{"F": {"ts_code": "002322.SZ", "name": "理工能科", "mkt": "CN", "ccy": "元", "sw1": "计算机", "sw2": "软件开发", "sw3": "垂直应用软件", "ind": "软件开发", "fin_source": "tushare", "market": "主板", "list_date": "20091218", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 12.76, "pe_ttm": 20.7007, "pb": 1.6523, "dv_ttm": 4.5952, "total_mv": 466413.6004, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [56.4, 60.0, 63.0, 60.7, 63.9, 63.3], "rev_series": [11.4, 11.1, 9.7, 11.0, 10.8, 10.9], "np_series": [2.3, 0.7, 2.1, 2.5, 2.8, 2.1], "roe_series": [7.7, 2.4, 7.1, 7.7, 8.8, 7.4], "period": "20260630", "rev_ttm": 11.0, "np_ttm": 2.3, "ocf_ttm": 3.2, "fcf_ttm": 3.1, "fcf_yield": 6.6, "ocf_yield": 6.8, "gm_median": 63.0, "gm_std": 1.5, "gm_stab": 0.98, "gm_chg_2022": 6.6, "npm_median": 22.1, "roe_median": 7.4, "commodity": false, "hard_ratio": 8.3, "fix_assets": 2.6, "goodwill_ratio": 41.7, "pb_calc": 1.65, "capex_dep": 0.2, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 10.5, "debt_mv": 0.0, "payout": 100.0, "div_years": 5, "rev_cagr3": 3.9, "np_cagr3": 0.0, "rev_yoy": 3.1, "np_yoy": 9.6, "np_vol": 92.5, "loss_years": 0, "far_share": 76.0, "earn_yield": 4.8, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["电力造价软件", 25.0], ["电力软件产品及项目", 25.0], ["环保运维服务", 13.0], ["环保设备产销运维业务", 13.0]], "ret_prev_year": 0.7, "ret_prev2_year": 9.7, "ret_ytd": 9.2, "ret_pivot": -0.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 19.5, "ret_60": 21.9, "ret_120": -9.1, "ret_250": -2.7, "mdd_250": -33.9, "vol_250": 33.2, "pos_52w": 86.9}, "S": {"duration": 40, "pricing": 77, "hard": 13, "bondness": 79}, "label": "轻资产现金牛", "tags": ["现金流红利", "商誉占比高", "股息率≥4%"], "text": {"像什么": ["固定资产占比 8%,毛利率近 5 年中位 63.0%,自由现金流/市值 6.6%:现金机器,久期短。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 63.0%),硬资产占比 8%。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": "久期短、无杠杆,加息期相对安全;放水期跑不过科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 6.6%(经营现金流/市值 6.8%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 63.0%,稳定度 98%,2020→2022 成本通胀期毛利率变化 6.6 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 8%,资本开支/折旧 0.20 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 20.7 倍 粗算,约 76%(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 -3%,最大回撤 -34%,年化波动 33%,现价在 52 周高点的 87%;近 20 / 60 / 120 日 20% / 22% / -9%。", "行业对照": ["同申万二级「软件开发」135 家中位:PE 82.7 / 股息率 0.5% / 毛利率 48.7% / 固定资产占比 9% / 分红率 45%。", "理工能科:PE 比行业中位低 62.0倍;股息率 比行业中位高 4.1个百分点;毛利率 比行业中位高 14.3个百分点;固定资产占比 比行业中位低 0.5个百分点。"]}}