{"F": {"ts_code": "600588.SH", "name": "用友网络", "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": "20010518", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 10.19, "pe_ttm": null, "pb": 5.181, "dv_ttm": null, "total_mv": 3481920.3506, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [61.0, 61.2, 56.4, 50.7, 47.5, 49.6], "rev_series": [85.2, 89.3, 92.6, 98.0, 91.5, 91.8], "np_series": [9.9, 7.1, 2.2, -9.7, -20.6, -13.9], "roe_series": [13.4, 9.7, 2.4, -8.9, -22.4, -17.5], "period": "20260630", "rev_ttm": 93.3, "np_ttm": -13.7, "ocf_ttm": 7.4, "fcf_ttm": -4.8, "fcf_yield": -1.4, "ocf_yield": 2.1, "gm_median": 50.7, "gm_std": 5.0, "gm_stab": 0.9, "gm_chg_2022": -4.7, "npm_median": -9.5, "roe_median": -8.9, "commodity": false, "hard_ratio": 13.5, "fix_assets": 28.5, "goodwill_ratio": 7.1, "pb_calc": 5.18, "capex_dep": 10.45, "interest_debt": 51.3, "debt_ebitda": 14.9, "debt_ratio": 61.0, "debt_mv": 14.7, "payout": null, "div_years": 2, "rev_cagr3": -0.3, "np_cagr3": null, "rev_yoy": 4.1, "np_yoy": 1.7, "np_vol": 204.5, "loss_years": 3, "far_share": 100, "earn_yield": null, "consensus_n": 4, "fwd_pe": null, "fwd_pe2": 131.5, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["许可销售及技术服务收入", 48.0], ["许可销售及技术服务", 48.0], ["其他业务", 1.0], ["金融服务收入", 1.0]], "ret_prev_year": 23.6, "ret_prev2_year": -39.7, "ret_ytd": -23.2, "ret_pivot": 16.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -13.1, "ret_60": 2.9, "ret_120": -22.9, "ret_250": -41.1, "mdd_250": -54.0, "vol_250": 45.6, "pos_52w": 53.6}, "S": {"duration": 100, "pricing": 61, "hard": 22, "bondness": 35}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -13.7 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 61%,有息负债 51 亿,经营现金流/市值 2.1%: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": "只占定价权一条(毛利率 50.7%),硬资产占比 14%。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": "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 2.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 50.7%,稳定度 90%,2020→2022 成本通胀期毛利率变化 -4.7 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 14%,资本开支/折旧 10.45 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 -41%,最大回撤 -54%,年化波动 46%,现价在 52 周高点的 54%;近 20 / 60 / 120 日 -13% / 3% / -23%。", "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%。", "用友网络:PE ;股息率 ;毛利率 比行业中位高 2.0个百分点;固定资产占比 比行业中位高 4.7个百分点。"]}}