{"F": {"ts_code": "688004.SH", "name": "博汇科技", "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": "科创板", "list_date": "20200612", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 21.8, "pe_ttm": null, "pb": 3.1115, "dv_ttm": null, "total_mv": 174591.84, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [50.9, 55.7, 52.0, 42.8, 47.3, 50.8], "rev_series": [2.9, 2.9, 1.6, 1.9, 1.7, 1.7], "np_series": [0.5, 0.5, -0.3, -0.4, -0.4, -0.2], "roe_series": [9.1, 6.7, -4.3, -6.3, -6.0, -3.8], "period": "20260630", "rev_ttm": 1.6, "np_ttm": -0.3, "ocf_ttm": -0.1, "fcf_ttm": -0.1, "fcf_yield": -0.6, "ocf_yield": -0.5, "gm_median": 50.8, "gm_std": 4.4, "gm_stab": 0.91, "gm_chg_2022": 1.1, "npm_median": -19.8, "roe_median": -4.3, "commodity": false, "hard_ratio": 28.3, "fix_assets": 1.9, "goodwill_ratio": 0.0, "pb_calc": 3.11, "capex_dep": 0.27, "interest_debt": 0.4, "debt_ebitda": null, "debt_ratio": 16.6, "debt_mv": 2.2, "payout": null, "div_years": 1, "rev_cagr3": 2.9, "np_cagr3": null, "rev_yoy": -21.6, "np_yoy": -22.7, "np_vol": 71.9, "loss_years": 4, "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", 50.0], ["主营业务", 50.0]], "ret_prev_year": 52.8, "ret_prev2_year": -27.3, "ret_ytd": -5.8, "ret_pivot": 105.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -7.7, "ret_60": 8.3, "ret_120": -6.2, "ret_250": -13.4, "mdd_250": -42.3, "vol_250": 49.0, "pos_52w": 74.0}, "S": {"duration": 100, "pricing": 66, "hard": 45, "bondness": 20}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.3 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 17%,有息负债 0 亿,经营现金流/市值 -0.5%: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 50.8%),硬资产占比 28%。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 -0.6%(经营现金流/市值 -0.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 50.8%,稳定度 91%,2020→2022 成本通胀期毛利率变化 1.1 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 28%,资本开支/折旧 0.27 倍。有一些。"], ["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 -13%,最大回撤 -42%,年化波动 49%,现价在 52 周高点的 74%;近 20 / 60 / 120 日 -8% / 8% / -6%。", "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%。", "博汇科技:PE ;股息率 ;毛利率 比行业中位高 22.7个百分点;固定资产占比 比行业中位高 19.7个百分点。"]}}