{"F": {"ts_code": "003005.SZ", "name": "竞业达", "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": "20200922", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 18.48, "pe_ttm": null, "pb": 2.445, "dv_ttm": 0.3788, "total_mv": 427606.3176, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [51.6, 43.8, 47.3, 48.2, 46.2, 44.1], "rev_series": [6.0, 6.6, 4.4, 4.1, 4.8, 4.8], "np_series": [1.5, 1.2, 0.5, 0.1, 0.4, 0.1], "roe_series": [16.1, 8.8, 3.4, 0.7, 2.5, 0.5], "period": "20260630", "rev_ttm": 4.7, "np_ttm": -0.5, "ocf_ttm": -0.7, "fcf_ttm": -1.0, "fcf_yield": -2.4, "ocf_yield": -1.7, "gm_median": 46.2, "gm_std": 1.7, "gm_stab": 0.96, "gm_chg_2022": -4.3, "npm_median": 8.7, "roe_median": 2.5, "commodity": false, "hard_ratio": 19.8, "fix_assets": 4.1, "goodwill_ratio": 0.0, "pb_calc": 2.45, "capex_dep": 1.88, "interest_debt": 0.2, "debt_ebitda": null, "debt_ratio": 15.9, "debt_mv": 0.6, "payout": 150.5, "div_years": 3, "rev_cagr3": 2.9, "np_cagr3": -44.5, "rev_yoy": -5.1, "np_yoy": -291.8, "np_vol": 154.1, "loss_years": 0, "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", 33.0], ["销售产品", 16.0], ["产品销售", 16.0], ["解决方案类", 16.0]], "ret_prev_year": 6.5, "ret_prev2_year": -12.5, "ret_ytd": -9.1, "ret_pivot": 14.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 34.5, "ret_60": 24.4, "ret_120": -5.1, "ret_250": -23.5, "mdd_250": -52.3, "vol_250": 43.9, "pos_52w": 77.4}, "S": {"duration": 100, "pricing": 61, "hard": 32, "bondness": 57}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -0.5 亿,近 5 年亏损 0 年;PE 为负,估值指标失真。", "资产负债率 16%,有息负债 0 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": "只占定价权一条(毛利率 46.2%),硬资产占比 20%。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 -2.4%(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 46.2%,稳定度 96%,2020→2022 成本通胀期毛利率变化 -4.3 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 20%,资本开支/折旧 1.88 倍。有一些。"], ["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 -24%,最大回撤 -52%,年化波动 44%,现价在 52 周高点的 77%;近 20 / 60 / 120 日 34% / 24% / -5%。", "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%。", "竞业达:PE ;股息率 与行业中位持平;毛利率 比行业中位高 18.1个百分点;固定资产占比 比行业中位高 11.2个百分点。"]}}