{"F": {"ts_code": "603039.SH", "name": "泛微网络", "mkt": "CN", "ccy": "元", "sw1": "计算机", "sw2": "软件开发", "sw3": "横向通用软件", "ind": "软件开发", "fin_source": "tushare", "market": "主板", "list_date": "20170113", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 39.6, "pe_ttm": 36.0695, "pb": 4.5444, "dv_ttm": 0.3167, "total_mv": 1218250.836, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [95.4, 95.5, 93.2, 93.9, 93.2, 93.7], "rev_series": [14.8, 20.0, 23.3, 23.9, 23.6, 22.9], "np_series": [2.3, 3.1, 2.2, 1.8, 2.0, 2.9], "roe_series": [20.4, 19.1, 11.8, 9.0, 9.6, 12.6], "period": "20260630", "rev_ttm": 23.3, "np_ttm": 3.4, "ocf_ttm": 3.5, "fcf_ttm": 2.9, "fcf_yield": 2.4, "ocf_yield": 2.8, "gm_median": 93.7, "gm_std": 0.8, "gm_stab": 0.99, "gm_chg_2022": -2.1, "npm_median": 9.6, "roe_median": 11.8, "commodity": false, "hard_ratio": 11.1, "fix_assets": 4.8, "goodwill_ratio": 0.0, "pb_calc": 4.54, "capex_dep": 1.74, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 38.0, "debt_mv": 0.0, "payout": 19.2, "div_years": 5, "rev_cagr3": -0.6, "np_cagr3": 9.0, "rev_yoy": 5.0, "np_yoy": 74.7, "np_vol": 28.1, "loss_years": 0, "far_share": 86.0, "earn_yield": 2.8, "consensus_n": 5, "fwd_pe": 28.9, "fwd_pe2": 24.3, "fwd_g1": 25.0, "fwd_g2": 19.0, "peg": 1.52, "consensus_disp": null, "mainbz": [["技术服务", 48.0], ["软件收入-e.cology", 24.0], ["e-cology ", 24.0], ["第三方产品", 3.0]], "ret_prev_year": 9.6, "ret_prev2_year": 5.0, "ret_ytd": -11.1, "ret_pivot": 65.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -13.1, "ret_60": -13.1, "ret_120": 10.4, "ret_250": -29.9, "mdd_250": -51.5, "vol_250": 53.3, "pos_52w": 67.6}, "S": {"duration": 59, "pricing": 87, "hard": 18, "bondness": 29}, "label": "中性", "tags": [], "text": {"像什么": ["PE 36.1 倍、股息率 0.3%、毛利率近 5 年中位 93.7%、固定资产占比 11%、有息负债/EBITDA 0.0 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 93.7%),硬资产占比 11%。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 2.4%(经营现金流/市值 2.8%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 93.7%,稳定度 99%,2020→2022 成本通胀期毛利率变化 -2.1 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 11%,资本开支/折旧 1.74 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 36.1 倍 粗算,约 86%(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 -30%,最大回撤 -52%,年化波动 53%,现价在 52 周高点的 68%;近 20 / 60 / 120 日 -13% / -13% / 10%。", "行业对照": ["同申万二级「软件开发」135 家中位:PE 82.7 / 股息率 0.5% / 毛利率 48.7% / 固定资产占比 9% / 分红率 45%。", "泛微网络:PE 比行业中位低 46.6倍;股息率 比行业中位低 0.2个百分点;毛利率 比行业中位高 45.0个百分点;固定资产占比 比行业中位高 2.3个百分点。"]}}