{"F": {"ts_code": "300768.SZ", "name": "迪普科技", "mkt": "CN", "ccy": "元", "sw1": "计算机", "sw2": "软件开发", "sw3": "横向通用软件", "ind": "软件开发", "fin_source": "tushare", "market": "创业板", "list_date": "20190412", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 14.88, "pe_ttm": 47.5446, "pb": 2.7116, "dv_ttm": 0.5326, "total_mv": 958017.552, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [70.5, 71.4, 67.8, 68.8, 67.3, 62.9], "rev_series": [8.9, 10.3, 8.9, 10.3, 11.5, 12.2], "np_series": [2.8, 3.1, 1.5, 1.3, 1.6, 1.8], "roe_series": [15.3, 12.1, 4.7, 3.9, 4.9, 5.3], "period": "20260630", "rev_ttm": 12.0, "np_ttm": 2.0, "ocf_ttm": 1.9, "fcf_ttm": 0.9, "fcf_yield": 0.9, "ocf_yield": 2.0, "gm_median": 67.8, "gm_std": 2.8, "gm_stab": 0.96, "gm_chg_2022": -2.7, "npm_median": 14.9, "roe_median": 4.9, "commodity": false, "hard_ratio": 10.7, "fix_assets": 4.3, "goodwill_ratio": 0.0, "pb_calc": 2.71, "capex_dep": 3.67, "interest_debt": 0.1, "debt_ebitda": 0.1, "debt_ratio": 11.8, "debt_mv": 0.1, "payout": 32.0, "div_years": 5, "rev_cagr3": 10.9, "np_cagr3": 6.6, "rev_yoy": -2.5, "np_yoy": 38.9, "np_vol": 27.9, "loss_years": 0, "far_share": 89.0, "earn_yield": 2.1, "consensus_n": 2, "fwd_pe": 44.4, "fwd_pe2": 38.6, "fwd_g1": 7.0, "fwd_g2": 15.0, "peg": 2.96, "consensus_disp": null, "mainbz": [["网络安全产品", 47.0], ["应用交付及网络产品", 19.0], ["应用交付产品", 19.0], ["其他业务", 8.0]], "ret_prev_year": 6.4, "ret_prev2_year": 19.3, "ret_ytd": -19.3, "ret_pivot": 18.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -11.9, "ret_60": 7.0, "ret_120": -13.7, "ret_250": -23.1, "mdd_250": -45.3, "vol_250": 44.5, "pos_52w": 61.0}, "S": {"duration": 70, "pricing": 73, "hard": 17, "bondness": 24}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 47.5 倍、股息率 0.5%、毛利率近 5 年中位 67.8%、固定资产占比 11%、有息负债/EBITDA 0.1 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 67.8%),硬资产占比 11%。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": "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 0.9%(经营现金流/市值 2.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 67.8%,稳定度 96%,2020→2022 成本通胀期毛利率变化 -2.7 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 11%,资本开支/折旧 3.67 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 47.5 倍 粗算,约 89%(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 -23%,最大回撤 -45%,年化波动 44%,现价在 52 周高点的 61%;近 20 / 60 / 120 日 -12% / 7% / -14%。", "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%。", "迪普科技:PE 比行业中位低 35.2倍;股息率 与行业中位持平;毛利率 比行业中位高 19.1个百分点;固定资产占比 比行业中位高 1.9个百分点。"]}}