{"F": {"ts_code": "002657.SZ", "name": "中科金财", "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": "20120228", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 16.55, "pe_ttm": null, "pb": 3.5199, "dv_ttm": null, "total_mv": 561564.5045, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [15.3, 18.6, 21.3, 20.7, 20.8, 22.6], "rev_series": [17.6, 16.1, 12.3, 10.0, 10.8, 8.6], "np_series": [0.1, -0.9, -1.7, -1.1, -0.6, -1.1], "roe_series": [0.3, -4.2, -8.1, -5.7, -3.2, -6.1], "period": "20260630", "rev_ttm": 9.0, "np_ttm": -1.7, "ocf_ttm": -2.3, "fcf_ttm": -2.6, "fcf_yield": -4.6, "ocf_yield": -4.1, "gm_median": 20.8, "gm_std": 1.3, "gm_stab": 0.94, "gm_chg_2022": 6.0, "npm_median": -11.1, "roe_median": -5.7, "commodity": false, "hard_ratio": 5.8, "fix_assets": 1.3, "goodwill_ratio": 1.0, "pb_calc": 3.52, "capex_dep": 0.66, "interest_debt": 2.1, "debt_ebitda": null, "debt_ratio": 29.8, "debt_mv": 3.8, "payout": null, "div_years": 0, "rev_cagr3": -11.5, "np_cagr3": null, "rev_yoy": 15.7, "np_yoy": -68.6, "np_vol": 571.6, "loss_years": 5, "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": [["银行影像解决方案", 33.0], ["金融科技综合服务", 33.0], ["人工智能综合服务", 24.0], ["数据中心综合服务", 10.0]], "ret_prev_year": 63.0, "ret_prev2_year": 0.5, "ret_ytd": -44.6, "ret_pivot": 44.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.7, "ret_60": -18.7, "ret_120": -32.6, "ret_250": -64.2, "mdd_250": -70.9, "vol_250": 49.9, "pos_52w": 36.3}, "S": {"duration": 100, "pricing": 55, "hard": 9, "bondness": 23}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -1.7 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 30%,有息负债 2 亿,经营现金流/市值 -4.1%: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 6%,毛利率近 5 年中位 20.8%。", "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 -4.6%(经营现金流/市值 -4.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 20.8%,稳定度 94%,2020→2022 成本通胀期毛利率变化 6.0 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 6%,资本开支/折旧 0.66 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 -64%,最大回撤 -71%,年化波动 50%,现价在 52 周高点的 36%;近 20 / 60 / 120 日 5% / -19% / -33%。", "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%。", "中科金财:PE ;股息率 ;毛利率 比行业中位低 7.3个百分点;固定资产占比 比行业中位低 2.8个百分点。"]}}