{"F": {"ts_code": "688023.SH", "name": "安恒信息", "mkt": "CN", "ccy": "元", "sw1": "计算机", "sw2": "软件开发", "sw3": "横向通用软件", "ind": "软件开发", "fin_source": "tushare", "market": "科创板", "list_date": "20191105", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 43.07, "pe_ttm": null, "pb": 2.0466, "dv_ttm": null, "total_mv": 440068.1557, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [69.0, 64.0, 64.2, 61.8, 60.1, 61.9], "rev_series": [13.2, 18.2, 19.8, 21.7, 20.4, 21.5], "np_series": [1.3, 0.1, -2.5, -3.6, -2.0, -0.6], "roe_series": [8.3, 0.6, -8.4, -13.2, -7.8, -2.4], "period": "20260630", "rev_ttm": 21.6, "np_ttm": -0.4, "ocf_ttm": 2.8, "fcf_ttm": 1.8, "fcf_yield": 4.0, "ocf_yield": 6.4, "gm_median": 61.9, "gm_std": 1.5, "gm_stab": 0.98, "gm_chg_2022": -4.8, "npm_median": -9.9, "roe_median": -7.8, "commodity": false, "hard_ratio": 21.4, "fix_assets": 8.6, "goodwill_ratio": 1.8, "pb_calc": 2.05, "capex_dep": 1.73, "interest_debt": 8.2, "debt_ebitda": 4.5, "debt_ratio": 46.0, "debt_mv": 18.5, "payout": null, "div_years": 0, "rev_cagr3": 2.8, "np_cagr3": null, "rev_yoy": 0.9, "np_yoy": 9.2, "np_vol": 774.9, "loss_years": 4, "far_share": 100, "earn_yield": null, "consensus_n": 2, "fwd_pe": 54.5, "fwd_pe2": 32.8, "fwd_g1": null, "fwd_g2": 66.0, "peg": 0.83, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 50.0], ["其他业务", 0.0]], "ret_prev_year": 26.0, "ret_prev2_year": -52.2, "ret_ytd": -16.2, "ret_pivot": 37.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 7.9, "ret_60": 16.1, "ret_120": -24.8, "ret_250": -30.3, "mdd_250": -46.1, "vol_250": 50.5, "pos_52w": 68.0}, "S": {"duration": 100, "pricing": 69, "hard": 34, "bondness": 31}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.4 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 46%,有息负债 8 亿,经营现金流/市值 6.4%: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 61.9%),硬资产占比 21%。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 4.0%(经营现金流/市值 6.4%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 61.9%,稳定度 98%,2020→2022 成本通胀期毛利率变化 -4.8 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 21%,资本开支/折旧 1.73 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 -30%,最大回撤 -46%,年化波动 50%,现价在 52 周高点的 68%;近 20 / 60 / 120 日 8% / 16% / -25%。", "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%。", "安恒信息:PE ;股息率 ;毛利率 比行业中位高 13.2个百分点;固定资产占比 比行业中位高 12.6个百分点。"]}}