{"F": {"ts_code": "600666.SH", "name": "奥瑞德", "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": "19930712", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 3.5, "pe_ttm": 133.6896, "pb": 8.6432, "dv_ttm": null, "total_mv": 962961.09, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [9.9, 11.3, 6.8, -7.0, 13.6, 14.3], "rev_series": [5.2, 7.0, 5.3, 3.3, 3.7, 4.7], "np_series": [-6.8, -4.8, 0.6, -6.8, -1.7, 1.4], "roe_series": [-171.5, null, 8.5, -48.3, -18.1, 15.4], "period": "20260630", "rev_ttm": 5.5, "np_ttm": 0.7, "ocf_ttm": 0.7, "fcf_ttm": -1.3, "fcf_yield": -1.4, "ocf_yield": 0.8, "gm_median": 11.3, "gm_std": 7.9, "gm_stab": 0.3, "gm_chg_2022": -3.0, "npm_median": -47.6, "roe_median": -4.8, "commodity": false, "hard_ratio": 28.4, "fix_assets": 6.2, "goodwill_ratio": 0.0, "pb_calc": 8.64, "capex_dep": 1.92, "interest_debt": 5.3, "debt_ebitda": 2.7, "debt_ratio": 47.2, "debt_mv": 5.5, "payout": null, "div_years": 0, "rev_cagr3": -4.3, "np_cagr3": 32.6, "rev_yoy": 38.3, "np_yoy": -113.0, "np_vol": 528.7, "loss_years": 3, "far_share": 96.0, "earn_yield": 0.7, "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], ["算力系统集成及技术服务", 23.0], ["算力服务", 23.0], ["蓝宝石制品等", 9.0]], "ret_prev_year": 32.3, "ret_prev2_year": 19.8, "ret_ytd": 4.2, "ret_pivot": 153.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": -9.1, "ret_60": -20.1, "ret_120": -15.9, "ret_250": -16.3, "mdd_250": -57.4, "vol_250": 59.3, "pos_52w": 48.9}, "S": {"duration": 96, "pricing": 21, "hard": 45, "bondness": 28}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 0.7 亿,近 5 年亏损 3 年;PE 134 倍(盈利极薄),估值指标失真。", "资产负债率 47%,有息负债 5 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 28%,毛利率近 5 年中位 11.3%。", "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 11.3%,稳定度 30%,2020→2022 成本通胀期毛利率变化 -3.0 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 28%,资本开支/折旧 1.92 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 133.7 倍 粗算,约 96%(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 -16%,最大回撤 -57%,年化波动 59%,现价在 52 周高点的 49%;近 20 / 60 / 120 日 -9% / -20% / -16%。", "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%。", "奥瑞德:PE 比行业中位高 49.7倍;股息率 ;毛利率 比行业中位低 16.8个百分点;固定资产占比 比行业中位高 19.8个百分点。"]}}