{"F": {"ts_code": "688030.SH", "name": "山石网科", "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": "20190930", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 16.97, "pe_ttm": null, "pb": 4.4026, "dv_ttm": null, "total_mv": 305864.3815, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [69.1, 73.2, 68.3, 67.4, 70.0, 67.3], "rev_series": [7.3, 10.3, 8.1, 9.0, 10.0, 9.1], "np_series": [0.6, 0.8, -1.8, -2.4, -1.4, -1.9], "roe_series": [4.3, 5.2, -12.9, -20.0, -13.7, -23.4], "period": "20260630", "rev_ttm": 9.5, "np_ttm": -1.4, "ocf_ttm": -0.9, "fcf_ttm": -1.1, "fcf_yield": -3.6, "ocf_yield": -2.9, "gm_median": 68.3, "gm_std": 2.2, "gm_stab": 0.97, "gm_chg_2022": -0.8, "npm_median": -21.5, "roe_median": -13.7, "commodity": false, "hard_ratio": 10.7, "fix_assets": 2.1, "goodwill_ratio": 0.0, "pb_calc": 4.29, "capex_dep": 0.84, "interest_debt": 7.8, "debt_ebitda": null, "debt_ratio": 63.6, "debt_mv": 25.5, "payout": null, "div_years": 1, "rev_cagr3": 3.9, "np_cagr3": null, "rev_yoy": 8.3, "np_yoy": 72.4, "np_vol": 140.0, "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], ["其他业务", 0.0]], "ret_prev_year": 17.2, "ret_prev2_year": -22.6, "ret_ytd": -6.6, "ret_pivot": 65.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.0, "ret_60": 5.3, "ret_120": -0.2, "ret_250": -22.8, "mdd_250": -39.1, "vol_250": 42.5, "pos_52w": 76.6}, "S": {"duration": 100, "pricing": 75, "hard": 17, "bondness": 19}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -1.4 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 64%,有息负债 8 亿,经营现金流/市值 -2.9%: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 68.3%),硬资产占比 11%。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 -3.6%(经营现金流/市值 -2.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 68.3%,稳定度 97%,2020→2022 成本通胀期毛利率变化 -0.8 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 11%,资本开支/折旧 0.84 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 -23%,最大回撤 -39%,年化波动 42%,现价在 52 周高点的 77%;近 20 / 60 / 120 日 -6% / 5% / -0%。", "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%。", "山石网科:PE ;股息率 ;毛利率 比行业中位高 19.6个百分点;固定资产占比 比行业中位高 1.9个百分点。"]}}