{"F": {"ts_code": "603918.SH", "name": "金桥信息", "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": "20150528", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 11.34, "pe_ttm": null, "pb": 4.2675, "dv_ttm": null, "total_mv": 414031.905, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [30.8, 30.2, 31.8, 30.8, 26.7, 27.8], "rev_series": [10.0, 11.2, 8.6, 9.3, 7.0, 6.9], "np_series": [0.9, 0.9, 0.2, 0.3, -0.6, -0.6], "roe_series": [13.0, 9.6, 1.6, 2.3, -5.6, -5.5], "period": "20260630", "rev_ttm": 6.9, "np_ttm": -0.6, "ocf_ttm": 1.1, "fcf_ttm": 0.5, "fcf_yield": 1.2, "ocf_yield": 2.6, "gm_median": 30.2, "gm_std": 1.9, "gm_stab": 0.94, "gm_chg_2022": 1.0, "npm_median": 1.3, "roe_median": 1.6, "commodity": false, "hard_ratio": 3.0, "fix_assets": 0.4, "goodwill_ratio": 0.0, "pb_calc": 4.27, "capex_dep": 3.54, "interest_debt": 0.4, "debt_ebitda": 1.0, "debt_ratio": 25.9, "debt_mv": 0.9, "payout": 57.1, "div_years": 3, "rev_cagr3": -7.1, "np_cagr3": null, "rev_yoy": -0.1, "np_yoy": 3.9, "np_vol": 137.8, "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", 43.0], ["智慧场景解决方案", 23.0], ["大数据及云平台服务", 13.0], ["云服务及大数据", 13.0]], "ret_prev_year": 23.3, "ret_prev2_year": -31.8, "ret_ytd": -27.7, "ret_pivot": 9.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.2, "ret_60": 8.4, "ret_120": -21.8, "ret_250": -43.6, "mdd_250": -58.8, "vol_250": 46.2, "pos_52w": 51.2}, "S": {"duration": 100, "pricing": 56, "hard": 5, "bondness": 43}, "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 -0.6 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 26%,有息负债 0 亿,经营现金流/市值 2.6%: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": "只占定价权一条(毛利率 30.2%),硬资产占比 3%。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": "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 1.2%(经营现金流/市值 2.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 30.2%,稳定度 94%,2020→2022 成本通胀期毛利率变化 1.0 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 3%,资本开支/折旧 3.54 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 -44%,最大回撤 -59%,年化波动 46%,现价在 52 周高点的 51%;近 20 / 60 / 120 日 2% / 8% / -22%。", "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%。", "金桥信息:PE ;股息率 ;毛利率 比行业中位高 2.1个百分点;固定资产占比 比行业中位低 5.6个百分点。"]}}