{"F": {"ts_code": "600850.SH", "name": "电科数字", "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": "19940324", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 14.59, "pe_ttm": 41.1383, "pb": 2.462, "dv_ttm": 1.2566, "total_mv": 1190891.9715, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [15.2, 15.1, 19.2, 20.3, 19.2, 17.6], "rev_series": [81.3, 89.6, 98.7, 100.0, 107.1, 107.4], "np_series": [3.2, 3.2, 5.2, 5.0, 5.5, 3.3], "roe_series": [12.0, 11.4, 14.7, 11.5, 11.8, 6.8], "period": "20260630", "rev_ttm": 110.9, "np_ttm": 2.9, "ocf_ttm": 3.2, "fcf_ttm": 1.9, "fcf_yield": 1.6, "ocf_yield": 2.7, "gm_median": 19.2, "gm_std": 1.8, "gm_stab": 0.91, "gm_chg_2022": 4.0, "npm_median": 5.1, "roe_median": 11.5, "commodity": false, "hard_ratio": 1.3, "fix_assets": 1.5, "goodwill_ratio": 0.0, "pb_calc": 2.46, "capex_dep": 5.63, "interest_debt": 11.9, "debt_ebitda": 2.3, "debt_ratio": 58.9, "debt_mv": 10.0, "payout": 45.8, "div_years": 5, "rev_cagr3": 2.9, "np_cagr3": -14.2, "rev_yoy": 7.2, "np_yoy": -36.5, "np_vol": 23.3, "loss_years": 0, "far_share": 88.0, "earn_yield": 2.4, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 35.0], ["行业数字化业务", 31.0], ["行业数字化", 31.0], ["数字新基建", 3.0]], "ret_prev_year": 26.4, "ret_prev2_year": 12.5, "ret_ytd": -40.6, "ret_pivot": 2.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -5.4, "ret_60": -3.3, "ret_120": -31.6, "ret_250": -39.4, "mdd_250": -53.6, "vol_250": 47.7, "pos_52w": 49.7}, "S": {"duration": 64, "pricing": 52, "hard": 2, "bondness": 48}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 41.1 倍、股息率 1.3%、毛利率近 5 年中位 19.2%、固定资产占比 1%、有息负债/EBITDA 2.3 倍:四轴都不突出。"], "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 19.2%。", "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 1.6%(经营现金流/市值 2.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 19.2%,稳定度 91%,2020→2022 成本通胀期毛利率变化 4.0 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 1%,资本开支/折旧 5.63 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 41.1 倍 粗算,约 88%(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 -39%,最大回撤 -54%,年化波动 48%,现价在 52 周高点的 50%;近 20 / 60 / 120 日 -5% / -3% / -32%。", "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%。", "电科数字:PE 比行业中位低 42.9倍;股息率 比行业中位高 0.9个百分点;毛利率 比行业中位低 8.9个百分点;固定资产占比 比行业中位低 7.3个百分点。"]}}