{"F": {"ts_code": "300017.SZ", "name": "网宿科技", "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": "创业板", "list_date": "20091030", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 15.65, "pe_ttm": 50.4019, "pb": 3.7596, "dv_ttm": 2.1086, "total_mv": 3905746.676, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [25.3, 25.3, 26.2, 32.2, 31.4, 35.5], "rev_series": [56.9, 45.8, 50.8, 47.1, 49.3, 46.6], "np_series": [2.2, 1.7, 1.9, 6.1, 6.7, 8.0], "roe_series": [2.5, 1.9, 2.1, 6.6, 6.9, 7.9], "period": "20260630", "rev_ttm": 46.3, "np_ttm": 7.7, "ocf_ttm": 9.7, "fcf_ttm": 7.3, "fcf_yield": 1.9, "ocf_yield": 2.5, "gm_median": 31.4, "gm_std": 3.8, "gm_stab": 0.88, "gm_chg_2022": 0.9, "npm_median": 12.9, "roe_median": 6.6, "commodity": false, "hard_ratio": 5.9, "fix_assets": 7.0, "goodwill_ratio": 0.0, "pb_calc": 3.76, "capex_dep": 1.65, "interest_debt": 3.8, "debt_ebitda": 0.5, "debt_ratio": 11.8, "debt_mv": 1.0, "payout": 89.3, "div_years": 5, "rev_cagr3": -2.9, "np_cagr3": 61.3, "rev_yoy": -1.4, "np_yoy": -6.6, "np_vol": 88.2, "loss_years": 0, "far_share": 90.0, "earn_yield": 2.0, "consensus_n": 5, "fwd_pe": 45.0, "fwd_pe2": 35.9, "fwd_g1": 12.0, "fwd_g2": 25.0, "peg": 1.8, "consensus_disp": null, "mainbz": [["CDN服务", 36.0], ["CDN及边缘计算", 36.0], ["安全及增值服务", 21.0], ["IDC服务", 3.0]], "ret_prev_year": -0.7, "ret_prev2_year": 42.3, "ret_ytd": 57.8, "ret_pivot": 152.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.8, "ret_60": 12.0, "ret_120": -10.2, "ret_250": 28.9, "mdd_250": -46.6, "vol_250": 73.4, "pos_52w": 70.5}, "S": {"duration": 72, "pricing": 55, "hard": 9, "bondness": 65}, "label": "中性", "tags": [], "text": {"像什么": ["PE 50.4 倍、股息率 2.1%、毛利率近 5 年中位 31.4%、固定资产占比 6%、有息负债/EBITDA 0.5 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 31.4%),硬资产占比 6%。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": "按行业与估值常规看,没有明确的利率方向性。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 1.9%(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 31.4%,稳定度 88%,2020→2022 成本通胀期毛利率变化 0.9 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 6%,资本开支/折旧 1.65 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 50.4 倍 粗算,约 90%(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 29%,最大回撤 -47%,年化波动 73%,现价在 52 周高点的 70%;近 20 / 60 / 120 日 2% / 12% / -10%。", "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%。", "网宿科技:PE 比行业中位低 33.6倍;股息率 比行业中位高 1.7个百分点;毛利率 比行业中位高 3.3个百分点;固定资产占比 比行业中位低 2.7个百分点。"]}}