{"F": {"ts_code": "002331.SZ", "name": "皖通科技", "mkt": "CN", "ccy": "元", "sw1": "计算机", "sw2": "IT服务Ⅱ", "sw3": "IT服务Ⅲ", "ind": "IT服务Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20100106", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 7.08, "pe_ttm": null, "pb": 2.1461, "dv_ttm": null, "total_mv": 303314.1384, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [24.6, 23.8, 21.9, 24.4, 25.5, 12.2], "rev_series": [15.8, 10.1, 9.8, 10.1, 12.1, 13.4], "np_series": [-2.0, -0.9, -1.0, -0.8, 0.4, -3.3], "roe_series": [-9.4, -4.7, -5.7, -4.6, 2.2, -20.5], "period": "20260630", "rev_ttm": 14.6, "np_ttm": -3.5, "ocf_ttm": -0.8, "fcf_ttm": -0.9, "fcf_yield": -3.0, "ocf_yield": -2.5, "gm_median": 23.8, "gm_std": 4.8, "gm_stab": 0.8, "gm_chg_2022": -2.7, "npm_median": -8.3, "roe_median": -4.7, "commodity": false, "hard_ratio": 7.4, "fix_assets": 2.2, "goodwill_ratio": 0.0, "pb_calc": 2.15, "capex_dep": 0.48, "interest_debt": 4.6, "debt_ebitda": null, "debt_ratio": 48.3, "debt_mv": 15.2, "payout": 33.3, "div_years": 1, "rev_cagr3": 10.9, "np_cagr3": null, "rev_yoy": 37.1, "np_yoy": -75.9, "np_vol": 417.6, "loss_years": 4, "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", 36.0], ["系统集成设备", 28.0], ["系统集成", 28.0], ["技术服务", 8.0]], "ret_prev_year": 21.4, "ret_prev2_year": -12.6, "ret_ytd": -20.6, "ret_pivot": 6.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.6, "ret_60": -15.3, "ret_120": -18.8, "ret_250": -19.2, "mdd_250": -40.9, "vol_250": 39.7, "pos_52w": 66.9}, "S": {"duration": 100, "pricing": 45, "hard": 12, "bondness": 24}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -3.5 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 48%,有息负债 5 亿,经营现金流/市值 -2.5%: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 7%,毛利率近 5 年中位 23.8%。", "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 -3.0%(经营现金流/市值 -2.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 23.8%,稳定度 80%,2020→2022 成本通胀期毛利率变化 -2.7 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 7%,资本开支/折旧 0.48 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 -19%,最大回撤 -41%,年化波动 40%,现价在 52 周高点的 67%;近 20 / 60 / 120 日 2% / -15% / -19%。", "行业对照": ["同申万二级「IT服务Ⅱ」134 家中位:PE 84.0 / 股息率 0.4% / 毛利率 28.1% / 固定资产占比 9% / 分红率 35%。", "皖通科技:PE ;股息率 ;毛利率 比行业中位低 4.3个百分点;固定资产占比 比行业中位低 1.2个百分点。"]}}