{"F": {"ts_code": "603138.SH", "name": "海量数据", "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": "20170306", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 15.33, "pe_ttm": null, "pb": 5.9038, "dv_ttm": null, "total_mv": 450105.3564, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [30.9, 35.4, 35.9, 39.3, 37.5, 45.7], "rev_series": [4.0, 4.2, 3.0, 2.6, 3.7, 5.1], "np_series": [0.3, 0.1, -0.6, -0.8, -0.6, -0.5], "roe_series": [6.9, 1.5, -7.0, -9.5, -7.7, -5.7], "period": "20260630", "rev_ttm": 4.7, "np_ttm": -1.0, "ocf_ttm": -0.8, "fcf_ttm": -1.8, "fcf_yield": -4.0, "ocf_yield": -1.8, "gm_median": 37.5, "gm_std": 3.7, "gm_stab": 0.9, "gm_chg_2022": 5.0, "npm_median": -15.4, "roe_median": -7.0, "commodity": false, "hard_ratio": 2.5, "fix_assets": 0.3, "goodwill_ratio": 0.0, "pb_calc": 5.9, "capex_dep": 16.12, "interest_debt": 0.1, "debt_ebitda": null, "debt_ratio": 24.6, "debt_mv": 0.2, "payout": null, "div_years": 1, "rev_cagr3": 19.1, "np_cagr3": null, "rev_yoy": -17.4, "np_yoy": -112.1, "np_vol": 263.8, "loss_years": 4, "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": [["产品", 50.0], ["数据基础设施解决方案", 25.0], ["数据库自主产品和服务", 25.0], ["租赁收入", 0.0]], "ret_prev_year": -1.0, "ret_prev2_year": -19.3, "ret_ytd": 7.8, "ret_pivot": 23.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 14.9, "ret_60": -6.2, "ret_120": -24.5, "ret_250": -9.7, "mdd_250": -52.6, "vol_250": 55.8, "pos_52w": 63.6}, "S": {"duration": 100, "pricing": 62, "hard": 4, "bondness": 4}, "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 -1.0 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 25%,有息负债 0 亿,经营现金流/市值 -1.8%: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": "只占定价权一条(毛利率 37.5%),硬资产占比 2%。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": "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 -4.0%(经营现金流/市值 -1.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 37.5%,稳定度 90%,2020→2022 成本通胀期毛利率变化 5.0 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 2%,资本开支/折旧 16.12 倍。没有资产可言。"], ["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 -10%,最大回撤 -53%,年化波动 56%,现价在 52 周高点的 64%;近 20 / 60 / 120 日 15% / -6% / -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%。", "海量数据:PE ;股息率 ;毛利率 比行业中位高 9.4个百分点;固定资产占比 比行业中位低 6.1个百分点。"]}}