{"F": {"ts_code": "300872.SZ", "name": "天阳科技", "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": "20200824", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 16.04, "pe_ttm": null, "pb": 2.1896, "dv_ttm": null, "total_mv": 782946.2444, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [35.8, 31.6, 27.7, 28.7, 28.4, 17.8], "rev_series": [13.2, 17.8, 19.8, 19.4, 17.7, 17.8], "np_series": [1.3, 1.0, 0.6, 1.2, 0.8, -1.4], "roe_series": [8.5, 4.4, 2.7, 4.8, 2.7, -4.1], "period": "20260630", "rev_ttm": 17.4, "np_ttm": -1.3, "ocf_ttm": 0.8, "fcf_ttm": -1.9, "fcf_yield": -2.4, "ocf_yield": 1.0, "gm_median": 28.4, "gm_std": 4.7, "gm_stab": 0.83, "gm_chg_2022": -8.1, "npm_median": 4.3, "roe_median": 2.7, "commodity": false, "hard_ratio": 5.8, "fix_assets": 2.8, "goodwill_ratio": 2.0, "pb_calc": 2.19, "capex_dep": 13.86, "interest_debt": 6.2, "debt_ebitda": null, "debt_ratio": 24.1, "debt_mv": 7.9, "payout": 20.5, "div_years": 3, "rev_cagr3": -3.5, "np_cagr3": null, "rev_yoy": -3.3, "np_yoy": 17.6, "np_vol": 120.8, "loss_years": 1, "far_share": 100, "earn_yield": null, "consensus_n": 2, "fwd_pe": 86.7, "fwd_pe2": 52.6, "fwd_g1": null, "fwd_g2": 65.0, "peg": 1.33, "consensus_disp": null, "mainbz": [["技术开发类", 29.0], ["技术开发", 29.0], ["技术服务类", 20.0], ["技术服务", 20.0]], "ret_prev_year": 31.0, "ret_prev2_year": 15.6, "ret_ytd": -22.0, "ret_pivot": 49.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -2.3, "ret_60": -8.9, "ret_120": -7.8, "ret_250": -40.9, "mdd_250": -50.2, "vol_250": 48.2, "pos_52w": 57.2}, "S": {"duration": 100, "pricing": 47, "hard": 9, "bondness": 30}, "label": "亏损或困境", "tags": ["资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -1.3 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 24%,有息负债 6 亿,经营现金流/市值 1.0%: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": "两条都不占:固定资产占比 6%,毛利率近 5 年中位 28.4%。", "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 -2.4%(经营现金流/市值 1.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 28.4%,稳定度 83%,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 6%,资本开支/折旧 13.86 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 -41%,最大回撤 -50%,年化波动 48%,现价在 52 周高点的 57%;近 20 / 60 / 120 日 -2% / -9% / -8%。", "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%。", "天阳科技:PE ;股息率 ;毛利率 比行业中位高 0.3个百分点;固定资产占比 比行业中位低 2.8个百分点。"]}}