{"F": {"ts_code": "300550.SZ", "name": "和仁科技", "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": "20161018", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 13.73, "pe_ttm": 184.0765, "pb": 3.241, "dv_ttm": 0.2185, "total_mv": 360495.1546, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [43.1, 34.7, 20.4, 38.9, 46.3, 46.6], "rev_series": [4.5, 4.6, 3.6, 4.4, 4.1, 4.4], "np_series": [0.4, 0.3, -0.8, 0.4, 0.4, 0.5], "roe_series": [5.0, 3.1, -7.7, 3.7, 3.6, 4.2], "period": "20260630", "rev_ttm": 4.3, "np_ttm": 0.2, "ocf_ttm": 1.2, "fcf_ttm": 0.8, "fcf_yield": 2.2, "ocf_yield": 3.3, "gm_median": 38.9, "gm_std": 9.6, "gm_stab": 0.75, "gm_chg_2022": -22.6, "npm_median": 8.9, "roe_median": 3.6, "commodity": false, "hard_ratio": 5.0, "fix_assets": 0.7, "goodwill_ratio": 1.0, "pb_calc": 3.24, "capex_dep": 3.58, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 19.0, "debt_mv": 0.1, "payout": 16.7, "div_years": 4, "rev_cagr3": 6.5, "np_cagr3": null, "rev_yoy": -0.7, "np_yoy": -797.7, "np_vol": 162.3, "loss_years": 1, "far_share": 97.0, "earn_yield": 0.5, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["医疗信息系统", 57.0], ["场景化应用系统", 23.0], ["其他主营业务", 10.0], ["其他业务", 10.0]], "ret_prev_year": -4.1, "ret_prev2_year": 1.3, "ret_ytd": -5.2, "ret_pivot": 29.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 15.0, "ret_60": -3.1, "ret_120": 7.2, "ret_250": -6.7, "mdd_250": -38.4, "vol_250": 54.5, "pos_52w": 85.3}, "S": {"duration": 99, "pricing": 49, "hard": 8, "bondness": 21}, "label": "纯久期", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE TTM 184.1 倍,估值里约 97% 来自 5 年后的假设;固定资产占比 5%,几乎没有重置成本可言。", "贴现率每升 1 个百分点,杀伤按 PE 线性放大;这是纯数学,与基本面好坏无关。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 5%,毛利率近 5 年中位 38.9%。", "加息期怎么走": "加息期第一个被砸的就是它;拥挤龙头先被砸,那正是建仓窗口,但要等放水信号,别用最贵的票坐车。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 2.2%(经营现金流/市值 3.3%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 38.9%,稳定度 75%,2020→2022 成本通胀期毛利率变化 -22.6 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 3.58 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 184.1 倍 粗算,约 97%(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 -7%,最大回撤 -38%,年化波动 54%,现价在 52 周高点的 85%;近 20 / 60 / 120 日 15% / -3% / 7%。 长久期资产波动大是常态;", "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%。", "和仁科技:PE 比行业中位高 101.4倍;股息率 比行业中位低 0.3个百分点;毛利率 比行业中位低 9.8个百分点;固定资产占比 比行业中位低 3.8个百分点。"]}}