{"F": {"ts_code": "301159.SZ", "name": "三维天地", "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": "20220107", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 32.63, "pe_ttm": 77.2262, "pb": 4.0173, "dv_ttm": null, "total_mv": 252393.05, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [55.4, 51.2, 43.5, 53.8, 18.0, 44.7], "rev_series": [2.7, 3.2, 2.9, 3.3, 3.3, 3.8], "np_series": [0.5, 0.6, -0.5, 0.1, -1.9, 0.1], "roe_series": [17.8, 9.1, -5.2, 0.9, -24.8, 1.3], "period": "20260630", "rev_ttm": 3.9, "np_ttm": 0.3, "ocf_ttm": 0.4, "fcf_ttm": 0.3, "fcf_yield": 1.3, "ocf_yield": 1.5, "gm_median": 44.7, "gm_std": 12.7, "gm_stab": 0.72, "gm_chg_2022": -11.9, "npm_median": 1.9, "roe_median": 0.9, "commodity": false, "hard_ratio": 13.3, "fix_assets": 1.0, "goodwill_ratio": 0.0, "pb_calc": 4.02, "capex_dep": 1.0, "interest_debt": 0.1, "debt_ebitda": 0.3, "debt_ratio": 19.0, "debt_mv": 0.5, "payout": 100.0, "div_years": 2, "rev_cagr3": 10.0, "np_cagr3": null, "rev_yoy": 15.4, "np_yoy": 40.1, "np_vol": 1043.8, "loss_years": 2, "far_share": 94.0, "earn_yield": 1.3, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 27.0], ["软件产品销售与实施", 21.0], ["软件产品销售与实施：数据资产管理软件产品销售及实", 9.0], ["数据资产管理软件产品销售及实施", 9.0]], "ret_prev_year": 10.2, "ret_prev2_year": -26.7, "ret_ytd": -11.3, "ret_pivot": 20.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.0, "ret_60": 3.9, "ret_120": -30.1, "ret_250": -14.6, "mdd_250": -58.0, "vol_250": 60.1, "pos_52w": 52.8}, "S": {"duration": 85, "pricing": 51, "hard": 21, "bondness": 46}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 0.3 亿,近 5 年亏损 2 年;PE 77 倍(盈利极薄),估值指标失真。", "资产负债率 19%,有息负债 0 亿,经营现金流/市值 1.5%: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 13%,毛利率近 5 年中位 44.7%。", "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 1.3%(经营现金流/市值 1.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 44.7%,稳定度 72%,2020→2022 成本通胀期毛利率变化 -11.9 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 13%,资本开支/折旧 1.00 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 77.2 倍 粗算,约 94%(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 -15%,最大回撤 -58%,年化波动 60%,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%。", "三维天地:PE 比行业中位低 5.5倍;股息率 ;毛利率 比行业中位低 4.0个百分点;固定资产占比 比行业中位高 4.5个百分点。"]}}