{"F": {"ts_code": "300271.SZ", "name": "华宇软件", "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": "20111026", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 5.84, "pe_ttm": null, "pb": 1.3422, "dv_ttm": null, "total_mv": 474126.6488, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [34.8, 25.2, 20.8, 22.8, 32.3, 35.0], "rev_series": [33.6, 57.5, 22.2, 17.7, 16.3, 16.2], "np_series": [2.9, 2.9, -9.8, -13.1, -5.1, -2.0], "roe_series": [4.7, 4.5, -15.9, -26.3, -12.7, -5.3], "period": "20260630", "rev_ttm": 16.6, "np_ttm": -1.7, "ocf_ttm": -1.9, "fcf_ttm": -2.5, "fcf_yield": -5.2, "ocf_yield": -4.0, "gm_median": 25.2, "gm_std": 5.5, "gm_stab": 0.78, "gm_chg_2022": -14.0, "npm_median": -31.9, "roe_median": -12.7, "commodity": false, "hard_ratio": 6.9, "fix_assets": 3.2, "goodwill_ratio": 1.9, "pb_calc": 1.34, "capex_dep": 3.51, "interest_debt": 0.3, "debt_ebitda": 0.9, "debt_ratio": 21.0, "debt_mv": 0.7, "payout": null, "div_years": 0, "rev_cagr3": -10.0, "np_cagr3": null, "rev_yoy": 7.7, "np_yoy": 31.3, "np_vol": 186.2, "loss_years": 4, "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], ["运维服务", 21.0], ["应用软件", 17.0], ["系统建设服务", 12.0]], "ret_prev_year": 3.4, "ret_prev2_year": -14.3, "ret_ytd": -19.6, "ret_pivot": 18.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.0, "ret_60": 12.5, "ret_120": -20.9, "ret_250": -35.3, "mdd_250": -48.1, "vol_250": 37.4, "pos_52w": 64.0}, "S": {"duration": 100, "pricing": 44, "hard": 11, "bondness": 23}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -1.7 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 21%,有息负债 0 亿,经营现金流/市值 -4.0%: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 7%,毛利率近 5 年中位 25.2%。", "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 -5.2%(经营现金流/市值 -4.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 25.2%,稳定度 78%,2020→2022 成本通胀期毛利率变化 -14.0 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 3.51 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 -35%,最大回撤 -48%,年化波动 37%,现价在 52 周高点的 64%;近 20 / 60 / 120 日 3% / 12% / -21%。", "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%。", "华宇软件:PE ;股息率 ;毛利率 比行业中位低 2.9个百分点;固定资产占比 比行业中位低 1.7个百分点。"]}}