{"F": {"ts_code": "688579.SH", "name": "地纬智能", "mkt": "CN", "ccy": "元", "sw1": "计算机", "sw2": "软件开发", "sw3": "垂直应用软件", "ind": "软件开发", "fin_source": "tushare", "market": "科创板", "list_date": "20200717", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 8.07, "pe_ttm": 249.9482, "pb": 2.3418, "dv_ttm": 0.6196, "total_mv": 322808.07, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [55.4, 48.0, 57.4, 53.3, 52.0, 52.2], "rev_series": [5.0, 6.4, 4.5, 5.4, 5.5, 5.2], "np_series": [0.9, 1.0, 0.6, 0.8, 0.6, 0.6], "roe_series": [8.9, 8.3, 4.8, 6.1, 4.7, 4.3], "period": "20260630", "rev_ttm": 4.4, "np_ttm": 0.1, "ocf_ttm": 0.7, "fcf_ttm": 0.6, "fcf_yield": 1.9, "ocf_yield": 2.2, "gm_median": 52.2, "gm_std": 3.0, "gm_stab": 0.94, "gm_chg_2022": 2.0, "npm_median": 13.6, "roe_median": 4.8, "commodity": false, "hard_ratio": 36.1, "fix_assets": 5.8, "goodwill_ratio": 0.0, "pb_calc": 2.34, "capex_dep": 0.35, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 14.9, "debt_mv": null, "payout": 39.4, "div_years": 5, "rev_cagr3": 4.6, "np_cagr3": -1.0, "rev_yoy": -38.0, "np_yoy": -238.7, "np_vol": 24.9, "loss_years": 0, "far_share": 98.0, "earn_yield": 0.4, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["运维及技术服务", 51.0], ["软件开发", 38.0], ["硬件及系统集成", 8.0], ["其他业务", 2.0]], "ret_prev_year": 18.2, "ret_prev2_year": -27.4, "ret_ytd": -24.8, "ret_pivot": 10.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.9, "ret_60": -1.7, "ret_120": -32.4, "ret_250": -37.7, "mdd_250": -45.4, "vol_250": 38.7, "pos_52w": 61.4}, "S": {"duration": 100, "pricing": 68, "hard": 58, "bondness": 36}, "label": "中性", "tags": [], "text": {"像什么": ["PE 249.9 倍、股息率 0.6%、毛利率近 5 年中位 52.2%、固定资产占比 36%、资产负债率 15%:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 36%、毛利率 52.2% 两条都占,但所在行业(计算机)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "加息期怎么走": "按行业与估值常规看,没有明确的利率方向性。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 1.9%(经营现金流/市值 2.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 52.2%,稳定度 94%,2020→2022 成本通胀期毛利率变化 2.0 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 36%,资本开支/折旧 0.35 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 249.9 倍 粗算,约 98%(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 -38%,最大回撤 -45%,年化波动 39%,现价在 52 周高点的 61%;近 20 / 60 / 120 日 1% / -2% / -32%。", "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%。", "地纬智能:PE 比行业中位高 167.2倍;股息率 比行业中位高 0.1个百分点;毛利率 比行业中位高 3.5个百分点;固定资产占比 比行业中位高 27.3个百分点。"]}}