{"F": {"ts_code": "300288.SZ", "name": "朗玛信息", "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": "20120216", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 10.07, "pe_ttm": null, "pb": 3.1637, "dv_ttm": 0.0993, "total_mv": 340306.9898, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [38.1, 39.9, 37.8, 39.0, 33.3, 30.4], "rev_series": [3.8, 4.1, 4.4, 4.6, 3.8, 3.0], "np_series": [0.5, 0.6, 0.7, 0.8, -5.1, 0.1], "roe_series": [3.3, 4.4, 4.7, 4.9, -38.1, 0.9], "period": "20260630", "rev_ttm": 2.7, "np_ttm": -0.1, "ocf_ttm": 0.1, "fcf_ttm": 0.0, "fcf_yield": 0.1, "ocf_yield": 0.4, "gm_median": 37.8, "gm_std": 3.6, "gm_stab": 0.9, "gm_chg_2022": -0.4, "npm_median": 13.9, "roe_median": 4.4, "commodity": false, "hard_ratio": 31.3, "fix_assets": 4.1, "goodwill_ratio": 0.3, "pb_calc": 3.16, "capex_dep": 0.44, "interest_debt": 0.3, "debt_ebitda": null, "debt_ratio": 17.1, "debt_mv": 0.8, "payout": 26.4, "div_years": 4, "rev_cagr3": -11.9, "np_cagr3": -49.0, "rev_yoy": -18.2, "np_yoy": -134.6, "np_vol": 322.3, "loss_years": 1, "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", 49.0], ["医疗服务", 34.0], ["医疗信息服务", 10.0], ["移动转售业务", 4.0]], "ret_prev_year": -7.8, "ret_prev2_year": -10.8, "ret_ytd": -25.1, "ret_pivot": -10.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.2, "ret_60": 5.9, "ret_120": -25.6, "ret_250": -39.9, "mdd_250": -48.5, "vol_250": 34.0, "pos_52w": 59.5}, "S": {"duration": 100, "pricing": 58, "hard": 50, "bondness": 33}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -0.1 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 17%,有息负债 0 亿,经营现金流/市值 0.4%: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": "硬资产占比 31%、毛利率 37.8% 两条都占,但所在行业(计算机)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "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 0.1%(经营现金流/市值 0.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 37.8%,稳定度 90%,2020→2022 成本通胀期毛利率变化 -0.4 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 31%,资本开支/折旧 0.44 倍。涨。"], ["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 -40%,最大回撤 -48%,年化波动 34%,现价在 52 周高点的 60%;近 20 / 60 / 120 日 1% / 6% / -26%。", "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%。", "朗玛信息:PE ;股息率 比行业中位低 0.3个百分点;毛利率 比行业中位高 9.7个百分点;固定资产占比 比行业中位高 22.7个百分点。"]}}