{"F": {"ts_code": "920806.BJ", "name": "云星宇", "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": "20240111", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 10.85, "pe_ttm": 44.743, "pb": 2.1218, "dv_ttm": 0.9217, "total_mv": 326299.2837, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [19.2, 17.5, 16.2, 14.1, 15.7, 18.0], "rev_series": [24.7, 27.6, 24.0, 22.0, 23.0, 15.8], "np_series": [1.1, 1.1, 1.0, 1.1, 1.2, 0.8], "roe_series": [13.4, 12.9, 10.6, 11.4, 9.1, 5.0], "period": "20260630", "rev_ttm": 16.3, "np_ttm": 0.7, "ocf_ttm": 5.8, "fcf_ttm": 5.2, "fcf_yield": 15.8, "ocf_yield": 17.9, "gm_median": 16.2, "gm_std": 1.4, "gm_stab": 0.91, "gm_chg_2022": -3.0, "npm_median": 4.9, "roe_median": 10.6, "commodity": false, "hard_ratio": 5.7, "fix_assets": 2.3, "goodwill_ratio": 0.1, "pb_calc": 2.12, "capex_dep": 6.05, "interest_debt": 0.2, "debt_ebitda": 0.2, "debt_ratio": 61.3, "debt_mv": 0.7, "payout": 25.0, "div_years": 3, "rev_cagr3": -12.9, "np_cagr3": -8.2, "rev_yoy": 7.5, "np_yoy": -12.9, "np_vol": 17.0, "loss_years": 0, "far_share": 89.0, "earn_yield": 2.2, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 33.0], ["智慧交通系统集成", 25.0], ["智慧交通系统", 25.0], ["智能交通技术开发与服务", 7.0]], "ret_prev_year": 8.7, "ret_prev2_year": null, "ret_ytd": -20.5, "ret_pivot": 51.7, "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": 67, "pricing": 45, "hard": 9, "bondness": 35}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 44.7 倍、股息率 0.9%、毛利率近 5 年中位 16.2%、固定资产占比 6%、有息负债/EBITDA 0.2 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 6%,毛利率近 5 年中位 16.2%。", "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 15.8%(经营现金流/市值 17.9%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 16.2%,稳定度 91%,2020→2022 成本通胀期毛利率变化 -3.0 个百分点。不能。"], ["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 6.05 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 44.7 倍 粗算,约 89%(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%。", "云星宇:PE 比行业中位低 39.3倍;股息率 比行业中位高 0.5个百分点;毛利率 比行业中位低 11.9个百分点;固定资产占比 比行业中位低 2.9个百分点。"]}}