{"F": {"ts_code": "002421.SZ", "name": "达实智能", "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": "20100603", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 3.38, "pe_ttm": null, "pb": 2.6414, "dv_ttm": null, "total_mv": 716756.6146, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [30.2, 31.2, 26.9, 23.9, 27.5, 20.3], "rev_series": [32.1, 31.6, 35.9, 38.3, 31.7, 20.2], "np_series": [3.2, -5.0, 2.1, 1.1, 0.3, -6.5], "roe_series": [10.7, -17.8, 8.1, 3.7, 0.8, -21.3], "period": "20260630", "rev_ttm": 21.3, "np_ttm": -5.8, "ocf_ttm": 1.2, "fcf_ttm": 0.8, "fcf_yield": 1.1, "ocf_yield": 1.7, "gm_median": 26.9, "gm_std": 3.7, "gm_stab": 0.86, "gm_chg_2022": -3.3, "npm_median": 0.7, "roe_median": 0.8, "commodity": false, "hard_ratio": 10.5, "fix_assets": 7.7, "goodwill_ratio": 0.0, "pb_calc": 2.64, "capex_dep": 0.94, "interest_debt": 24.3, "debt_ebitda": null, "debt_ratio": 62.6, "debt_mv": 34.0, "payout": 38.7, "div_years": 3, "rev_cagr3": -17.4, "np_cagr3": null, "rev_yoy": 10.2, "np_yoy": 79.5, "np_vol": 1033.5, "loss_years": 2, "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": [["智慧空间整体解决方案业务", 76.0], ["智慧空间产品及技术服务业务", 13.0], ["智慧空间运营服务及其他业务", 5.0], ["其他主营业务", 5.0]], "ret_prev_year": -16.8, "ret_prev2_year": 7.2, "ret_ytd": 18.6, "ret_pivot": 40.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.9, "ret_60": -30.9, "ret_120": 19.9, "ret_250": -7.9, "mdd_250": -54.5, "vol_250": 59.8, "pos_52w": 59.0}, "S": {"duration": 100, "pricing": 49, "hard": 17, "bondness": 37}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -5.8 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 63%,有息负债 24 亿,经营现金流/市值 1.7%: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 10%,毛利率近 5 年中位 26.9%。", "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 1.1%(经营现金流/市值 1.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 26.9%,稳定度 86%,2020→2022 成本通胀期毛利率变化 -3.3 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 10%,资本开支/折旧 0.94 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 -8%,最大回撤 -54%,年化波动 60%,现价在 52 周高点的 59%;近 20 / 60 / 120 日 -1% / -31% / 20%。", "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%。", "达实智能:PE ;股息率 ;毛利率 比行业中位低 1.2个百分点;固定资产占比 比行业中位高 1.9个百分点。"]}}