{"F": {"ts_code": "688615.SH", "name": "合合信息", "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": "20240926", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 95.57, "pe_ttm": 40.2431, "pb": 6.3092, "dv_ttm": 1.2332, "total_mv": 1873172.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [84.3, 83.4, 83.7, 84.3, 84.3, 86.7], "rev_series": [null, null, 9.9, 11.9, 14.4, 18.1], "np_series": [null, null, 2.8, 3.2, 4.0, 4.5], "roe_series": [66.7, 39.9, 50.3, 38.6, 21.9, 16.3], "period": "20260630", "rev_ttm": 20.0, "np_ttm": 4.7, "ocf_ttm": 6.9, "fcf_ttm": 6.0, "fcf_yield": 3.2, "ocf_yield": 3.7, "gm_median": 84.3, "gm_std": 1.2, "gm_stab": 0.99, "gm_chg_2022": -0.6, "npm_median": 27.2, "roe_median": 38.6, "commodity": false, "hard_ratio": 2.2, "fix_assets": 0.9, "goodwill_ratio": 0.0, "pb_calc": 6.31, "capex_dep": 1.47, "interest_debt": 0.4, "debt_ebitda": 0.1, "debt_ratio": 23.9, "debt_mv": 0.2, "payout": 45.7, "div_years": 2, "rev_cagr3": 22.3, "np_cagr3": 17.0, "rev_yoy": 22.3, "np_yoy": 4.8, "np_vol": 32.6, "loss_years": 0, "far_share": 88.0, "earn_yield": 2.5, "consensus_n": 17, "fwd_pe": 26.0, "fwd_pe2": 20.5, "fwd_g1": 55.0, "fwd_g2": 27.0, "peg": 0.96, "consensus_disp": null, "mainbz": [["智能文字识别：C端产品", 42.0], ["智能文字识别-C端APP扫描（扫描全能王和名片全", 42.0], ["商业大数据：B端产品及服务", 4.0], ["商业大数据-B端服务", 4.0]], "ret_prev_year": 59.6, "ret_prev2_year": null, "ret_ytd": -40.8, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": -21.2, "ret_60": -15.6, "ret_120": -28.6, "ret_250": -26.8, "mdd_250": -61.9, "vol_250": 59.5, "pos_52w": 40.6}, "S": {"duration": 63, "pricing": 84, "hard": 4, "bondness": 24}, "label": "定价权·品牌", "tags": [], "text": {"像什么": ["没有硬资产(固定资产占比 2%)但有定价权:毛利率近 5 年中位 84.3%,稳定度 99%、ROE 近 5 年中位 38.6%。", "自由现金流/市值 3.2%,分红率 46%,分子跟得上通胀。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 84.3%),硬资产占比 2%。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": "分子跟得上通胀、久期不长,加息期抗跌;放水期弹性不如科技。属船票一侧的'非债券'部分。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 3.2%(经营现金流/市值 3.7%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 84.3%,稳定度 99%,2020→2022 成本通胀期毛利率变化 -0.6 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 2%,资本开支/折旧 1.47 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 40.2 倍 粗算,约 88%(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 -27%,最大回撤 -62%,年化波动 60%,现价在 52 周高点的 41%;近 20 / 60 / 120 日 -21% / -16% / -29%。", "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%。", "合合信息:PE 比行业中位低 42.5倍;股息率 比行业中位高 0.7个百分点;毛利率 比行业中位高 35.6个百分点;固定资产占比 比行业中位低 6.6个百分点。"]}}