{"F": {"ts_code": "300369.SZ", "name": "绿盟科技", "mkt": "CN", "ccy": "元", "sw1": "计算机", "sw2": "软件开发", "sw3": "横向通用软件", "ind": "软件开发", "fin_source": "tushare", "market": "创业板", "list_date": "20140129", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 7.97, "pe_ttm": null, "pb": 2.5422, "dv_ttm": null, "total_mv": 646065.6543, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [70.4, 61.4, 62.3, 46.1, 53.8, 53.9], "rev_series": [20.1, 26.1, 26.3, 16.8, 23.6, 25.4], "np_series": [3.0, 3.4, 0.3, -9.8, -3.6, -0.5], "roe_series": [8.8, 9.7, 0.8, -30.5, -13.8, -1.8], "period": "20260630", "rev_ttm": 25.5, "np_ttm": -0.0, "ocf_ttm": 3.3, "fcf_ttm": 1.3, "fcf_yield": 2.1, "ocf_yield": 5.1, "gm_median": 53.9, "gm_std": 5.9, "gm_stab": 0.89, "gm_chg_2022": -8.1, "npm_median": -1.8, "roe_median": -1.8, "commodity": false, "hard_ratio": 4.7, "fix_assets": 2.1, "goodwill_ratio": 7.4, "pb_calc": 2.54, "capex_dep": 3.83, "interest_debt": 5.5, "debt_ebitda": 1.9, "debt_ratio": 43.9, "debt_mv": 8.5, "payout": null, "div_years": 2, "rev_cagr3": -1.1, "np_cagr3": null, "rev_yoy": 1.5, "np_yoy": 24.8, "np_vol": 1415.3, "loss_years": 3, "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", 47.0], ["安全产品", 21.0], ["安全服务", 20.0], ["第三方产品和服务", 6.0]], "ret_prev_year": 4.0, "ret_prev2_year": -23.8, "ret_ytd": 6.6, "ret_pivot": 30.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 6.3, "ret_60": 38.4, "ret_120": -17.3, "ret_250": -5.6, "mdd_250": -51.7, "vol_250": 58.2, "pos_52w": 73.4}, "S": {"duration": 100, "pricing": 62, "hard": 8, "bondness": 26}, "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 -0.0 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 44%,有息负债 6 亿,经营现金流/市值 5.1%: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": "只占定价权一条(毛利率 53.9%),硬资产占比 5%。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": "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 2.1%(经营现金流/市值 5.1%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 53.9%,稳定度 89%,2020→2022 成本通胀期毛利率变化 -8.1 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 5%,资本开支/折旧 3.83 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 -6%,最大回撤 -52%,年化波动 58%,现价在 52 周高点的 73%;近 20 / 60 / 120 日 6% / 38% / -17%。", "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%。", "绿盟科技:PE ;股息率 ;毛利率 比行业中位高 5.2个百分点;固定资产占比 比行业中位低 4.1个百分点。"]}}