{"F": {"ts_code": "688327.SH", "name": "云从科技", "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": "20220527", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 10.31, "pe_ttm": null, "pb": 14.8332, "dv_ttm": null, "total_mv": 1072214.5343, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [43.5, 37.0, 34.1, 52.2, 35.8, 28.6], "rev_series": [7.5, 10.8, 5.3, 6.3, 4.0, 5.0], "np_series": [-8.1, -6.3, -8.7, -6.4, -7.0, -5.6], "roe_series": [-49.7, -45.2, -53.2, -34.6, -50.8, -60.0], "period": "20260630", "rev_ttm": 4.3, "np_ttm": -4.0, "ocf_ttm": -0.7, "fcf_ttm": -0.7, "fcf_yield": -0.7, "ocf_yield": -0.6, "gm_median": 35.8, "gm_std": 7.9, "gm_stab": 0.78, "gm_chg_2022": -9.4, "npm_median": -114.5, "roe_median": -50.8, "commodity": false, "hard_ratio": 0.5, "fix_assets": 0.1, "goodwill_ratio": 0.0, "pb_calc": 14.83, "capex_dep": 0.14, "interest_debt": 3.9, "debt_ebitda": null, "debt_ratio": 63.9, "debt_mv": 3.6, "payout": null, "div_years": 0, "rev_cagr3": -1.7, "np_cagr3": null, "rev_yoy": -40.7, "np_yoy": 65.7, "np_vol": 24.2, "loss_years": 5, "far_share": 100, "earn_yield": null, "consensus_n": 3, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["人工智能解决方案", 76.0], ["人机协同操作系统", 22.0], ["其他业务", 1.0], ["其他", 1.0]], "ret_prev_year": 18.8, "ret_prev2_year": -28.2, "ret_ytd": -28.3, "ret_pivot": 33.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -8.2, "ret_60": -20.9, "ret_120": -28.6, "ret_250": -42.8, "mdd_250": -46.7, "vol_250": 49.4, "pos_52w": 57.0}, "S": {"duration": 100, "pricing": 49, "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 -4.0 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 64%,有息负债 4 亿,经营现金流/市值 -0.6%: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 35.8%。", "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 -0.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 35.8%,稳定度 78%,2020→2022 成本通胀期毛利率变化 -9.4 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 0.14 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 -43%,最大回撤 -47%,年化波动 49%,现价在 52 周高点的 57%;近 20 / 60 / 120 日 -8% / -21% / -29%。", "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%。", "云从科技:PE ;股息率 ;毛利率 比行业中位高 7.7个百分点;固定资产占比 比行业中位低 8.1个百分点。"]}}