{"F": {"ts_code": "002093.SZ", "name": "国脉科技", "mkt": "CN", "ccy": "元", "sw1": "社会服务", "sw2": "教育", "sw3": "学历教育", "ind": "教育", "fin_source": "tushare", "market": "主板", "list_date": "20061215", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 6.95, "pe_ttm": null, "pb": 1.8633, "dv_ttm": 1.43, "total_mv": 700212.5, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [65.6, 67.9, 52.1, 47.2, 39.4, 38.5], "rev_series": [4.4, 4.8, 5.1, 5.3, 5.5, 5.9], "np_series": [0.8, 1.0, 0.7, 1.0, 1.7, 1.8], "roe_series": [2.4, 2.8, 2.0, 2.9, 4.6, 4.7], "period": "20260630", "rev_ttm": 5.8, "np_ttm": -0.2, "ocf_ttm": 1.9, "fcf_ttm": 0.1, "fcf_yield": 0.2, "ocf_yield": 2.7, "gm_median": 47.2, "gm_std": 10.7, "gm_stab": 0.77, "gm_chg_2022": -13.6, "npm_median": 20.8, "roe_median": 2.9, "commodity": false, "hard_ratio": 28.2, "fix_assets": 12.3, "goodwill_ratio": 0.0, "pb_calc": 1.86, "capex_dep": 1.84, "interest_debt": 2.0, "debt_ebitda": 0.8, "debt_ratio": 14.2, "debt_mv": 2.8, "payout": 56.3, "div_years": 5, "rev_cagr3": 4.6, "np_cagr3": 35.1, "rev_yoy": -1.6, "np_yoy": -127.4, "np_vol": 31.0, "loss_years": 0, "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": [["产品", 34.0], ["教育服务", 27.0], ["教育收入", 27.0], ["物联网咨询与设计服务", 4.0]], "ret_prev_year": 50.1, "ret_prev2_year": 4.8, "ret_ytd": -39.2, "ret_pivot": 18.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.1, "ret_60": 3.6, "ret_120": -33.6, "ret_250": -45.7, "mdd_250": -54.5, "vol_250": 37.1, "pos_52w": 51.4}, "S": {"duration": 100, "pricing": 54, "hard": 45, "bondness": 46}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -0.2 亿,近 5 年亏损 0 年;PE 为负,估值指标失真。", "资产负债率 14%,有息负债 2 亿,经营现金流/市值 2.7%: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": "两条都不占:固定资产占比 28%,毛利率近 5 年中位 47.2%。", "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?", "自由现金流/市值 0.2%(经营现金流/市值 2.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 47.2%,稳定度 77%,2020→2022 成本通胀期毛利率变化 -13.6 个百分点。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 28%,资本开支/折旧 1.84 倍。有一些。"], ["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 -46%,最大回撤 -54%,年化波动 37%,现价在 52 周高点的 51%;近 20 / 60 / 120 日 0% / 4% / -34%。", "行业对照": ["同申万二级「教育」17 家中位:PE 96.5 / 股息率 1.6% / 毛利率 43.0% / 固定资产占比 6% / 分红率 49%。", "国脉科技:PE ;股息率 比行业中位低 0.2个百分点;毛利率 比行业中位高 4.2个百分点;固定资产占比 比行业中位高 22.3个百分点。"]}}