{"F": {"ts_code": "600797.SH", "name": "浙大网新", "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": "19970418", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 6.96, "pe_ttm": null, "pb": 2.2172, "dv_ttm": 0.431, "total_mv": 715158.3744, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [28.4, 24.6, 24.2, 22.9, 20.9, 19.3], "rev_series": [38.0, 42.5, 41.3, 36.0, 33.2, 32.8], "np_series": [0.6, -6.3, 1.3, 1.2, -0.6, -0.6], "roe_series": [1.5, -16.8, 3.7, 3.5, -1.9, -1.7], "period": "20260630", "rev_ttm": 31.9, "np_ttm": -1.0, "ocf_ttm": 3.4, "fcf_ttm": 2.9, "fcf_yield": 4.1, "ocf_yield": 4.8, "gm_median": 22.9, "gm_std": 2.0, "gm_stab": 0.91, "gm_chg_2022": -4.2, "npm_median": -1.2, "roe_median": -1.7, "commodity": false, "hard_ratio": 16.1, "fix_assets": 8.9, "goodwill_ratio": 0.0, "pb_calc": 2.22, "capex_dep": 0.32, "interest_debt": 5.4, "debt_ebitda": 2.5, "debt_ratio": 36.0, "debt_mv": 7.5, "payout": 33.3, "div_years": 3, "rev_cagr3": -7.4, "np_cagr3": null, "rev_yoy": -5.9, "np_yoy": -294.7, "np_vol": 460.5, "loss_years": 3, "far_share": 100, "earn_yield": null, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["智慧商务", 28.0], ["产业数智化", 28.0], ["智慧城市", 9.0], ["基建数智化", 9.0]], "ret_prev_year": 38.2, "ret_prev2_year": 10.2, "ret_ytd": -29.6, "ret_pivot": 41.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -2.8, "ret_60": -3.2, "ret_120": -28.3, "ret_250": -43.0, "mdd_250": -52.0, "vol_250": 46.7, "pos_52w": 54.8}, "S": {"duration": 100, "pricing": 48, "hard": 26, "bondness": 42}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -1.0 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 36%,有息负债 5 亿,经营现金流/市值 4.8%: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 16%,毛利率近 5 年中位 22.9%。", "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 4.1%(经营现金流/市值 4.8%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 22.9%,稳定度 91%,2020→2022 成本通胀期毛利率变化 -4.2 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 16%,资本开支/折旧 0.32 倍。有一些。"], ["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 -43%,最大回撤 -52%,年化波动 47%,现价在 52 周高点的 55%;近 20 / 60 / 120 日 -3% / -3% / -28%。", "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%。", "浙大网新:PE ;股息率 与行业中位持平;毛利率 比行业中位低 5.2个百分点;固定资产占比 比行业中位高 7.5个百分点。"]}}