{"F": {"ts_code": "300520.SZ", "name": "科大国创", "mkt": "CN", "ccy": "元", "sw1": "计算机", "sw2": "软件开发", "sw3": "垂直应用软件", "ind": "软件开发", "fin_source": "tushare", "market": "创业板", "list_date": "20160708", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 24.04, "pe_ttm": null, "pb": 4.2715, "dv_ttm": null, "total_mv": 702042.7644, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [31.8, 37.3, 26.0, 24.4, 36.9, 34.2], "rev_series": [15.1, 17.2, 24.0, 25.1, 19.0, 14.7], "np_series": [0.4, 1.0, -0.6, -3.8, -0.1, -1.8], "roe_series": [2.8, 7.4, -3.9, -22.8, -0.4, -10.1], "period": "20260630", "rev_ttm": 13.9, "np_ttm": -2.3, "ocf_ttm": -2.2, "fcf_ttm": -4.0, "fcf_yield": -5.6, "ocf_yield": -3.1, "gm_median": 34.2, "gm_std": 5.5, "gm_stab": 0.84, "gm_chg_2022": -5.7, "npm_median": -2.7, "roe_median": -3.9, "commodity": false, "hard_ratio": 28.7, "fix_assets": 10.3, "goodwill_ratio": 2.0, "pb_calc": 4.27, "capex_dep": 2.49, "interest_debt": 8.1, "debt_ebitda": null, "debt_ratio": 52.7, "debt_mv": 11.5, "payout": null, "div_years": 1, "rev_cagr3": -15.0, "np_cagr3": null, "rev_yoy": -15.8, "np_yoy": -68.2, "np_vol": 847.1, "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], ["数字化应用", 27.0], ["数字化产品", 23.0], ["其他业务", 0.0]], "ret_prev_year": 52.5, "ret_prev2_year": 5.2, "ret_ytd": -31.1, "ret_pivot": 68.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": -8.9, "ret_60": -14.1, "ret_120": -41.5, "ret_250": -13.5, "mdd_250": -58.1, "vol_250": 69.8, "pos_52w": 45.6}, "S": {"duration": 100, "pricing": 50, "hard": 46, "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 -2.3 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 53%,有息负债 8 亿,经营现金流/市值 -3.1%: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": "两条都不占:固定资产占比 29%,毛利率近 5 年中位 34.2%。", "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 -5.6%(经营现金流/市值 -3.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 34.2%,稳定度 84%,2020→2022 成本通胀期毛利率变化 -5.7 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 29%,资本开支/折旧 2.49 倍。有一些。"], ["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 -14%,最大回撤 -58%,年化波动 70%,现价在 52 周高点的 46%;近 20 / 60 / 120 日 -9% / -14% / -42%。", "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%。", "科大国创:PE ;股息率 ;毛利率 比行业中位低 14.5个百分点;固定资产占比 比行业中位高 19.9个百分点。"]}}