{"F": {"ts_code": "688207.SH", "name": "格灵深瞳", "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": "20220317", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 17.2, "pe_ttm": null, "pb": 1.8048, "dv_ttm": null, "total_mv": 445433.732, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [61.6, 55.6, 57.8, 56.6, 52.5, 33.4], "rev_series": [2.4, 2.9, 3.5, 2.6, 1.2, 1.6], "np_series": [-0.8, -0.7, 0.3, -0.9, -2.1, -1.9], "roe_series": [-18.1, -11.8, 2.2, -3.9, -9.8, -9.6], "period": "20260630", "rev_ttm": 1.6, "np_ttm": -2.0, "ocf_ttm": -1.9, "fcf_ttm": -2.0, "fcf_yield": -4.5, "ocf_yield": -4.2, "gm_median": 55.6, "gm_std": 9.1, "gm_stab": 0.84, "gm_chg_2022": -3.8, "npm_median": -34.5, "roe_median": -9.6, "commodity": false, "hard_ratio": 0.5, "fix_assets": 0.1, "goodwill_ratio": 0.7, "pb_calc": 1.8, "capex_dep": 1.87, "interest_debt": 0.4, "debt_ebitda": null, "debt_ratio": 5.4, "debt_mv": 0.8, "payout": null, "div_years": 0, "rev_cagr3": -24.0, "np_cagr3": null, "rev_yoy": 18.7, "np_yoy": -19.0, "np_vol": 178.4, "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": [["人工智能产品", 30.0], ["技术服务及其他", 24.0], ["智慧终端产品销售收入", 23.0], ["智慧终端产品", 23.0]], "ret_prev_year": 6.7, "ret_prev2_year": -32.1, "ret_ytd": 13.2, "ret_pivot": 64.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": -11.7, "ret_60": -4.8, "ret_120": 8.0, "ret_250": -3.5, "mdd_250": -36.2, "vol_250": 68.6, "pos_52w": 74.6}, "S": {"duration": 100, "pricing": 62, "hard": 1, "bondness": 23}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -2.0 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 5%,有息负债 0 亿,经营现金流/市值 -4.2%: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": "两条都不占:固定资产占比 0%,毛利率近 5 年中位 55.6%。", "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 -4.5%(经营现金流/市值 -4.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 55.6%,稳定度 84%,2020→2022 成本通胀期毛利率变化 -3.8 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 0%,资本开支/折旧 1.87 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 -4%,最大回撤 -36%,年化波动 69%,现价在 52 周高点的 75%;近 20 / 60 / 120 日 -12% / -5% / 8%。", "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%。", "格灵深瞳:PE ;股息率 ;毛利率 比行业中位高 27.5个百分点;固定资产占比 比行业中位低 8.1个百分点。"]}}