{"F": {"ts_code": "688509.SH", "name": "正元地信", "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": "20210730", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 4.24, "pe_ttm": null, "pb": 3.0844, "dv_ttm": null, "total_mv": 326480.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [31.9, 28.7, 27.8, 28.2, 23.2, 22.3], "rev_series": [16.8, 15.7, 13.2, 8.9, 6.6, 5.6], "np_series": [0.6, 0.5, 0.3, -0.3, -1.7, -1.7], "roe_series": [5.6, 3.6, 1.9, -2.2, -12.5, -13.9], "period": "20260630", "rev_ttm": 5.0, "np_ttm": -2.0, "ocf_ttm": 0.6, "fcf_ttm": 0.4, "fcf_yield": 1.4, "ocf_yield": 1.7, "gm_median": 27.8, "gm_std": 2.7, "gm_stab": 0.9, "gm_chg_2022": -4.1, "npm_median": -3.1, "roe_median": -2.2, "commodity": false, "hard_ratio": 4.1, "fix_assets": 1.2, "goodwill_ratio": 0.7, "pb_calc": 3.08, "capex_dep": 0.67, "interest_debt": 7.1, "debt_ebitda": null, "debt_ratio": 62.1, "debt_mv": 21.7, "payout": null, "div_years": 2, "rev_cagr3": -24.8, "np_cagr3": null, "rev_yoy": -19.6, "np_yoy": -58.7, "np_vol": 159.5, "loss_years": 3, "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": [["产品", 34.0], ["地下管网板块业务", 17.0], ["地下管网安全运维保障技术服务", 17.0], ["测绘地理信息行业(产品)", 12.0]], "ret_prev_year": 38.3, "ret_prev2_year": -17.8, "ret_ytd": -22.8, "ret_pivot": 45.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.9, "ret_60": -11.3, "ret_120": -11.7, "ret_250": -12.9, "mdd_250": -41.6, "vol_250": 43.3, "pos_52w": 67.1}, "S": {"duration": 100, "pricing": 50, "hard": 7, "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 3 年;PE 为负,估值指标失真。", "资产负债率 62%,有息负债 7 亿,经营现金流/市值 1.7%: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 4%,毛利率近 5 年中位 27.8%。", "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 1.4%(经营现金流/市值 1.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 27.8%,稳定度 90%,2020→2022 成本通胀期毛利率变化 -4.1 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 4%,资本开支/折旧 0.67 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 -13%,最大回撤 -42%,年化波动 43%,现价在 52 周高点的 67%;近 20 / 60 / 120 日 2% / -11% / -12%。", "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%。", "正元地信:PE ;股息率 ;毛利率 比行业中位低 0.3个百分点;固定资产占比 比行业中位低 4.5个百分点。"]}}