{"F": {"ts_code": "002180.SZ", "name": "奔图科技", "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": "20071113", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 16.77, "pe_ttm": null, "pb": 2.6007, "dv_ttm": null, "total_mv": 2384490.9153, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [32.4, 34.1, 32.6, 31.7, 32.3, 29.4], "rev_series": [195.9, 227.9, 258.6, 240.6, 264.1, 165.1], "np_series": [0.9, 11.6, 18.6, -61.9, 7.5, -7.2], "roe_series": [1.3, 10.4, 12.4, -48.8, 7.7, -7.5], "period": "20260630", "rev_ttm": 87.5, "np_ttm": -3.2, "ocf_ttm": 7.6, "fcf_ttm": 3.1, "fcf_yield": 1.3, "ocf_yield": 3.2, "gm_median": 32.3, "gm_std": 1.5, "gm_stab": 0.95, "gm_chg_2022": 0.2, "npm_median": 3.1, "roe_median": 7.7, "commodity": false, "hard_ratio": 8.8, "fix_assets": 14.1, "goodwill_ratio": 1.2, "pb_calc": 2.6, "capex_dep": 2.75, "interest_debt": 37.1, "debt_ebitda": 9.6, "debt_ratio": 42.2, "debt_mv": 15.6, "payout": null, "div_years": 2, "rev_cagr3": -13.9, "np_cagr3": null, "rev_yoy": -63.0, "np_yoy": 128.0, "np_vol": 379.7, "loss_years": 2, "far_share": 100, "earn_yield": null, "consensus_n": 3, "fwd_pe": 53.5, "fwd_pe2": 31.6, "fwd_g1": null, "fwd_g2": 69.0, "peg": 0.78, "consensus_disp": null, "mainbz": [["产品", 39.0], ["通用耗材及配件", 20.0], ["耗材及配件", 20.0], ["原装打印机及耗材", 14.0]], "ret_prev_year": -28.2, "ret_prev2_year": 24.5, "ret_ytd": -17.1, "ret_pivot": -30.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -10.8, "ret_60": 16.3, "ret_120": -12.8, "ret_250": -36.7, "mdd_250": -48.9, "vol_250": 42.1, "pos_52w": 64.8}, "S": {"duration": 100, "pricing": 57, "hard": 14, "bondness": 35}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["TTM 归母净利 -3.2 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 42%,有息负债 37 亿,经营现金流/市值 3.2%: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": "只占定价权一条(毛利率 32.3%),硬资产占比 9%。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": "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 1.3%(经营现金流/市值 3.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 32.3%,稳定度 95%,2020→2022 成本通胀期毛利率变化 0.2 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 9%,资本开支/折旧 2.75 倍。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 -37%,最大回撤 -49%,年化波动 42%,现价在 52 周高点的 65%;近 20 / 60 / 120 日 -11% / 16% / -13%。", "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%。", "奔图科技:PE ;股息率 ;毛利率 比行业中位低 3.5个百分点;固定资产占比 比行业中位低 2.9个百分点。"]}}