{"F": {"ts_code": "301270.SZ", "name": "汉仪股份", "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": "20220831", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 31.36, "pe_ttm": 318.5405, "pb": 3.2949, "dv_ttm": 0.3188, "total_mv": 313600.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [84.3, 85.3, 85.1, 80.0, 80.9, 79.0], "rev_series": [2.0, 2.2, 2.1, 2.2, 1.9, 1.9], "np_series": [0.5, 0.7, 0.6, 0.4, 0.1, 0.1], "roe_series": [14.1, 16.1, 7.2, 3.8, 0.8, 1.4], "period": "20260630", "rev_ttm": 1.8, "np_ttm": 0.1, "ocf_ttm": 0.2, "fcf_ttm": 0.2, "fcf_yield": 0.5, "ocf_yield": 0.7, "gm_median": 80.9, "gm_std": 2.6, "gm_stab": 0.97, "gm_chg_2022": 0.9, "npm_median": 17.0, "roe_median": 3.8, "commodity": false, "hard_ratio": 20.1, "fix_assets": 2.0, "goodwill_ratio": 15.6, "pb_calc": 3.29, "capex_dep": 0.73, "interest_debt": 0.0, "debt_ebitda": 0.1, "debt_ratio": 6.7, "debt_mv": 0.0, "payout": 84.5, "div_years": 4, "rev_cagr3": -3.6, "np_cagr3": -36.4, "rev_yoy": -8.9, "np_yoy": -69.2, "np_vol": 48.7, "loss_years": 0, "far_share": 98.0, "earn_yield": 0.3, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["字库软件授权业务", 35.0], ["互联网平台授权业务", 11.0], ["技术服务业务", 2.0]], "ret_prev_year": 4.9, "ret_prev2_year": -9.3, "ret_ytd": -15.9, "ret_pivot": 23.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -5.8, "ret_60": 6.7, "ret_120": -12.5, "ret_250": -25.2, "mdd_250": -49.0, "vol_250": 50.2, "pos_52w": 64.5}, "S": {"duration": 100, "pricing": 83, "hard": 32, "bondness": 52}, "label": "中性", "tags": ["商誉占比高"], "text": {"像什么": ["PE 318.5 倍、股息率 0.3%、毛利率近 5 年中位 80.9%、固定资产占比 20%、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 80.9%),硬资产占比 20%。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 0.5%(经营现金流/市值 0.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 80.9%,稳定度 97%,2020→2022 成本通胀期毛利率变化 0.9 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 20%,资本开支/折旧 0.73 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 318.5 倍 粗算,约 98%(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 -25%,最大回撤 -49%,年化波动 50%,现价在 52 周高点的 64%;近 20 / 60 / 120 日 -6% / 7% / -12%。", "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%。", "汉仪股份:PE 比行业中位高 235.8倍;股息率 比行业中位低 0.2个百分点;毛利率 比行业中位高 32.2个百分点;固定资产占比 比行业中位高 11.3个百分点。"]}}