{"F": {"ts_code": "300113.SZ", "name": "顺网科技", "mkt": "CN", "ccy": "元", "sw1": "传媒", "sw2": "游戏Ⅱ", "sw3": "游戏Ⅲ", "ind": "游戏Ⅱ", "fin_source": "tushare", "market": "创业板", "list_date": "20100827", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 17.24, "pe_ttm": 28.0474, "pb": 4.4342, "dv_ttm": 0.6961, "total_mv": 1162258.5636, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [61.7, 60.4, 49.4, 49.2, 41.1, 48.5], "rev_series": [10.4, 11.4, 11.2, 14.3, 18.4, 17.4], "np_series": [0.9, 0.6, -4.1, 1.7, 2.5, 4.2], "roe_series": [3.6, 2.5, -18.8, 8.7, 11.9, 17.5], "period": "20260630", "rev_ttm": 13.0, "np_ttm": 4.1, "ocf_ttm": 3.7, "fcf_ttm": 2.7, "fcf_yield": 2.3, "ocf_yield": 3.2, "gm_median": 49.2, "gm_std": 6.2, "gm_stab": 0.87, "gm_chg_2022": -12.3, "npm_median": 13.4, "roe_median": 8.7, "commodity": false, "hard_ratio": 7.0, "fix_assets": 2.2, "goodwill_ratio": 10.2, "pb_calc": 4.43, "capex_dep": 3.98, "interest_debt": 0.7, "debt_ebitda": 0.2, "debt_ratio": 15.0, "debt_mv": 0.6, "payout": 24.3, "div_years": 5, "rev_cagr3": 15.8, "np_cagr3": null, "rev_yoy": -44.0, "np_yoy": -2.0, "np_vol": 332.4, "loss_years": 1, "far_share": 82.0, "earn_yield": 3.6, "consensus_n": 4, "fwd_pe": 25.7, "fwd_pe2": 20.0, "fwd_g1": 9.0, "fwd_g2": 28.0, "peg": 0.92, "consensus_disp": null, "mainbz": [["产品", 50.0], ["网络广告及增值业务", 34.0], ["游戏业务", 16.0], ["其他主营业务", 0.0]], "ret_prev_year": 21.2, "ret_prev2_year": 21.1, "ret_ytd": -14.3, "ret_pivot": 66.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.9, "ret_60": -9.1, "ret_120": -35.7, "ret_250": -39.7, "mdd_250": -46.7, "vol_250": 59.9, "pos_52w": 57.5}, "S": {"duration": 50, "pricing": 59, "hard": 11, "bondness": 17}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 28.0 倍、股息率 0.7%、毛利率近 5 年中位 49.2%、固定资产占比 7%、有息负债/EBITDA 0.2 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 49.2%),硬资产占比 7%。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 2.3%(经营现金流/市值 3.2%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 49.2%,稳定度 87%,2020→2022 成本通胀期毛利率变化 -12.3 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 7%,资本开支/折旧 3.98 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 28.0 倍 粗算,约 82%(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 -40%,最大回撤 -47%,年化波动 60%,现价在 52 周高点的 58%;近 20 / 60 / 120 日 -7% / -9% / -36%。", "行业对照": ["同申万二级「游戏Ⅱ」26 家中位:PE 24.6 / 股息率 1.1% / 毛利率 60.8% / 固定资产占比 4% / 分红率 43%。", "顺网科技:PE 比行业中位高 3.4倍;股息率 比行业中位低 0.4个百分点;毛利率 比行业中位低 11.6个百分点;固定资产占比 比行业中位高 3.0个百分点。"]}}