{"F": {"ts_code": "603383.SH", "name": "顶点软件", "mkt": "CN", "ccy": "元", "sw1": "计算机", "sw2": "软件开发", "sw3": "垂直应用软件", "ind": "软件开发", "fin_source": "tushare", "market": "主板", "list_date": "20170522", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 29.25, "pe_ttm": 30.432, "pb": 4.142, "dv_ttm": 2.7351, "total_mv": 600725.97, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [72.8, 69.3, 67.5, 69.2, 67.0, 70.7], "rev_series": [3.5, 5.0, 6.2, 7.4, 6.6, 5.8], "np_series": [1.1, 1.4, 1.7, 2.3, 1.9, 1.8], "roe_series": [9.4, 11.3, 12.7, 16.3, 13.1, 12.0], "period": "20260630", "rev_ttm": 5.8, "np_ttm": 2.0, "ocf_ttm": 2.2, "fcf_ttm": 2.2, "fcf_yield": 3.6, "ocf_yield": 3.7, "gm_median": 69.2, "gm_std": 1.3, "gm_stab": 0.98, "gm_chg_2022": -5.4, "npm_median": 29.0, "roe_median": 12.7, "commodity": false, "hard_ratio": 4.4, "fix_assets": 0.8, "goodwill_ratio": 0.4, "pb_calc": 4.14, "capex_dep": 0.52, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 15.4, "debt_mv": null, "payout": 84.2, "div_years": 5, "rev_cagr3": -2.4, "np_cagr3": 2.4, "rev_yoy": 1.0, "np_yoy": 36.3, "np_vol": 21.6, "loss_years": 0, "far_share": 84.0, "earn_yield": 3.3, "consensus_n": 7, "fwd_pe": 29.0, "fwd_pe2": 23.5, "fwd_g1": 5.0, "fwd_g2": 23.0, "peg": 1.26, "consensus_disp": null, "mainbz": [["软件开发及服务业务", 99.0], ["系统集成业务", 1.0]], "ret_prev_year": -1.6, "ret_prev2_year": -6.4, "ret_ytd": -17.6, "ret_pivot": 17.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.8, "ret_60": 5.9, "ret_120": -7.5, "ret_250": -36.8, "mdd_250": -43.9, "vol_250": 34.9, "pos_52w": 64.4}, "S": {"duration": 53, "pricing": 73, "hard": 7, "bondness": 69}, "label": "中性", "tags": [], "text": {"像什么": ["PE 30.4 倍、股息率 2.7%、毛利率近 5 年中位 69.2%、固定资产占比 4%、资产负债率 15%: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 69.2%),硬资产占比 4%。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 3.6%(经营现金流/市值 3.7%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 69.2%,稳定度 98%,2020→2022 成本通胀期毛利率变化 -5.4 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 4%,资本开支/折旧 0.52 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 30.4 倍 粗算,约 84%(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 -44%,年化波动 35%,现价在 52 周高点的 64%;近 20 / 60 / 120 日 -2% / 6% / -8%。", "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%。", "顶点软件:PE 比行业中位低 52.3倍;股息率 比行业中位高 2.2个百分点;毛利率 比行业中位高 20.5个百分点;固定资产占比 比行业中位低 4.4个百分点。"]}}