{"F": {"ts_code": "600728.SH", "name": "佳都科技", "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": "19960716", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 4.74, "pe_ttm": 145.8253, "pb": 1.2793, "dv_ttm": 0.1721, "total_mv": 1010852.0682, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [15.9, 16.7, 12.4, 12.6, 11.1, 9.4], "rev_series": [42.9, 62.2, 53.4, 62.3, 79.5, 101.3], "np_series": [0.9, 3.1, -2.6, 3.9, -1.1, 1.7], "roe_series": [1.8, 5.7, -4.7, 6.0, -1.5, 2.2], "period": "20260630", "rev_ttm": 105.6, "np_ttm": 0.7, "ocf_ttm": 1.6, "fcf_ttm": -0.4, "fcf_yield": -0.4, "ocf_yield": 1.6, "gm_median": 12.4, "gm_std": 2.4, "gm_stab": 0.8, "gm_chg_2022": -3.5, "npm_median": 1.7, "roe_median": 2.2, "commodity": false, "hard_ratio": 1.2, "fix_assets": 2.0, "goodwill_ratio": 1.4, "pb_calc": 1.28, "capex_dep": 11.28, "interest_debt": 6.5, "debt_ebitda": 2.6, "debt_ratio": 51.2, "debt_mv": 6.5, "payout": 9.7, "div_years": 3, "rev_cagr3": 23.8, "np_cagr3": null, "rev_yoy": 8.8, "np_yoy": -77.3, "np_vol": 198.9, "loss_years": 2, "far_share": 97.0, "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], ["企业数智化升级解决方案", 27.0], ["ICT服务与产品解决方案", 27.0], ["智能轨道交通解决方案", 5.0]], "ret_prev_year": 42.8, "ret_prev2_year": -17.9, "ret_ytd": -29.0, "ret_pivot": 19.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.2, "ret_60": 4.4, "ret_120": -23.8, "ret_250": -36.7, "mdd_250": -49.1, "vol_250": 34.5, "pos_52w": 58.8}, "S": {"duration": 97, "pricing": 39, "hard": 2, "bondness": 12}, "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 0.7 亿,近 5 年亏损 2 年;PE 146 倍(盈利极薄),估值指标失真。", "资产负债率 51%,有息负债 6 亿,经营现金流/市值 1.6%: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 1%,毛利率近 5 年中位 12.4%。", "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 -0.4%(经营现金流/市值 1.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 12.4%,稳定度 80%,2020→2022 成本通胀期毛利率变化 -3.5 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 1%,资本开支/折旧 11.28 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 145.8 倍 粗算,约 97%(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 -37%,最大回撤 -49%,年化波动 34%,现价在 52 周高点的 59%;近 20 / 60 / 120 日 -0% / 4% / -24%。", "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%。", "佳都科技:PE 比行业中位高 61.8倍;股息率 比行业中位低 0.2个百分点;毛利率 比行业中位低 15.7个百分点;固定资产占比 比行业中位低 7.4个百分点。"]}}