{"F": {"ts_code": "920149.BJ", "name": "旭杰科技", "mkt": "CN", "ccy": "元", "sw1": "建筑装饰", "sw2": "工程咨询服务Ⅱ", "sw3": "工程咨询服务Ⅲ", "ind": "工程咨询服务Ⅱ", "fin_source": "tushare", "market": "北交所", "list_date": "20200727", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 9.03, "pe_ttm": null, "pb": 5.2061, "dv_ttm": null, "total_mv": 69064.3115, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [25.2, 20.5, 16.0, 15.4, 12.5, 13.9], "rev_series": [3.5, 4.7, 3.4, 7.8, 5.6, 4.7], "np_series": [0.2, 0.2, -0.2, 0.1, -0.3, -0.4], "roe_series": [14.2, 10.2, -13.1, 6.1, -17.9, -29.2], "period": "20260630", "rev_ttm": 3.1, "np_ttm": -0.3, "ocf_ttm": 0.0, "fcf_ttm": -0.0, "fcf_yield": -0.0, "ocf_yield": 0.2, "gm_median": 15.4, "gm_std": 2.7, "gm_stab": 0.82, "gm_chg_2022": -9.1, "npm_median": -9.8, "roe_median": -13.1, "commodity": false, "hard_ratio": 15.3, "fix_assets": 1.2, "goodwill_ratio": 0.4, "pb_calc": 5.21, "capex_dep": 0.11, "interest_debt": 3.8, "debt_ebitda": 124.0, "debt_ratio": 75.0, "debt_mv": 55.1, "payout": 33.3, "div_years": 2, "rev_cagr3": 10.6, "np_cagr3": null, "rev_yoy": -54.0, "np_yoy": 1192.1, "np_vol": 184.0, "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", 25.0], ["建筑装配化全过程服务", 16.0], ["销售产品", 13.0], ["建筑装配化全过程服务：建筑装配化产品销售", 13.0]], "ret_prev_year": 0.5, "ret_prev2_year": 42.8, "ret_ytd": -22.0, "ret_pivot": 54.6, "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": 40, "hard": 24, "bondness": 36}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.3 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 75%,有息负债 4 亿,经营现金流/市值 0.2%: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 15%,毛利率近 5 年中位 15.4%。", "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 0.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 15.4%,稳定度 82%,2020→2022 成本通胀期毛利率变化 -9.1 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 15%,资本开支/折旧 0.11 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?"]], "行业对照": ["同申万二级「工程咨询服务Ⅱ」46 家中位:PE 41.0 / 股息率 1.4% / 毛利率 33.2% / 固定资产占比 7% / 分红率 39%。", "旭杰科技:PE ;股息率 ;毛利率 比行业中位低 17.8个百分点;固定资产占比 比行业中位高 8.6个百分点。"]}}