{"F": {"ts_code": "001339.SZ", "name": "智微智能", "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": "20220815", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 74.58, "pe_ttm": 53.2892, "pb": 8.9731, "dv_ttm": 0.031, "total_mv": 2439010.6224, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [16.4, 16.6, 15.3, 11.9, 16.9, 20.1], "rev_series": [19.3, 27.0, 30.3, 36.7, 40.3, 40.9], "np_series": [1.5, 2.0, 1.2, 0.3, 1.2, 1.7], "roe_series": [29.3, 29.3, 9.1, 1.7, 6.2, 7.9], "period": "20260630", "rev_ttm": 51.9, "np_ttm": 4.6, "ocf_ttm": 0.3, "fcf_ttm": -0.7, "fcf_yield": -0.3, "ocf_yield": 0.1, "gm_median": 16.6, "gm_std": 2.7, "gm_stab": 0.84, "gm_chg_2022": -1.1, "npm_median": 5.2, "roe_median": 7.9, "commodity": false, "hard_ratio": 5.0, "fix_assets": 5.7, "goodwill_ratio": 0.0, "pb_calc": 8.97, "capex_dep": 1.64, "interest_debt": 30.2, "debt_ebitda": 3.2, "debt_ratio": 72.7, "debt_mv": 12.4, "payout": 30.8, "div_years": 4, "rev_cagr3": 10.5, "np_cagr3": 12.8, "rev_yoy": 56.6, "np_yoy": 281.9, "np_vol": 123.8, "loss_years": 0, "far_share": 91.0, "earn_yield": 1.9, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["行业终端", 36.0], ["智算业务", 32.0], ["ICT基础设施", 15.0], ["其他主营业务", 6.0]], "ret_prev_year": 40.0, "ret_prev2_year": 6.8, "ret_ytd": 89.8, "ret_pivot": 212.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -11.9, "ret_60": 0.3, "ret_120": 32.4, "ret_250": 38.0, "mdd_250": -39.8, "vol_250": 57.7, "pos_52w": 70.8}, "S": {"duration": 74, "pricing": 44, "hard": 8, "bondness": 30}, "label": "中性", "tags": [], "text": {"像什么": ["PE 53.3 倍、股息率 0.0%、毛利率近 5 年中位 16.6%、固定资产占比 5%、有息负债/EBITDA 3.2 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 5%,毛利率近 5 年中位 16.6%。", "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 -0.3%(经营现金流/市值 0.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 16.6%,稳定度 84%,2020→2022 成本通胀期毛利率变化 -1.1 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 5%,资本开支/折旧 1.64 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 53.3 倍 粗算,约 91%(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 38%,最大回撤 -40%,年化波动 58%,现价在 52 周高点的 71%;近 20 / 60 / 120 日 -12% / 0% / 32%。", "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%。", "智微智能:PE 比行业中位高 1.6倍;股息率 比行业中位低 0.8个百分点;毛利率 比行业中位低 19.2个百分点;固定资产占比 比行业中位低 6.7个百分点。"]}}