{"F": {"ts_code": "300605.SZ", "name": "恒锋信息", "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": "20170208", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 10.54, "pe_ttm": null, "pb": 4.2227, "dv_ttm": null, "total_mv": 174061.9868, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [29.2, 23.5, 25.6, 25.8, 18.6, 17.5], "rev_series": [5.0, 6.1, 5.2, 4.8, 2.3, 4.4], "np_series": [0.6, 0.5, 0.4, 0.2, -0.9, -0.2], "roe_series": [11.4, 9.4, 7.4, 3.0, -16.2, -5.2], "period": "20260630", "rev_ttm": 2.9, "np_ttm": -0.7, "ocf_ttm": -0.5, "fcf_ttm": -0.8, "fcf_yield": -4.5, "ocf_yield": -3.1, "gm_median": 23.5, "gm_std": 3.5, "gm_stab": 0.85, "gm_chg_2022": -3.6, "npm_median": 3.5, "roe_median": 3.0, "commodity": false, "hard_ratio": 6.4, "fix_assets": 0.8, "goodwill_ratio": 0.1, "pb_calc": 4.0, "capex_dep": 1.96, "interest_debt": 4.7, "debt_ebitda": null, "debt_ratio": 65.9, "debt_mv": 27.0, "payout": 40.0, "div_years": 3, "rev_cagr3": -5.3, "np_cagr3": null, "rev_yoy": -56.2, "np_yoy": -1654.4, "np_vol": 247.1, "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", 36.0], ["智慧城市信息服务", 21.0], ["智慧城市信息技术服务", 21.0], ["养老服务等", 7.0]], "ret_prev_year": 33.6, "ret_prev2_year": -21.6, "ret_ytd": -32.7, "ret_pivot": 2.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.7, "ret_60": 3.6, "ret_120": -30.2, "ret_250": -37.2, "mdd_250": -57.4, "vol_250": 47.9, "pos_52w": 53.3}, "S": {"duration": 100, "pricing": 46, "hard": 10, "bondness": 37}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.7 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 66%,有息负债 5 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 6%,毛利率近 5 年中位 23.5%。", "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 -4.5%(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 23.5%,稳定度 85%,2020→2022 成本通胀期毛利率变化 -3.6 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 6%,资本开支/折旧 1.96 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 -37%,最大回撤 -57%,年化波动 48%,现价在 52 周高点的 53%;近 20 / 60 / 120 日 1% / 4% / -30%。", "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%。", "恒锋信息:PE ;股息率 ;毛利率 比行业中位低 25.2个百分点;固定资产占比 比行业中位低 2.4个百分点。"]}}