{"F": {"ts_code": "300130.SZ", "name": "新国都", "mkt": "CN", "ccy": "元", "sw1": "计算机", "sw2": "计算机设备", "sw3": "其他计算机设备", "ind": "计算机设备", "fin_source": "tushare", "market": "创业板", "list_date": "20101019", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 20.22, "pe_ttm": 24.7064, "pb": 2.5372, "dv_ttm": 2.7201, "total_mv": 1147091.721, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [27.0, 21.8, 25.3, 38.8, 40.6, 34.4], "rev_series": [26.3, 36.1, 43.2, 38.0, 31.5, 31.8], "np_series": [0.9, 2.0, 0.4, 7.6, 2.3, 4.7], "roe_series": [3.5, 8.1, 1.7, 21.3, 5.5, 10.9], "period": "20260630", "rev_ttm": 35.9, "np_ttm": 4.6, "ocf_ttm": 1.4, "fcf_ttm": 0.3, "fcf_yield": 0.2, "ocf_yield": 1.2, "gm_median": 34.4, "gm_std": 7.4, "gm_stab": 0.78, "gm_chg_2022": -1.7, "npm_median": 7.4, "roe_median": 8.1, "commodity": false, "hard_ratio": 1.0, "fix_assets": 0.6, "goodwill_ratio": 8.7, "pb_calc": 2.54, "capex_dep": 15.05, "interest_debt": 1.3, "debt_ebitda": 0.3, "debt_ratio": 29.3, "debt_mv": 1.1, "payout": 72.3, "div_years": 4, "rev_cagr3": -9.7, "np_cagr3": 118.8, "rev_yoy": 26.9, "np_yoy": -1.6, "np_vol": 632.6, "loss_years": 0, "far_share": 80.0, "earn_yield": 4.0, "consensus_n": 3, "fwd_pe": 20.8, "fwd_pe2": 16.1, "fwd_g1": 19.0, "fwd_g2": 29.0, "peg": 0.72, "consensus_disp": null, "mainbz": [["产品", 33.0], ["收单服务及其他收入", 20.0], ["收单及增值服务", 20.0], ["电子支付产品", 13.0]], "ret_prev_year": 31.9, "ret_prev2_year": -7.5, "ret_ytd": -25.6, "ret_pivot": 38.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.3, "ret_60": -3.3, "ret_120": -17.1, "ret_250": -38.1, "mdd_250": -48.5, "vol_250": 43.0, "pos_52w": 62.3}, "S": {"duration": 46, "pricing": 51, "hard": 2, "bondness": 63}, "label": "中性", "tags": ["资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["PE 24.7 倍、股息率 2.7%、毛利率近 5 年中位 34.4%、固定资产占比 1%、有息负债/EBITDA 0.3 倍:四轴都不突出。"], "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 34.4%。", "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 0.2%(经营现金流/市值 1.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 34.4%,稳定度 78%,2020→2022 成本通胀期毛利率变化 -1.7 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 15.05 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 24.7 倍 粗算,约 80%(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 -38%,最大回撤 -48%,年化波动 43%,现价在 52 周高点的 62%;近 20 / 60 / 120 日 3% / -3% / -17%。", "行业对照": ["同申万二级「计算机设备」88 家中位:PE 51.7 / 股息率 0.8% / 毛利率 35.8% / 固定资产占比 12% / 分红率 49%。", "新国都:PE 比行业中位低 27.0倍;股息率 比行业中位高 1.9个百分点;毛利率 比行业中位低 1.4个百分点;固定资产占比 比行业中位低 10.7个百分点。"]}}