{"F": {"ts_code": "301178.SZ", "name": "天亿马", "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": "20211112", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 34.08, "pe_ttm": 789.5214, "pb": 4.0584, "dv_ttm": 0.1034, "total_mv": 317299.1136, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [30.3, 25.2, 22.5, 20.2, 13.2, 26.2], "rev_series": [3.7, 4.7, 4.4, 4.1, 2.2, 4.8], "np_series": [0.5, 0.6, 0.4, 0.1, -0.5, 0.1], "roe_series": [23.4, 10.4, 4.8, 0.8, -6.2, 1.0], "period": "20260630", "rev_ttm": 5.4, "np_ttm": 0.0, "ocf_ttm": 1.3, "fcf_ttm": 0.9, "fcf_yield": 3.0, "ocf_yield": 4.2, "gm_median": 22.5, "gm_std": 4.6, "gm_stab": 0.79, "gm_chg_2022": -7.7, "npm_median": 2.0, "roe_median": 1.0, "commodity": false, "hard_ratio": 31.3, "fix_assets": 4.4, "goodwill_ratio": 0.1, "pb_calc": 4.06, "capex_dep": 0.8, "interest_debt": 3.6, "debt_ebitda": 6.0, "debt_ratio": 44.2, "debt_mv": 11.4, "payout": 72.7, "div_years": 4, "rev_cagr3": 2.8, "np_cagr3": -42.6, "rev_yoy": 45.9, "np_yoy": -57.3, "np_vol": 356.7, "loss_years": 1, "far_share": 99.0, "earn_yield": 0.1, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 39.0], ["新能源电力(产品)", 15.0], ["新能源电力", 15.0], ["数智化解决方案", 11.0]], "ret_prev_year": 75.7, "ret_prev2_year": -13.6, "ret_ytd": -2.7, "ret_pivot": 132.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": -4.9, "ret_60": -9.7, "ret_120": -6.4, "ret_250": -13.9, "mdd_250": -42.5, "vol_250": 59.6, "pos_52w": 67.4}, "S": {"duration": 100, "pricing": 43, "hard": 50, "bondness": 58}, "label": "中性", "tags": [], "text": {"像什么": ["PE 789.5 倍、股息率 0.1%、毛利率近 5 年中位 22.5%、固定资产占比 31%、有息负债/EBITDA 6.0 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 31%),没有定价权:毛利率近 5 年中位 22.5%,稳定度 79%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 3.0%(经营现金流/市值 4.2%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 22.5%,稳定度 79%,2020→2022 成本通胀期毛利率变化 -7.7 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 31%,资本开支/折旧 0.80 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 789.5 倍 粗算,约 99%(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 -14%,最大回撤 -42%,年化波动 60%,现价在 52 周高点的 67%;近 20 / 60 / 120 日 -5% / -10% / -6%。", "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%。", "天亿马:PE 比行业中位高 705.5倍;股息率 比行业中位低 0.3个百分点;毛利率 比行业中位低 5.6个百分点;固定资产占比 比行业中位高 22.7个百分点。"]}}