{"F": {"ts_code": "688369.SH", "name": "致远互联", "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": "20191031", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 20.37, "pe_ttm": null, "pb": 3.204, "dv_ttm": null, "total_mv": 234699.2697, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [77.1, 72.3, 72.2, 68.4, 64.2, 56.8], "rev_series": [7.6, 10.3, 10.3, 10.4, 8.5, 9.0], "np_series": [1.1, 1.3, 0.9, -0.5, -2.4, -2.3], "roe_series": [8.5, 9.4, 6.5, -3.5, -19.3, -24.8], "period": "20260630", "rev_ttm": 9.3, "np_ttm": -2.1, "ocf_ttm": -0.3, "fcf_ttm": -0.4, "fcf_yield": -1.7, "ocf_yield": -1.5, "gm_median": 68.4, "gm_std": 5.8, "gm_stab": 0.92, "gm_chg_2022": -4.8, "npm_median": -4.5, "roe_median": -3.5, "commodity": false, "hard_ratio": 6.9, "fix_assets": 0.9, "goodwill_ratio": 0.0, "pb_calc": 3.2, "capex_dep": 0.45, "interest_debt": 0.3, "debt_ebitda": null, "debt_ratio": 45.9, "debt_mv": 1.2, "payout": null, "div_years": 3, "rev_cagr3": -4.4, "np_cagr3": null, "rev_yoy": 8.5, "np_yoy": 16.9, "np_vol": 145.7, "loss_years": 3, "far_share": 100, "earn_yield": null, "consensus_n": 1, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 35.0], ["协同管理软件产品", 30.0], ["协同管理软件", 30.0], ["技术服务", 5.0]], "ret_prev_year": 26.7, "ret_prev2_year": -41.8, "ret_ytd": -19.9, "ret_pivot": 58.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -7.2, "ret_60": -4.7, "ret_120": -14.1, "ret_250": -35.4, "mdd_250": -53.1, "vol_250": 55.0, "pos_52w": 60.6}, "S": {"duration": 100, "pricing": 70, "hard": 11, "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 -2.1 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 46%,有息负债 0 亿,经营现金流/市值 -1.5%: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 68.4%),硬资产占比 7%。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 -1.7%(经营现金流/市值 -1.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 68.4%,稳定度 92%,2020→2022 成本通胀期毛利率变化 -4.8 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 7%,资本开支/折旧 0.45 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 -35%,最大回撤 -53%,年化波动 55%,现价在 52 周高点的 61%;近 20 / 60 / 120 日 -7% / -5% / -14%。", "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%。", "致远互联:PE ;股息率 ;毛利率 比行业中位高 19.7个百分点;固定资产占比 比行业中位低 1.9个百分点。"]}}