{"F": {"ts_code": "600271.SH", "name": "航天信息", "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": "主板", "list_date": "20030711", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 6.88, "pe_ttm": null, "pb": 0.991, "dv_ttm": null, "total_mv": 1274784.6048, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [24.3, 25.3, 26.3, 29.3, 23.8, 19.1], "rev_series": [218.1, 235.2, 193.1, 125.7, 83.1, 55.5], "np_series": [10.3, 10.2, 10.8, 2.0, 0.2, -7.5], "roe_series": [8.4, 7.9, 7.8, 1.4, 0.1, -5.5], "period": "20260630", "rev_ttm": 52.2, "np_ttm": -8.2, "ocf_ttm": 1.0, "fcf_ttm": -1.8, "fcf_yield": -1.4, "ocf_yield": 0.8, "gm_median": 25.3, "gm_std": 3.3, "gm_stab": 0.87, "gm_chg_2022": 2.0, "npm_median": 5.2, "roe_median": 1.4, "commodity": false, "hard_ratio": 6.0, "fix_assets": 11.2, "goodwill_ratio": 3.5, "pb_calc": 0.99, "capex_dep": 3.33, "interest_debt": 3.4, "debt_ebitda": null, "debt_ratio": 17.1, "debt_mv": 2.7, "payout": 35.0, "div_years": 4, "rev_cagr3": -34.0, "np_cagr3": null, "rev_yoy": -13.5, "np_yoy": -24.8, "np_vol": 1892.6, "loss_years": 1, "far_share": 100, "earn_yield": null, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 33.0], ["数字财税业务产品", 14.0], ["数字财税业务", 14.0], ["智慧业务产品", 12.0]], "ret_prev_year": 28.4, "ret_prev2_year": -14.1, "ret_ytd": -41.1, "ret_pivot": -18.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.9, "ret_60": 0.1, "ret_120": -27.0, "ret_250": -27.7, "mdd_250": -52.9, "vol_250": 38.3, "pos_52w": 50.4}, "S": {"duration": 100, "pricing": 52, "hard": 10, "bondness": 35}, "label": "亏损或困境", "tags": ["资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -8.2 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 17%,有息负债 3 亿,经营现金流/市值 0.8%: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 25.3%。", "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 -1.4%(经营现金流/市值 0.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 25.3%,稳定度 87%,2020→2022 成本通胀期毛利率变化 2.0 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 3.33 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 -28%,最大回撤 -53%,年化波动 38%,现价在 52 周高点的 50%;近 20 / 60 / 120 日 -1% / 0% / -27%。", "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%。", "航天信息:PE ;股息率 ;毛利率 比行业中位低 2.8个百分点;固定资产占比 比行业中位低 2.6个百分点。"]}}