{"F": {"ts_code": "US.HTCO", "name": "海纳天成国际", "mkt": "US", "ccy": "美元", "sw1": "海运", "sw2": "海运", "sw3": "", "ind": "海运", "fin_source": "futu", "market": "NASDAQ", "list_date": null, "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 2.57, "pe_ttm": -1.647, "pb": 3.911, "dv_ttm": 0.0, "total_mv": 2329.197168, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [3.2], "rev_series": [2.1], "np_series": [-0.2], "roe_series": [-324.2], "rev_ttm": 2.1, "np_ttm": -0.1, "ocf_ttm": 0.0, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 17.3, "gm_median": 3.2, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": -9.4, "roe_median": -324.2, "commodity": false, "hard_ratio": 0.4, "fix_assets": 0.0, "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": -0.2, "debt_ratio": 61.1, "debt_mv": null, "payout": null, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 98.2, "np_yoy": 5.2, "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": -69.5, "ret_20": -19.7, "ret_60": -44.0, "ret_120": -73.5, "ret_250": -60.9, "mdd_250": null, "vol_250": null, "pos_52w": 4.5, "eps": -4.18}, "S": {"duration": 100, "pricing": 34, "hard": 1, "bondness": 13}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -0.1 亿;PE 为负,估值指标失真。", "资产负债率 61%,有息负债 —,经营现金流/市值 17.3%: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 0%,毛利率最新年报 3.2%。", "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?", "经营现金流/市值 17.3%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率最新年报 3.2%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 0%。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 -61%,现价在 52 周高点的 4%;近 20 / 60 / 120 日 -20% / -44% / -74%。", "行业对照": ["同富途行业「海运」39 家中位:PE 7.1 / 股息率 0.6% / 毛利率 26.5% / 固定资产占比 51% / 分红率 18%。", "海纳天成国际:PE 比行业中位低 8.7倍;股息率 比行业中位低 0.6个百分点;毛利率 比行业中位低 23.3个百分点;固定资产占比 比行业中位低 50.4个百分点。"]}}