{"F": {"ts_code": "600288.SH", "name": "大恒科技", "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": "主板", "list_date": "20001129", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 11.16, "pe_ttm": 26.2948, "pb": 2.4291, "dv_ttm": 0.2152, "total_mv": 487468.8, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [33.2, 32.2, 33.7, 30.7, 34.2, 36.6], "rev_series": [23.2, 25.4, 23.2, 23.3, 17.6, 17.4], "np_series": [0.6, 0.9, 0.7, 0.5, -0.3, 1.0], "roe_series": [3.4, 5.3, 3.9, 2.7, -1.7, 5.5], "period": "20260630", "rev_ttm": 17.4, "np_ttm": 1.9, "ocf_ttm": -0.2, "fcf_ttm": -0.2, "fcf_yield": -0.4, "ocf_yield": -0.3, "gm_median": 33.7, "gm_std": 2.0, "gm_stab": 0.94, "gm_chg_2022": 0.5, "npm_median": 2.8, "roe_median": 3.9, "commodity": false, "hard_ratio": 3.6, "fix_assets": 1.2, "goodwill_ratio": 0.9, "pb_calc": 2.43, "capex_dep": 0.26, "interest_debt": 0.3, "debt_ebitda": 0.2, "debt_ratio": 27.8, "debt_mv": 0.7, "payout": 10.3, "div_years": 4, "rev_cagr3": -9.1, "np_cagr3": 14.4, "rev_yoy": 0.0, "np_yoy": 2964.0, "np_vol": 199.2, "loss_years": 1, "far_share": 81.0, "earn_yield": 3.8, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 34.0], ["机器视觉及信息技术产品", 28.0], ["信息技术及办公自动化", 28.0], ["光机电一体化产品", 3.0]], "ret_prev_year": 75.6, "ret_prev2_year": -24.9, "ret_ytd": -25.4, "ret_pivot": 60.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.4, "ret_60": -8.0, "ret_120": -25.8, "ret_250": -13.1, "mdd_250": -44.8, "vol_250": 47.3, "pos_52w": 65.1}, "S": {"duration": 48, "pricing": 58, "hard": 6, "bondness": 25}, "label": "中性", "tags": [], "text": {"像什么": ["PE 26.3 倍、股息率 0.2%、毛利率近 5 年中位 33.7%、固定资产占比 4%、有息负债/EBITDA 0.2 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 33.7%),硬资产占比 4%。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 -0.4%(经营现金流/市值 -0.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 33.7%,稳定度 94%,2020→2022 成本通胀期毛利率变化 0.5 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 4%,资本开支/折旧 0.26 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 26.3 倍 粗算,约 81%(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 -13%,最大回撤 -45%,年化波动 47%,现价在 52 周高点的 65%;近 20 / 60 / 120 日 1% / -8% / -26%。", "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%。", "大恒科技:PE 比行业中位低 56.4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 15.0个百分点;固定资产占比 比行业中位低 5.2个百分点。"]}}