{"F": {"ts_code": "300085.SZ", "name": "银之杰", "mkt": "CN", "ccy": "元", "sw1": "计算机", "sw2": "软件开发", "sw3": "垂直应用软件", "ind": "软件开发", "fin_source": "tushare", "market": "创业板", "list_date": "20100526", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 32.2, "pe_ttm": null, "pb": 53.8164, "dv_ttm": null, "total_mv": 2275382.41, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [25.4, 20.3, 24.3, 22.7, 25.3, 30.2], "rev_series": [13.9, 11.9, 11.2, 10.2, 8.6, 7.6], "np_series": [0.2, -2.8, -1.2, -1.2, -1.3, -1.3], "roe_series": [1.5, -24.4, -14.0, -16.2, -21.4, -27.3], "period": "20260630", "rev_ttm": 7.7, "np_ttm": -1.0, "ocf_ttm": 1.1, "fcf_ttm": 1.1, "fcf_yield": 0.5, "ocf_yield": 0.5, "gm_median": 24.3, "gm_std": 3.3, "gm_stab": 0.87, "gm_chg_2022": -1.1, "npm_median": -15.2, "roe_median": -21.4, "commodity": false, "hard_ratio": 1.0, "fix_assets": 0.1, "goodwill_ratio": 0.4, "pb_calc": 53.82, "capex_dep": 0.51, "interest_debt": 2.1, "debt_ebitda": null, "debt_ratio": 52.8, "debt_mv": 0.9, "payout": null, "div_years": 0, "rev_cagr3": -12.1, "np_cagr3": null, "rev_yoy": 4.0, "np_yoy": 57.6, "np_vol": 587.9, "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": [["产品", 50.0], ["电子商务", 31.0], ["短彩信通讯服务", 16.0], ["金融专用设备", 2.0]], "ret_prev_year": 4.8, "ret_prev2_year": 167.1, "ret_ytd": -19.7, "ret_pivot": 144.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.6, "ret_60": 30.4, "ret_120": -18.3, "ret_250": -41.5, "mdd_250": -58.7, "vol_250": 68.7, "pos_52w": 53.8}, "S": {"duration": 100, "pricing": 49, "hard": 2, "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 -1.0 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 53%,有息负债 2 亿,经营现金流/市值 0.5%: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 1%,毛利率近 5 年中位 24.3%。", "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 0.5%(经营现金流/市值 0.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 24.3%,稳定度 87%,2020→2022 成本通胀期毛利率变化 -1.1 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 1%,资本开支/折旧 0.51 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 -42%,最大回撤 -59%,年化波动 69%,现价在 52 周高点的 54%;近 20 / 60 / 120 日 4% / 30% / -18%。", "行业对照": ["同申万二级「软件开发」135 家中位:PE 82.7 / 股息率 0.5% / 毛利率 48.7% / 固定资产占比 9% / 分红率 45%。", "银之杰:PE ;股息率 ;毛利率 比行业中位低 24.4个百分点;固定资产占比 比行业中位低 7.8个百分点。"]}}