{"F": {"ts_code": "000997.SZ", "name": "新大陆", "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": "主板", "list_date": "20000807", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 21.6, "pe_ttm": 19.7988, "pb": 2.8457, "dv_ttm": 1.1413, "total_mv": 2188291.464, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [26.2, 26.0, 25.7, 35.2, 36.5, 33.5], "rev_series": [63.6, 70.3, 66.6, 76.1, 72.7, 84.0], "np_series": [4.5, 7.0, -3.8, 10.0, 10.1, 10.1], "roe_series": [7.7, 11.4, -6.4, 16.7, 15.2, 14.3], "period": "20260630", "rev_ttm": 100.5, "np_ttm": 11.1, "ocf_ttm": -9.4, "fcf_ttm": -10.2, "fcf_yield": -4.7, "ocf_yield": -4.3, "gm_median": 33.5, "gm_std": 4.6, "gm_stab": 0.86, "gm_chg_2022": -0.5, "npm_median": 13.5, "roe_median": 14.3, "commodity": false, "hard_ratio": 3.1, "fix_assets": 4.9, "goodwill_ratio": 4.2, "pb_calc": 2.85, "capex_dep": 1.82, "interest_debt": 9.1, "debt_ebitda": 0.6, "debt_ratio": 49.0, "debt_mv": 4.2, "payout": 50.5, "div_years": 4, "rev_cagr3": 8.0, "np_cagr3": null, "rev_yoy": 42.8, "np_yoy": 15.8, "np_vol": 170.0, "loss_years": 1, "far_share": 75.0, "earn_yield": 5.1, "consensus_n": 6, "fwd_pe": 19.1, "fwd_pe2": 14.7, "fwd_g1": 4.0, "fwd_g2": 30.0, "peg": 0.64, "consensus_disp": null, "mainbz": [["产品", 47.0], ["电子支付产品及信息识读产品", 26.0], ["商户运营及增值服务", 17.0], ["行业应用软件开发及服务(含硬件配套)", 5.0]], "ret_prev_year": 44.1, "ret_prev2_year": 4.8, "ret_ytd": -23.0, "ret_pivot": 77.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 17.6, "ret_60": 26.5, "ret_120": -3.0, "ret_250": -29.1, "mdd_250": -48.3, "vol_250": 41.0, "pos_52w": 71.5}, "S": {"duration": 39, "pricing": 54, "hard": 5, "bondness": 38}, "label": "中性", "tags": ["PEG<0.8"], "text": {"像什么": ["PE 19.8 倍、股息率 1.1%、毛利率近 5 年中位 33.5%、固定资产占比 3%、有息负债/EBITDA 0.6 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 33.5%),硬资产占比 3%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "加息期怎么走": "按行业与估值常规看,没有明确的利率方向性。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 -4.7%(经营现金流/市值 -4.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 33.5%,稳定度 86%,2020→2022 成本通胀期毛利率变化 -0.5 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 3%,资本开支/折旧 1.82 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 19.8 倍 粗算,约 75%(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 -29%,最大回撤 -48%,年化波动 41%,现价在 52 周高点的 72%;近 20 / 60 / 120 日 18% / 26% / -3%。", "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%。", "新大陆:PE 比行业中位低 31.9倍;股息率 比行业中位高 0.3个百分点;毛利率 比行业中位低 2.3个百分点;固定资产占比 比行业中位低 8.6个百分点。"]}}