{"F": {"ts_code": "600633.SH", "name": "浙数文化", "mkt": "CN", "ccy": "元", "sw1": "传媒", "sw2": "游戏Ⅱ", "sw3": "游戏Ⅲ", "ind": "游戏Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "19930304", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 10.47, "pe_ttm": 26.7342, "pb": 1.2849, "dv_ttm": 2.3878, "total_mv": 1327674.0015, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [69.5, 72.5, 61.4, 68.3, 58.1, 49.3], "rev_series": [35.4, 30.6, 51.9, 30.8, 31.0, 30.8], "np_series": [5.1, 5.2, 4.9, 6.6, 5.1, 5.7], "roe_series": [6.2, 6.0, 5.4, 6.9, 5.1, 5.7], "period": "20260630", "rev_ttm": 33.9, "np_ttm": 5.0, "ocf_ttm": 5.5, "fcf_ttm": 4.5, "fcf_yield": 3.4, "ocf_yield": 4.2, "gm_median": 61.4, "gm_std": 8.1, "gm_stab": 0.87, "gm_chg_2022": -8.1, "npm_median": 18.3, "roe_median": 5.7, "commodity": false, "hard_ratio": 12.9, "fix_assets": 16.8, "goodwill_ratio": 33.0, "pb_calc": 1.28, "capex_dep": 0.52, "interest_debt": 7.0, "debt_ebitda": 0.8, "debt_ratio": 13.3, "debt_mv": 5.3, "payout": 55.6, "div_years": 5, "rev_cagr3": -15.9, "np_cagr3": 5.4, "rev_yoy": 22.2, "np_yoy": -20.1, "np_vol": 19.1, "loss_years": 0, "far_share": 81.0, "earn_yield": 3.7, "consensus_n": 9, "fwd_pe": 19.3, "fwd_pe2": 17.7, "fwd_g1": 39.0, "fwd_g2": 9.0, "peg": 2.14, "consensus_disp": null, "mainbz": [["数字文化产品制作", 45.0], ["数字文化", 45.0], ["数智技术", 7.0], ["数字科技", 7.0]], "ret_prev_year": 26.3, "ret_prev2_year": -3.6, "ret_ytd": -17.5, "ret_pivot": 34.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.8, "ret_60": -2.5, "ret_120": -17.8, "ret_250": -32.5, "mdd_250": -42.2, "vol_250": 43.8, "pos_52w": 60.8}, "S": {"duration": 49, "pricing": 65, "hard": 21, "bondness": 56}, "label": "中性", "tags": ["商誉占比高"], "text": {"像什么": ["PE 26.7 倍、股息率 2.4%、毛利率近 5 年中位 61.4%、固定资产占比 13%、有息负债/EBITDA 0.8 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 61.4%),硬资产占比 13%。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 3.4%(经营现金流/市值 4.2%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 61.4%,稳定度 87%,2020→2022 成本通胀期毛利率变化 -8.1 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 13%,资本开支/折旧 0.52 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 26.7 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 -32%,最大回撤 -42%,年化波动 44%,现价在 52 周高点的 61%;近 20 / 60 / 120 日 -7% / -2% / -18%。", "行业对照": ["同申万二级「游戏Ⅱ」26 家中位:PE 24.6 / 股息率 1.1% / 毛利率 60.8% / 固定资产占比 4% / 分红率 43%。", "浙数文化:PE 比行业中位高 2.1倍;股息率 比行业中位高 1.3个百分点;毛利率 比行业中位高 0.6个百分点;固定资产占比 比行业中位高 8.9个百分点。"]}}