{"F": {"ts_code": "920748.BJ", "name": "路桥信息", "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": "北交所", "list_date": "20230816", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 34.7, "pe_ttm": null, "pb": 13.8132, "dv_ttm": null, "total_mv": 266287.8, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [42.4, 46.4, 37.0, 35.6, 34.8, 11.1], "rev_series": [2.1, 1.9, 2.9, 2.2, 2.1, 0.9], "np_series": [0.2, 0.3, 0.4, 0.1, 0.0, -0.7], "roe_series": [25.5, 20.9, 22.1, 4.0, 1.3, -27.3], "period": "20260630", "rev_ttm": 1.4, "np_ttm": -0.6, "ocf_ttm": -0.1, "fcf_ttm": -0.1, "fcf_yield": -0.5, "ocf_yield": -0.2, "gm_median": 35.6, "gm_std": 11.7, "gm_stab": 0.67, "gm_chg_2022": -5.5, "npm_median": 3.9, "roe_median": 4.0, "commodity": false, "hard_ratio": 8.8, "fix_assets": 0.4, "goodwill_ratio": 0.0, "pb_calc": 13.81, "capex_dep": 1.19, "interest_debt": 1.2, "debt_ebitda": null, "debt_ratio": 55.1, "debt_mv": 4.5, "payout": 114.7, "div_years": 2, "rev_cagr3": -32.3, "np_cagr3": null, "rev_yoy": 162.1, "np_yoy": 16.9, "np_vol": 769.2, "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", 43.0], ["轨道交通", 17.0], ["智慧停车", 12.0], ["公路与城市交通", 11.0]], "ret_prev_year": 138.8, "ret_prev2_year": -15.3, "ret_ytd": -25.4, "ret_pivot": 168.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": null, "ret_60": null, "ret_120": null, "ret_250": null, "mdd_250": null, "vol_250": null, "pos_52w": null}, "S": {"duration": 100, "pricing": 45, "hard": 14, "bondness": 58}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -0.6 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 55%,有息负债 1 亿,经营现金流/市值 -0.2%: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 9%,毛利率近 5 年中位 35.6%。", "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 -0.5%(经营现金流/市值 -0.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 35.6%,稳定度 67%,2020→2022 成本通胀期毛利率变化 -5.5 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 9%,资本开支/折旧 1.19 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?"]], "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%。", "路桥信息:PE ;股息率 ;毛利率 比行业中位高 7.5个百分点;固定资产占比 比行业中位高 0.2个百分点。"]}}