{"F": {"ts_code": "688619.SH", "name": "罗普特", "mkt": "CN", "ccy": "元", "sw1": "计算机", "sw2": "计算机设备", "sw3": "安防设备", "ind": "计算机设备", "fin_source": "tushare", "market": "科创板", "list_date": "20210223", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 15.3, "pe_ttm": null, "pb": 4.381, "dv_ttm": null, "total_mv": 283720.14, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [32.3, 29.1, 27.2, 31.0, 7.3, 12.4], "rev_series": [6.2, 6.1, 1.7, 4.5, 1.4, 1.5], "np_series": [1.6, 0.7, -1.4, -0.5, -1.9, -2.3], "roe_series": [7.2, 7.4, -10.8, -4.1, -19.3, -29.2], "period": "20260630", "rev_ttm": 1.4, "np_ttm": -2.2, "ocf_ttm": 0.5, "fcf_ttm": 0.2, "fcf_yield": 0.7, "ocf_yield": 1.7, "gm_median": 27.2, "gm_std": 9.6, "gm_stab": 0.65, "gm_chg_2022": -5.2, "npm_median": -83.1, "roe_median": -10.8, "commodity": false, "hard_ratio": 22.5, "fix_assets": 2.8, "goodwill_ratio": 0.0, "pb_calc": 4.38, "capex_dep": 1.59, "interest_debt": 3.3, "debt_ebitda": null, "debt_ratio": 45.0, "debt_mv": 11.6, "payout": null, "div_years": 1, "rev_cagr3": -3.4, "np_cagr3": null, "rev_yoy": -10.7, "np_yoy": 12.1, "np_vol": 176.3, "loss_years": 4, "far_share": 100, "earn_yield": null, "consensus_n": 1, "fwd_pe": null, "fwd_pe2": 54.6, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["社会安全系统解决方案", 38.0], ["运维、保障及其他服务", 19.0], ["维保及其他服务", 19.0], ["安防视频监控产品销售", 12.0]], "ret_prev_year": 55.4, "ret_prev2_year": -37.8, "ret_ytd": 12.5, "ret_pivot": 158.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 7.8, "ret_60": -3.4, "ret_120": -1.9, "ret_250": -18.4, "mdd_250": -43.3, "vol_250": 59.3, "pos_52w": 74.8}, "S": {"duration": 100, "pricing": 40, "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 -2.2 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 45%,有息负债 3 亿,经营现金流/市值 1.7%: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 22%,毛利率近 5 年中位 27.2%。", "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 0.7%(经营现金流/市值 1.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 27.2%,稳定度 65%,2020→2022 成本通胀期毛利率变化 -5.2 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 22%,资本开支/折旧 1.59 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 -18%,最大回撤 -43%,年化波动 59%,现价在 52 周高点的 75%;近 20 / 60 / 120 日 8% / -3% / -2%。", "行业对照": ["同申万二级「计算机设备」88 家中位:PE 51.7 / 股息率 0.8% / 毛利率 35.8% / 固定资产占比 12% / 分红率 49%。", "罗普特:PE ;股息率 ;毛利率 比行业中位低 8.6个百分点;固定资产占比 比行业中位高 10.8个百分点。"]}}