{"F": {"ts_code": "603444.SH", "name": "吉比特", "mkt": "CN", "ccy": "元", "sw1": "传媒", "sw2": "游戏Ⅱ", "sw3": "游戏Ⅲ", "ind": "游戏Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20170104", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 399.9, "pe_ttm": 12.8583, "pb": 4.7566, "dv_ttm": 4.8818, "total_mv": 2880923.589, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [86.0, 84.9, 88.7, 88.5, 87.9, 93.9], "rev_series": [27.4, 46.2, 51.7, 41.8, 37.0, 62.0], "np_series": [10.5, 14.7, 14.6, 11.3, 9.4, 17.9], "roe_series": [30.4, 35.0, 34.1, 26.7, 20.2, 34.5], "period": "20260630", "rev_ttm": 74.1, "np_ttm": 22.4, "ocf_ttm": 29.9, "fcf_ttm": 29.9, "fcf_yield": 10.4, "ocf_yield": 10.4, "gm_median": 88.5, "gm_std": 2.9, "gm_stab": 0.97, "gm_chg_2022": 2.7, "npm_median": 34.9, "roe_median": 34.1, "commodity": false, "hard_ratio": 4.2, "fix_assets": 3.9, "goodwill_ratio": 0.0, "pb_calc": 4.76, "capex_dep": 0.13, "interest_debt": 0.2, "debt_ebitda": 0.0, "debt_ratio": 22.6, "debt_mv": 0.1, "payout": 76.0, "div_years": 5, "rev_cagr3": 6.3, "np_cagr3": 7.1, "rev_yoy": 48.0, "np_yoy": 69.3, "np_vol": 42.0, "loss_years": 0, "far_share": 61.0, "earn_yield": 7.8, "consensus_n": 29, "fwd_pe": 14.7, "fwd_pe2": 13.4, "fwd_g1": -13.0, "fwd_g2": 10.0, "peg": 1.47, "consensus_disp": null, "mainbz": [["主营业务", 50.0], ["自主运营", 31.0], ["联合运营", 17.0], ["授权运营", 2.0]], "ret_prev_year": 113.0, "ret_prev2_year": -9.2, "ret_ytd": -4.1, "ret_pivot": 128.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.5, "ret_60": 22.1, "ret_120": 6.8, "ret_250": -9.5, "mdd_250": -50.2, "vol_250": 43.5, "pos_52w": 61.6}, "S": {"duration": 27, "pricing": 88, "hard": 7, "bondness": 70}, "label": "定价权·品牌", "tags": ["轻资产现金牛", "现金流红利", "股息率≥4%"], "text": {"像什么": ["没有硬资产(固定资产占比 4%)但有定价权:毛利率近 5 年中位 88.5%,稳定度 97%、ROE 近 5 年中位 34.1%。", "自由现金流/市值 10.4%,分红率 76%,分子跟得上通胀。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 88.5%),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": "分子跟得上通胀、久期不长,加息期抗跌;放水期弹性不如科技。属船票一侧的'非债券'部分。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 10.4%(经营现金流/市值 10.4%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 88.5%,稳定度 97%,2020→2022 成本通胀期毛利率变化 2.7 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 4%,资本开支/折旧 0.13 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 12.9 倍 粗算,约 61%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -10%,最大回撤 -50%,年化波动 44%,现价在 52 周高点的 62%;近 20 / 60 / 120 日 4% / 22% / 7%。", "行业对照": ["同申万二级「游戏Ⅱ」26 家中位:PE 24.6 / 股息率 1.1% / 毛利率 60.8% / 固定资产占比 4% / 分红率 43%。", "吉比特:PE 比行业中位低 11.7倍;股息率 比行业中位高 3.8个百分点;毛利率 比行业中位高 27.7个百分点;固定资产占比 比行业中位高 0.2个百分点。"]}}