{"F": {"ts_code": "920090.BJ", "name": "*ST同辉", "mkt": "CN", "ccy": "元", "sw1": "计算机", "sw2": "计算机设备", "sw3": "其他计算机设备", "ind": "计算机设备", "fin_source": "tushare", "market": "北交所", "list_date": "20210809", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 3.6, "pe_ttm": null, "pb": 20.7066, "dv_ttm": null, "total_mv": 71760.0766, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [20.4, 17.2, 7.5, -8.7, 2.6, 14.3], "rev_series": [4.8, 5.7, 3.3, 1.9, 2.1, 0.3], "np_series": [0.3, 0.3, -0.4, -1.3, -0.7, -0.6], "roe_series": [11.6, 8.9, -14.3, -55.4, -50.9, -80.9], "period": "20260630", "rev_ttm": 0.2, "np_ttm": -0.6, "ocf_ttm": 0.0, "fcf_ttm": -0.1, "fcf_yield": -1.7, "ocf_yield": 0.0, "gm_median": 7.5, "gm_std": 9.2, "gm_stab": -0.22, "gm_chg_2022": -12.9, "npm_median": -34.7, "roe_median": -50.9, "commodity": false, "hard_ratio": 1.1, "fix_assets": 0.0, "goodwill_ratio": 0.0, "pb_calc": 20.71, "capex_dep": 15.06, "interest_debt": 0.1, "debt_ebitda": null, "debt_ratio": 77.1, "debt_mv": 1.3, "payout": null, "div_years": 1, "rev_cagr3": -53.6, "np_cagr3": null, "rev_yoy": -40.4, "np_yoy": 31.1, "np_vol": 122.9, "loss_years": 4, "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": [["视觉系统整体解决方案收入", 100.0]], "ret_prev_year": 15.0, "ret_prev2_year": -13.5, "ret_ytd": -43.3, "ret_pivot": 29.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": null, "ret_60": null, "ret_120": null, "ret_250": null, "mdd_250": null, "vol_250": null, "pos_52w": null}, "S": {"duration": 100, "pricing": 8, "hard": 2, "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 -0.6 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 77%,有息负债 0 亿,经营现金流/市值 0.0%: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 7.5%。", "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 -1.7%(经营现金流/市值 0.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 7.5%,稳定度 -22%,2020→2022 成本通胀期毛利率变化 -12.9 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 1%,资本开支/折旧 15.06 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?"]], "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%。", "*ST同辉:PE ;股息率 ;毛利率 比行业中位低 28.3个百分点;固定资产占比 比行业中位低 10.6个百分点。"]}}