{"F": {"ts_code": "603636.SH", "name": "南威软件", "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": "20141230", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 7.1, "pe_ttm": null, "pb": 2.3817, "dv_ttm": null, "total_mv": 412055.955, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [40.2, 31.7, 34.8, 38.5, 24.9, 17.4], "rev_series": [15.4, 17.2, 17.4, 16.8, 7.4, 8.4], "np_series": [2.4, 1.3, 1.4, 0.6, -3.1, -4.5], "roe_series": [10.1, 5.1, 5.2, 2.1, -12.2, -21.0], "period": "20260630", "rev_ttm": 7.4, "np_ttm": -5.4, "ocf_ttm": 2.7, "fcf_ttm": 1.3, "fcf_yield": 3.1, "ocf_yield": 6.7, "gm_median": 31.7, "gm_std": 7.5, "gm_stab": 0.76, "gm_chg_2022": -5.4, "npm_median": 3.9, "roe_median": 2.1, "commodity": false, "hard_ratio": 10.2, "fix_assets": 4.8, "goodwill_ratio": 1.0, "pb_calc": 2.38, "capex_dep": 11.13, "interest_debt": 12.5, "debt_ebitda": null, "debt_ratio": 61.6, "debt_mv": 30.4, "payout": 49.0, "div_years": 3, "rev_cagr3": -21.7, "np_cagr3": null, "rev_yoy": -31.6, "np_yoy": -136.2, "np_vol": 246.8, "loss_years": 2, "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", 35.0], ["政务软件产品", 13.0], ["互联网+政务服务", 13.0], ["其他主营业务", 10.0]], "ret_prev_year": 12.8, "ret_prev2_year": -17.8, "ret_ytd": -40.0, "ret_pivot": -22.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.1, "ret_60": -19.7, "ret_120": -29.6, "ret_250": -49.0, "mdd_250": -58.7, "vol_250": 49.1, "pos_52w": 48.8}, "S": {"duration": 100, "pricing": 46, "hard": 16, "bondness": 40}, "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 -5.4 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 62%,有息负债 12 亿,经营现金流/市值 6.7%: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": "两条都不占:固定资产占比 10%,毛利率近 5 年中位 31.7%。", "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 3.1%(经营现金流/市值 6.7%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 31.7%,稳定度 76%,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 10%,资本开支/折旧 11.13 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 -49%,最大回撤 -59%,年化波动 49%,现价在 52 周高点的 49%;近 20 / 60 / 120 日 0% / -20% / -30%。", "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%。", "南威软件:PE ;股息率 ;毛利率 比行业中位高 3.6个百分点;固定资产占比 比行业中位高 1.6个百分点。"]}}