{"F": {"ts_code": "US.SIFY", "name": "Sify Technologies", "mkt": "US", "ccy": "美元", "sw1": "电信服务", "sw2": "电信服务", "sw3": "", "ind": "电信服务", "fin_source": "futu", "market": "NASDAQ", "list_date": null, "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 14.35, "pe_ttm": -107.894, "pb": 5.193, "dv_ttm": 0.0, "total_mv": 103943.67109, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [40.2], "rev_series": [4.8], "np_series": [-0.1], "roe_series": [-7.0], "rev_ttm": 4.8, "np_ttm": -0.1, "ocf_ttm": 0.8, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 7.4, "gm_median": 40.2, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": -3.0, "roe_median": -7.0, "commodity": false, "hard_ratio": 44.7, "fix_assets": 4.3, "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": 1.1, "debt_ratio": 79.1, "debt_mv": null, "payout": null, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 2.8, "np_yoy": -59.1, "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": 17.7, "ret_20": -9.2, "ret_60": -6.4, "ret_120": 6.1, "ret_250": 24.9, "mdd_250": null, "vol_250": null, "pos_52w": 80.4, "eps": -0.199}, "S": {"duration": 100, "pricing": 52, "hard": 72, "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 79%,有息负债 —,经营现金流/市值 7.4%: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 45%、毛利率 40.2% 看起来两条都占,但价格受管制(电信服务:电价/通行费/港口费由主管部门或市场化机制定),高毛利来自成本结构不是提价能力。通胀来了它不能提价,利润跟不上通胀,所以不算。", "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 7.4%(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 40.2%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 45%。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 25%,现价在 52 周高点的 80%;近 20 / 60 / 120 日 -9% / -6% / 6%。", "行业对照": ["同富途行业「电信服务」57 家中位:PE 13.1 / 股息率 0.0% / 毛利率 59.6% / 固定资产占比 31% / 分红率 23%。", "Sify Technologies:PE 比行业中位低 121.0倍;股息率 与行业中位持平;毛利率 比行业中位低 19.4个百分点;固定资产占比 比行业中位高 13.8个百分点。"]}}