{"F": {"ts_code": "300674.SZ", "name": "宇信科技", "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": "20181107", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 18.19, "pe_ttm": 24.5918, "pb": 2.7318, "dv_ttm": 1.6432, "total_mv": 1280679.683, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [35.2, 34.1, 27.0, 25.9, 29.0, 32.1], "rev_series": [29.8, 37.3, 42.8, 52.0, 39.6, 36.2], "np_series": [4.5, 4.0, 2.5, 3.3, 3.8, 4.3], "roe_series": [21.7, 15.6, 7.7, 8.2, 9.1, 9.8], "period": "20260630", "rev_ttm": 35.0, "np_ttm": 5.2, "ocf_ttm": 3.6, "fcf_ttm": 3.4, "fcf_yield": 2.7, "ocf_yield": 2.8, "gm_median": 29.0, "gm_std": 3.1, "gm_stab": 0.89, "gm_chg_2022": -8.1, "npm_median": 9.7, "roe_median": 9.1, "commodity": false, "hard_ratio": 9.4, "fix_assets": 5.5, "goodwill_ratio": 0.3, "pb_calc": 2.73, "capex_dep": 1.09, "interest_debt": 0.9, "debt_ebitda": 0.2, "debt_ratio": 20.3, "debt_mv": 0.7, "payout": 47.3, "div_years": 5, "rev_cagr3": -5.4, "np_cagr3": 19.5, "rev_yoy": -8.7, "np_yoy": 40.3, "np_vol": 23.4, "loss_years": 0, "far_share": 80.0, "earn_yield": 4.1, "consensus_n": 5, "fwd_pe": 25.4, "fwd_pe2": 21.6, "fwd_g1": -3.0, "fwd_g2": 17.0, "peg": 1.49, "consensus_disp": null, "mainbz": [["产品", 50.0], ["银行IT解决方案", 44.0], ["非银IT解决方案", 4.0], ["创新业务", 2.0]], "ret_prev_year": 26.4, "ret_prev2_year": 22.2, "ret_ytd": -24.1, "ret_pivot": 71.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 11.9, "ret_60": 16.2, "ret_120": -15.0, "ret_250": -34.7, "mdd_250": -48.9, "vol_250": 41.2, "pos_52w": 64.8}, "S": {"duration": 46, "pricing": 49, "hard": 15, "bondness": 47}, "label": "中性", "tags": [], "text": {"像什么": ["PE 24.6 倍、股息率 1.6%、毛利率近 5 年中位 29.0%、固定资产占比 9%、有息负债/EBITDA 0.2 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 9%,毛利率近 5 年中位 29.0%。", "加息期怎么走": "按行业与估值常规看,没有明确的利率方向性。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 2.7%(经营现金流/市值 2.8%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 29.0%,稳定度 89%,2020→2022 成本通胀期毛利率变化 -8.1 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 9%,资本开支/折旧 1.09 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 24.6 倍 粗算,约 80%(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 -35%,最大回撤 -49%,年化波动 41%,现价在 52 周高点的 65%;近 20 / 60 / 120 日 12% / 16% / -15%。", "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%。", "宇信科技:PE 比行业中位低 59.4倍;股息率 比行业中位高 1.2个百分点;毛利率 比行业中位高 0.9个百分点;固定资产占比 比行业中位高 0.8个百分点。"]}}