{"F": {"ts_code": "300561.SZ", "name": "汇金科技", "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": "20161117", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 16.74, "pe_ttm": null, "pb": 9.386, "dv_ttm": 0.1792, "total_mv": 549252.792, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [45.8, 49.2, 52.3, 47.6, 47.2, 46.8], "rev_series": [2.0, 1.7, 1.6, 1.4, 0.9, 1.1], "np_series": [0.2, 0.1, 0.1, 0.1, -0.2, -0.2], "roe_series": [2.6, 2.1, 1.1, 0.8, -3.4, -2.6], "period": "20260630", "rev_ttm": 1.1, "np_ttm": -0.2, "ocf_ttm": 0.0, "fcf_ttm": -0.0, "fcf_yield": -0.0, "ocf_yield": 0.0, "gm_median": 47.6, "gm_std": 2.0, "gm_stab": 0.96, "gm_chg_2022": 6.5, "npm_median": 4.1, "roe_median": 0.8, "commodity": false, "hard_ratio": 8.8, "fix_assets": 0.6, "goodwill_ratio": 1.0, "pb_calc": 9.39, "capex_dep": 0.78, "interest_debt": 0.2, "debt_ebitda": null, "debt_ratio": 8.8, "debt_mv": 0.3, "payout": 218.8, "div_years": 5, "rev_cagr3": -10.7, "np_cagr3": null, "rev_yoy": -14.5, "np_yoy": -230.9, "np_vol": 196.9, "loss_years": 2, "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], ["银行现金及重控物品管理解决方案", 28.0], ["银行自助设备现金管理系统解决方案", 15.0], ["银行系统AI鉴权及音视频采集解决方案", 2.0]], "ret_prev_year": -73.3, "ret_prev2_year": 369.2, "ret_ytd": 14.0, "ret_pivot": 58.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -9.3, "ret_60": 33.7, "ret_120": 31.8, "ret_250": -1.9, "mdd_250": -55.4, "vol_250": 84.9, "pos_52w": 67.9}, "S": {"duration": 100, "pricing": 69, "hard": 14, "bondness": 59}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.2 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 9%,有息负债 0 亿,经营现金流/市值 0.0%: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 47.6%),硬资产占比 9%。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 -0.0%(经营现金流/市值 0.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 47.6%,稳定度 96%,2020→2022 成本通胀期毛利率变化 6.5 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 9%,资本开支/折旧 0.78 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 -2%,最大回撤 -55%,年化波动 85%,现价在 52 周高点的 68%;近 20 / 60 / 120 日 -9% / 34% / 32%。", "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%。", "汇金科技:PE ;股息率 比行业中位低 0.3个百分点;毛利率 比行业中位低 1.1个百分点;固定资产占比 与行业中位持平。"]}}