 55.7}, "S": {"duration": 100, "pricing": 51, "hard": 16, "bondness": 23}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -2.4 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 57%,有息负债 10 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 10%,毛利率近 5 年中位 21.3%。", "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 -0.0%(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 21.3%,稳定度 84%,2020→2022 成本通胀期毛利率变化 11.5 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 10%,资本开支/折旧 4.48 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 75%,最大回撤 -49%,年化波动 84%,现价在 52 周高点的 56%;近 20 / 60 / 120 日 -15% / -21% / -14%。", "行业对照": ["同申万二级「通信设备」89 家中位:PE 84.6 / 股息率 0.3% / 毛利率 29.1% / 固定资产占比 14% / 分红率 41%。", "信科移动:PE ;股息率 ;毛利率 比行业中位低 7.8个百分点;固定资产占比 比行业中位低 4.3个百分点。"]}}