{"F": {"ts_code": "603516.SH", "name": "淳中科技", "mkt": "CN", "ccy": "元", "sw1": "计算机", "sw2": "计算机设备", "sw3": "其他计算机设备", "ind": "计算机设备", "fin_source": "tushare", "market": "主板", "list_date": "20180202", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 93.17, "pe_ttm": 41.9742, "pb": 10.4446, "dv_ttm": 0.1068, "total_mv": 1893850.7511, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [58.8, 57.9, 51.6, 43.5, 50.1, 47.7], "rev_series": [4.8, 4.7, 3.8, 5.0, 4.9, 3.3], "np_series": [1.3, 0.8, 0.3, 0.2, 0.9, 2.8], "roe_series": [13.8, 7.9, 2.8, 1.7, 6.8, 17.8], "period": "20260630", "rev_ttm": 3.2, "np_ttm": 4.5, "ocf_ttm": 0.0, "fcf_ttm": -0.0, "fcf_yield": -0.0, "ocf_yield": 0.0, "gm_median": 50.1, "gm_std": 4.7, "gm_stab": 0.91, "gm_chg_2022": -7.1, "npm_median": 16.7, "roe_median": 6.8, "commodity": false, "hard_ratio": 13.1, "fix_assets": 2.6, "goodwill_ratio": 0.0, "pb_calc": 10.44, "capex_dep": 0.45, "interest_debt": 0.1, "debt_ebitda": null, "debt_ratio": 9.8, "debt_mv": 0.1, "payout": 58.1, "div_years": 5, "rev_cagr3": -4.7, "np_cagr3": 112.1, "rev_yoy": -8.8, "np_yoy": 428.7, "np_vol": 182.0, "loss_years": 0, "far_share": 88.0, "earn_yield": 2.4, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 35.0], ["专业视听类产品", 18.0], ["专业视听产品", 18.0], ["虚拟现实产品", 12.0]], "ret_prev_year": 306.7, "ret_prev2_year": 149.5, "ret_ytd": -58.3, "ret_pivot": 282.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": -7.3, "ret_60": -18.2, "ret_120": -36.1, "ret_250": -20.2, "mdd_250": -68.3, "vol_250": 76.4, "pos_52w": 35.7}, "S": {"duration": 65, "pricing": 61, "hard": 21, "bondness": 44}, "label": "中性", "tags": [], "text": {"像什么": ["PE 42.0 倍、股息率 0.1%、毛利率近 5 年中位 50.1%、固定资产占比 13%、资产负债率 10%: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 50.1%),硬资产占比 13%。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 -0.0%(经营现金流/市值 0.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 50.1%,稳定度 91%,2020→2022 成本通胀期毛利率变化 -7.1 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 13%,资本开支/折旧 0.45 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 42.0 倍 粗算,约 88%(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 -20%,最大回撤 -68%,年化波动 76%,现价在 52 周高点的 36%;近 20 / 60 / 120 日 -7% / -18% / -36%。", "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%。", "淳中科技:PE 比行业中位低 9.7倍;股息率 比行业中位低 0.7个百分点;毛利率 比行业中位高 14.3个百分点;固定资产占比 比行业中位高 1.4个百分点。"]}}