{"F": {"ts_code": "300532.SZ", "name": "今天国际", "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": "20160818", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 7.4, "pe_ttm": 26.179, "pb": 2.5647, "dv_ttm": 3.858, "total_mv": 470373.822, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [29.4, 24.3, 27.7, 28.3, 26.8, 24.4], "rev_series": [9.3, 16.0, 24.1, 30.6, 23.7, 23.6], "np_series": [0.6, 0.9, 2.6, 3.9, 2.8, 2.4], "roe_series": [7.4, 9.1, 20.1, 25.4, 16.6, 13.5], "period": "20260630", "rev_ttm": 25.9, "np_ttm": 1.8, "ocf_ttm": 2.7, "fcf_ttm": 2.4, "fcf_yield": 5.2, "ocf_yield": 5.7, "gm_median": 26.8, "gm_std": 1.7, "gm_stab": 0.94, "gm_chg_2022": -1.7, "npm_median": 10.7, "roe_median": 16.6, "commodity": false, "hard_ratio": 2.9, "fix_assets": 1.6, "goodwill_ratio": 0.0, "pb_calc": 2.56, "capex_dep": 1.44, "interest_debt": 1.3, "debt_ebitda": 0.6, "debt_ratio": 67.1, "debt_mv": 2.8, "payout": 76.9, "div_years": 5, "rev_cagr3": -0.7, "np_cagr3": -3.0, "rev_yoy": 16.6, "np_yoy": -29.5, "np_vol": 74.4, "loss_years": 0, "far_share": 81.0, "earn_yield": 3.8, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 48.0], ["系统综合解决方案", 33.0], ["机器人产品", 11.0], ["运营维护", 3.0]], "ret_prev_year": 6.0, "ret_prev2_year": 6.3, "ret_ytd": -10.5, "ret_pivot": 18.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.4, "ret_60": 12.5, "ret_120": -7.9, "ret_250": -19.6, "mdd_250": -38.6, "vol_250": 37.0, "pos_52w": 74.7}, "S": {"duration": 48, "pricing": 53, "hard": 5, "bondness": 72}, "label": "现金流红利", "tags": [], "text": {"像什么": ["分红率 77%、股息率 3.9%、营收 3 年复合 -0.7%、有息负债/EBITDA 0.6 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 3%,毛利率近 5 年中位 26.8%。", "加息期怎么走": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "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 5.7%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 26.8%,稳定度 94%,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 3%,资本开支/折旧 1.44 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 26.2 倍 粗算,约 81%(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 -20%,最大回撤 -39%,年化波动 37%,现价在 52 周高点的 75%;近 20 / 60 / 120 日 5% / 12% / -8%。", "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%。", "今天国际:PE 比行业中位低 57.8倍;股息率 比行业中位高 3.5个百分点;毛利率 比行业中位低 1.3个百分点;固定资产占比 比行业中位低 5.7个百分点。"]}}