{"F": {"ts_code": "688225.SH", "name": "亚信安全", "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": "20220209", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 13.36, "pe_ttm": null, "pb": 3.6663, "dv_ttm": null, "total_mv": 534413.36, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [55.5, 53.3, 52.8, 47.8, 51.6, 39.1], "rev_series": [12.7, 16.7, 17.2, 16.1, 36.0, 77.4], "np_series": [1.7, 1.8, 1.0, -2.9, 0.1, -4.5], "roe_series": [18.6, 13.3, 4.8, -12.2, 0.4, -22.9], "period": "20260630", "rev_ttm": 73.5, "np_ttm": -3.4, "ocf_ttm": 2.9, "fcf_ttm": 2.6, "fcf_yield": 4.8, "ocf_yield": 5.4, "gm_median": 51.6, "gm_std": 5.3, "gm_stab": 0.9, "gm_chg_2022": -2.7, "npm_median": 5.7, "roe_median": 0.4, "commodity": false, "hard_ratio": 5.4, "fix_assets": 5.8, "goodwill_ratio": 4.7, "pb_calc": 3.67, "capex_dep": 0.58, "interest_debt": 15.4, "debt_ebitda": null, "debt_ratio": 51.6, "debt_mv": 28.8, "payout": null, "div_years": 2, "rev_cagr3": 65.1, "np_cagr3": null, "rev_yoy": -12.4, "np_yoy": 28.3, "np_vol": 1873.6, "loss_years": 2, "far_share": 100, "earn_yield": null, "consensus_n": 1, "fwd_pe": 78.6, "fwd_pe2": 21.9, "fwd_g1": null, "fwd_g2": 259.0, "peg": 0.3, "consensus_disp": null, "mainbz": [["产品", 46.0], ["数智业务", 37.0], ["网络安全产品", 9.0], ["网络安全", 9.0]], "ret_prev_year": 6.5, "ret_prev2_year": -0.7, "ret_ytd": -31.1, "ret_pivot": 15.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -2.7, "ret_60": 1.4, "ret_120": -34.0, "ret_250": -40.1, "mdd_250": -55.6, "vol_250": 50.2, "pos_52w": 53.4}, "S": {"duration": 100, "pricing": 63, "hard": 9, "bondness": 3}, "label": "轻资产现金牛", "tags": ["亏损或困境", "近5年≥2年亏损", "PEG<0.8"], "text": {"像什么": ["固定资产占比 5%,毛利率近 5 年中位 51.6%,自由现金流/市值 4.8%:现金机器,久期短。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 51.6%),硬资产占比 5%。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": "久期短、无杠杆,加息期相对安全;放水期跑不过科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 4.8%(经营现金流/市值 5.4%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 51.6%,稳定度 90%,2020→2022 成本通胀期毛利率变化 -2.7 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 5%,资本开支/折旧 0.58 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 -40%,最大回撤 -56%,年化波动 50%,现价在 52 周高点的 53%;近 20 / 60 / 120 日 -3% / 1% / -34%。", "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%。", "亚信安全:PE ;股息率 ;毛利率 比行业中位高 2.9个百分点;固定资产占比 比行业中位低 3.4个百分点。"]}}