{"F": {"ts_code": "920790.BJ", "name": "联迪信息", "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": "20220902", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 27.33, "pe_ttm": null, "pb": 7.2666, "dv_ttm": 0.9147, "total_mv": 215816.8657, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [34.6, 32.8, 26.8, 25.5, 25.8, 26.4], "rev_series": [2.3, 2.3, 2.4, 2.1, 2.2, 1.9], "np_series": [0.3, 0.3, 0.2, 0.1, 0.1, 0.1], "roe_series": [16.9, 14.2, 6.8, 3.3, 2.9, 2.4], "period": "20260630", "rev_ttm": 2.1, "np_ttm": -0.1, "ocf_ttm": 0.6, "fcf_ttm": 0.6, "fcf_yield": 3.0, "ocf_yield": 3.0, "gm_median": 26.4, "gm_std": 2.7, "gm_stab": 0.9, "gm_chg_2022": -7.8, "npm_median": 5.2, "roe_median": 3.3, "commodity": false, "hard_ratio": 15.8, "fix_assets": 0.5, "goodwill_ratio": 0.0, "pb_calc": 7.27, "capex_dep": 0.26, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 3.5, "debt_mv": 0.0, "payout": 208.3, "div_years": 4, "rev_cagr3": -7.3, "np_cagr3": -26.2, "rev_yoy": 25.9, "np_yoy": -164.8, "np_vol": 13.2, "loss_years": 0, "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": [["软件开发技术服务", 49.0], ["软件开发与服务(行业)", 49.0], ["软件销售", 1.0], ["软件产品销售", 1.0]], "ret_prev_year": -2.6, "ret_prev2_year": 190.6, "ret_ytd": -16.7, "ret_pivot": 297.7, "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": 48, "hard": 25, "bondness": 60}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -0.1 亿,近 5 年亏损 0 年;PE 为负,估值指标失真。", "资产负债率 4%,有息负债 0 亿,经营现金流/市值 3.0%: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 16%,毛利率近 5 年中位 26.4%。", "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 3.0%(经营现金流/市值 3.0%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 26.4%,稳定度 90%,2020→2022 成本通胀期毛利率变化 -7.8 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 16%,资本开支/折旧 0.26 倍。有一些。"], ["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%。", "联迪信息:PE ;股息率 比行业中位高 0.5个百分点;毛利率 比行业中位低 1.7个百分点;固定资产占比 比行业中位高 7.2个百分点。"]}}