{"F": {"ts_code": "301339.SZ", "name": "通行宝", "mkt": "CN", "ccy": "元", "sw1": "计算机", "sw2": "计算机设备", "sw3": "其他计算机设备", "ind": "计算机设备", "fin_source": "tushare", "market": "创业板", "list_date": "20220909", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 10.98, "pe_ttm": 29.2793, "pb": 2.2639, "dv_ttm": 2.2773, "total_mv": 637078.7052, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [41.9, 45.8, 48.4, 47.0, 45.0, 44.0], "rev_series": [4.7, 5.9, 6.0, 7.4, 9.0, 10.7], "np_series": [1.7, 1.9, 1.5, 1.9, 2.1, 2.2], "roe_series": [17.6, 15.9, 8.1, 7.5, 7.9, 8.1], "period": "20260630", "rev_ttm": 10.9, "np_ttm": 2.2, "ocf_ttm": 3.2, "fcf_ttm": 2.0, "fcf_yield": 3.2, "ocf_yield": 5.0, "gm_median": 45.8, "gm_std": 1.5, "gm_stab": 0.97, "gm_chg_2022": 6.5, "npm_median": 28.0, "roe_median": 8.1, "commodity": false, "hard_ratio": 7.6, "fix_assets": 4.4, "goodwill_ratio": 0.4, "pb_calc": 2.26, "capex_dep": 1.79, "interest_debt": 0.4, "debt_ebitda": 0.1, "debt_ratio": 49.9, "debt_mv": 0.6, "payout": 63.9, "div_years": 4, "rev_cagr3": 21.4, "np_cagr3": 13.6, "rev_yoy": 5.3, "np_yoy": -3.2, "np_vol": 14.9, "loss_years": 0, "far_share": 83.0, "earn_yield": 3.4, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 48.0], ["智慧交通运营管理系统业务", 26.0], ["智慧交通电子收费业务", 18.0], ["智慧交通衍生业务", 4.0]], "ret_prev_year": 2.8, "ret_prev2_year": 2.4, "ret_ytd": -24.0, "ret_pivot": -8.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.2, "ret_60": 1.2, "ret_120": -21.4, "ret_250": -38.6, "mdd_250": -44.1, "vol_250": 27.4, "pos_52w": 61.5}, "S": {"duration": 52, "pricing": 68, "hard": 12, "bondness": 36}, "label": "中性", "tags": [], "text": {"像什么": ["PE 29.3 倍、股息率 2.3%、毛利率近 5 年中位 45.8%、固定资产占比 8%、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 45.8%),硬资产占比 8%。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 3.2%(经营现金流/市值 5.0%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 45.8%,稳定度 97%,2020→2022 成本通胀期毛利率变化 6.5 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 8%,资本开支/折旧 1.79 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 29.3 倍 粗算,约 83%(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 -39%,最大回撤 -44%,年化波动 27%,现价在 52 周高点的 62%;近 20 / 60 / 120 日 -6% / 1% / -21%。", "行业对照": ["同申万二级「计算机设备」88 家中位:PE 51.7 / 股息率 0.8% / 毛利率 35.8% / 固定资产占比 12% / 分红率 49%。", "通行宝:PE 比行业中位低 22.4倍;股息率 比行业中位高 1.5个百分点;毛利率 比行业中位高 10.0个百分点;固定资产占比 比行业中位低 4.1个百分点。"]}}