{"F": {"ts_code": "US.CSQR", "name": "Csquare", "mkt": "US", "ccy": "美元", "sw1": "信息技术服务", "sw2": "信息技术服务", "sw3": "", "ind": "信息技术服务", "fin_source": "futu", "market": "NYSE", "list_date": "20260716", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 18.02, "pe_ttm": -10.072, "pb": -7.727, "dv_ttm": 0.0, "total_mv": 300274.439168, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [48.4], "rev_series": [9.9], "np_series": [-1.2], "roe_series": [-36.8], "rev_ttm": 9.9, "np_ttm": -1.9, "ocf_ttm": 1.4, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 4.7, "gm_median": 48.4, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": -12.1, "roe_median": -36.8, "commodity": false, "hard_ratio": 40.1, "fix_assets": 21.3, "hard_note": "PP&E 毛额 × 0.5 近似净额", "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 3.7, "debt_ratio": 102.1, "debt_mv": null, "payout": null, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 8.8, "np_yoy": -126.1, "np_vol": null, "loss_years": 1, "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": [], "ret_prev_year": null, "ret_prev2_year": null, "ret_pivot": null, "prev_year": "", "prev2_year": "", "ret_ytd": -14.2, "ret_20": -16.3, "ret_60": -14.2, "ret_120": -14.2, "ret_250": -14.2, "mdd_250": null, "vol_250": null, "pos_52w": 76.7, "eps": -0.774}, "S": {"duration": 100, "pricing": 56, "hard": 64, "bondness": 13}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -1.9 亿;PE 为负,估值指标失真。", "资产负债率 102%,有息负债 —,经营现金流/市值 4.7%: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": "硬资产占比 40%、毛利率 48.4% 两条都占,但所在行业(信息技术服务)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "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?", "经营现金流/市值 4.7%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。一般。"], ["能否每年提价而不掉量?", "毛利率最新年报 48.4%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 40%。涨。"], ["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 -14%,现价在 52 周高点的 77%;近 20 / 60 / 120 日 -16% / -14% / -14%。", "行业对照": ["同富途行业「信息技术服务」74 家中位:PE 15.8 / 股息率 0.0% / 毛利率 29.2% / 固定资产占比 7% / 分红率 0%。", "Csquare:PE 比行业中位低 25.9倍;股息率 与行业中位持平;毛利率 比行业中位高 19.2个百分点;固定资产占比 比行业中位高 33.2个百分点。"]}}