{"F": {"ts_code": "603508.SH", "name": "思维列控", "mkt": "CN", "ccy": "元", "sw1": "计算机", "sw2": "计算机设备", "sw3": "安防设备", "ind": "计算机设备", "fin_source": "tushare", "market": "主板", "list_date": "20151224", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 21.35, "pe_ttm": 14.2747, "pb": 1.9751, "dv_ttm": 12.2927, "total_mv": 814020.844, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [59.7, 61.0, 60.6, 63.1, 66.8, 66.5], "rev_series": [8.4, 10.6, 10.7, 11.8, 15.2, 15.2], "np_series": [-5.7, 3.9, 3.5, 4.1, 5.5, 5.6], "roe_series": [-14.0, 9.6, 8.1, 9.3, 11.9, 12.8], "period": "20260630", "rev_ttm": 15.6, "np_ttm": 5.7, "ocf_ttm": 6.5, "fcf_ttm": 6.2, "fcf_yield": 7.6, "ocf_yield": 8.0, "gm_median": 63.1, "gm_std": 2.6, "gm_stab": 0.96, "gm_chg_2022": 0.9, "npm_median": 37.0, "roe_median": 9.6, "commodity": false, "hard_ratio": 5.7, "fix_assets": 2.6, "goodwill_ratio": 30.8, "pb_calc": 1.98, "capex_dep": 0.56, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 5.6, "debt_mv": null, "payout": 99.9, "div_years": 5, "rev_cagr3": 12.5, "np_cagr3": 17.1, "rev_yoy": 5.7, "np_yoy": 4.6, "np_vol": 64.2, "loss_years": 0, "far_share": 65.0, "earn_yield": 7.0, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["列车运行控制系统", 37.0], ["高速铁路列车运行监测系统", 31.0], ["铁路安全防护系统", 29.0], ["其他业务", 2.0]], "ret_prev_year": 36.7, "ret_prev2_year": 83.5, "ret_ytd": -21.8, "ret_pivot": 55.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.3, "ret_60": -1.7, "ret_120": -16.8, "ret_250": -30.5, "mdd_250": -38.9, "vol_250": 36.3, "pos_52w": 61.8}, "S": {"duration": 30, "pricing": 73, "hard": 9, "bondness": 75}, "label": "轻资产现金牛", "tags": ["现金流红利", "商誉占比高", "股息率≥4%"], "text": {"像什么": ["固定资产占比 6%,毛利率近 5 年中位 63.1%,自由现金流/市值 7.6%:现金机器,久期短。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 63.1%),硬资产占比 6%。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": "久期短、无杠杆,加息期相对安全;放水期跑不过科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 7.6%(经营现金流/市值 8.0%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 63.1%,稳定度 96%,2020→2022 成本通胀期毛利率变化 0.9 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 6%,资本开支/折旧 0.56 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 14.3 倍 粗算,约 65%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -30%,最大回撤 -39%,年化波动 36%,现价在 52 周高点的 62%;近 20 / 60 / 120 日 -6% / -2% / -17%。", "行业对照": ["同申万二级「计算机设备」88 家中位:PE 51.7 / 股息率 0.8% / 毛利率 35.8% / 固定资产占比 12% / 分红率 49%。", "思维列控:PE 比行业中位低 37.4倍;股息率 比行业中位高 11.5个百分点;毛利率 比行业中位高 27.3个百分点;固定资产占比 比行业中位低 6.0个百分点。"]}}