{"F": {"ts_code": "603927.SH", "name": "中科软", "mkt": "CN", "ccy": "元", "sw1": "计算机", "sw2": "软件开发", "sw3": "垂直应用软件", "ind": "软件开发", "fin_source": "tushare", "market": "主板", "list_date": "20190909", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 14.01, "pe_ttm": 56.1773, "pb": 3.789, "dv_ttm": 2.1413, "total_mv": 1164287.04, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [28.0, 29.5, 29.3, 32.8, 26.9, 24.7], "rev_series": [57.8, 62.8, 67.0, 62.0, 63.7, 60.3], "np_series": [4.8, 5.8, 6.4, 6.5, 3.6, 2.2], "roe_series": [22.2, 23.6, 23.8, 21.7, 10.8, 6.9], "period": "20260630", "rev_ttm": 60.3, "np_ttm": 2.1, "ocf_ttm": 4.1, "fcf_ttm": 3.9, "fcf_yield": 3.4, "ocf_yield": 3.5, "gm_median": 29.3, "gm_std": 2.7, "gm_stab": 0.91, "gm_chg_2022": 1.3, "npm_median": 9.2, "roe_median": 21.7, "commodity": false, "hard_ratio": 1.6, "fix_assets": 1.2, "goodwill_ratio": 0.0, "pb_calc": 3.79, "capex_dep": 1.36, "interest_debt": 0.3, "debt_ebitda": 0.1, "debt_ratio": 59.6, "debt_mv": 0.3, "payout": 79.6, "div_years": 5, "rev_cagr3": -3.5, "np_cagr3": -29.5, "rev_yoy": 0.1, "np_yoy": -15.6, "np_vol": 26.7, "loss_years": 0, "far_share": 91.0, "earn_yield": 1.8, "consensus_n": 1, "fwd_pe": 43.8, "fwd_pe2": 34.2, "fwd_g1": 28.0, "fwd_g2": 28.0, "peg": 1.56, "consensus_disp": null, "mainbz": [["产品", 33.0], ["软件开发及服务收入", 28.0], ["定制软件收入", 28.0], ["系统集成及其服务收入", 5.0]], "ret_prev_year": -10.5, "ret_prev2_year": 3.3, "ret_ytd": -25.6, "ret_pivot": -11.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.7, "ret_60": -2.6, "ret_120": -21.2, "ret_250": -34.3, "mdd_250": -43.5, "vol_250": 28.4, "pos_52w": 63.7}, "S": {"duration": 75, "pricing": 55, "hard": 3, "bondness": 61}, "label": "中性", "tags": [], "text": {"像什么": ["PE 56.2 倍、股息率 2.1%、毛利率近 5 年中位 29.3%、固定资产占比 2%、有息负债/EBITDA 0.1 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 2%,毛利率近 5 年中位 29.3%。", "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 3.4%(经营现金流/市值 3.5%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 29.3%,稳定度 91%,2020→2022 成本通胀期毛利率变化 1.3 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 2%,资本开支/折旧 1.36 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 56.2 倍 粗算,约 91%(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 -34%,最大回撤 -44%,年化波动 28%,现价在 52 周高点的 64%;近 20 / 60 / 120 日 2% / -3% / -21%。", "行业对照": ["同申万二级「软件开发」135 家中位:PE 82.7 / 股息率 0.5% / 毛利率 48.7% / 固定资产占比 9% / 分红率 45%。", "中科软:PE 比行业中位低 26.5倍;股息率 比行业中位高 1.6个百分点;毛利率 比行业中位低 19.4个百分点;固定资产占比 比行业中位低 7.2个百分点。"]}}