{"F": {"ts_code": "688695.SH", "name": "中创股份", "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": "20240313", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 20.03, "pe_ttm": null, "pb": 2.2661, "dv_ttm": null, "total_mv": 170357.9542, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [94.6, 88.5, 83.7, 91.8, 83.7, 84.3], "rev_series": [null, null, 1.4, 1.8, 1.9, 1.5], "np_series": [null, null, 0.4, 0.7, 0.4, -0.3], "roe_series": [51.9, 25.1, 14.4, 18.5, 6.4, -3.5], "period": "20260630", "rev_ttm": 1.4, "np_ttm": -0.4, "ocf_ttm": 0.1, "fcf_ttm": -0.3, "fcf_yield": -1.7, "ocf_yield": 0.5, "gm_median": 84.3, "gm_std": 3.3, "gm_stab": 0.96, "gm_chg_2022": -10.9, "npm_median": 31.9, "roe_median": 14.4, "commodity": false, "hard_ratio": 6.1, "fix_assets": 0.5, "goodwill_ratio": 0.0, "pb_calc": 2.27, "capex_dep": 3.26, "interest_debt": 0.1, "debt_ebitda": null, "debt_ratio": 5.2, "debt_mv": 0.7, "payout": 25.7, "div_years": 2, "rev_cagr3": 2.6, "np_cagr3": null, "rev_yoy": -16.4, "np_yoy": -150.9, "np_vol": 76.4, "loss_years": 1, "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], ["中间件软件销售", 33.0], ["中间件软件", 33.0], ["中间件运维服务", 1.0]], "ret_prev_year": -9.4, "ret_prev2_year": null, "ret_ytd": -27.0, "ret_pivot": -19.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.7, "ret_60": -0.1, "ret_120": -25.6, "ret_250": -41.1, "mdd_250": -53.0, "vol_250": 35.1, "pos_52w": 59.0}, "S": {"duration": 100, "pricing": 80, "hard": 10, "bondness": 29}, "label": "亏损或困境", "tags": ["资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -0.4 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 5%,有息负债 0 亿,经营现金流/市值 0.5%: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 84.3%),硬资产占比 6%。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 0.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 84.3%,稳定度 96%,2020→2022 成本通胀期毛利率变化 -10.9 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 6%,资本开支/折旧 3.26 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 -41%,最大回撤 -53%,年化波动 35%,现价在 52 周高点的 59%;近 20 / 60 / 120 日 2% / -0% / -26%。", "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%。", "中创股份:PE ;股息率 ;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 2.7个百分点。"]}}