{"F": {"ts_code": "688227.SH", "name": "品高股份", "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": "20211230", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 71.08, "pe_ttm": null, "pb": 6.3499, "dv_ttm": null, "total_mv": 803597.0724, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [40.2, 46.5, 41.4, 38.5, 35.3, 30.3], "rev_series": [4.6, 4.7, 5.0, 5.5, 5.2, 4.7], "np_series": [0.5, 0.6, 0.5, -0.1, -0.6, -0.5], "roe_series": [11.7, 6.0, 3.3, -0.7, -4.7, -4.0], "period": "20260630", "rev_ttm": 4.9, "np_ttm": -0.3, "ocf_ttm": 0.2, "fcf_ttm": -0.6, "fcf_yield": -0.7, "ocf_yield": 0.2, "gm_median": 38.5, "gm_std": 5.5, "gm_stab": 0.86, "gm_chg_2022": 1.2, "npm_median": -2.1, "roe_median": -0.7, "commodity": false, "hard_ratio": 11.7, "fix_assets": 2.6, "goodwill_ratio": 0.0, "pb_calc": 6.35, "capex_dep": 2.06, "interest_debt": 1.6, "debt_ebitda": 24.8, "debt_ratio": 42.9, "debt_mv": 2.0, "payout": null, "div_years": 2, "rev_cagr3": -1.6, "np_cagr3": null, "rev_yoy": 10.0, "np_yoy": 128.0, "np_vol": 196.3, "loss_years": 3, "far_share": 100, "earn_yield": null, "consensus_n": 3, "fwd_pe": 394.9, "fwd_pe2": 99.6, "fwd_g1": null, "fwd_g2": 296.0, "peg": 1.33, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 50.0]], "ret_prev_year": 151.5, "ret_prev2_year": 35.6, "ret_ytd": 9.3, "ret_pivot": 536.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": -15.3, "ret_60": -22.0, "ret_120": 2.6, "ret_250": 90.0, "mdd_250": -56.8, "vol_250": 85.0, "pos_52w": 49.5}, "S": {"duration": 100, "pricing": 58, "hard": 19, "bondness": 35}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -0.3 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 43%,有息负债 2 亿,经营现金流/市值 0.2%: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": "只占定价权一条(毛利率 38.5%),硬资产占比 12%。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 -0.7%(经营现金流/市值 0.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 38.5%,稳定度 86%,2020→2022 成本通胀期毛利率变化 1.2 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 12%,资本开支/折旧 2.06 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 90%,最大回撤 -57%,年化波动 85%,现价在 52 周高点的 50%;近 20 / 60 / 120 日 -15% / -22% / 3%。", "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%。", "品高股份:PE ;股息率 ;毛利率 比行业中位高 10.4个百分点;固定资产占比 比行业中位高 3.1个百分点。"]}}