{"F": {"ts_code": "920932.BJ", "name": "科达自控", "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": "北交所", "list_date": "20211115", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 11.55, "pe_ttm": null, "pb": 2.1403, "dv_ttm": null, "total_mv": 121679.6543, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [40.1, 44.8, 41.9, 44.3, 42.9, 30.2], "rev_series": [2.0, 2.6, 3.5, 4.3, 4.3, 2.9], "np_series": [0.3, 0.4, 0.6, 0.6, 0.3, -0.9], "roe_series": [11.5, 9.3, 9.5, 8.5, 5.0, -13.8], "period": "20260630", "rev_ttm": 3.2, "np_ttm": -1.3, "ocf_ttm": 1.1, "fcf_ttm": -0.1, "fcf_yield": -1.1, "ocf_yield": 9.3, "gm_median": 42.9, "gm_std": 5.4, "gm_stab": 0.87, "gm_chg_2022": 1.8, "npm_median": 12.9, "roe_median": 8.5, "commodity": false, "hard_ratio": 37.4, "fix_assets": 6.9, "goodwill_ratio": 4.7, "pb_calc": 2.14, "capex_dep": 1.66, "interest_debt": 7.2, "debt_ebitda": null, "debt_ratio": 62.4, "debt_mv": 59.4, "payout": 16.4, "div_years": 4, "rev_cagr3": -5.9, "np_cagr3": null, "rev_yoy": 23.6, "np_yoy": -969.2, "np_vol": 151.2, "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": [["矿山数据监测与自动控制系统", 24.0], ["机器视觉相关产品", 22.0], ["立体式新能源充换电管理系统", 22.0], ["地市级新能源管理系统", 22.0]], "ret_prev_year": 41.4, "ret_prev2_year": 21.4, "ret_ytd": -46.4, "ret_pivot": 57.6, "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": 61, "hard": 60, "bondness": 29}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -1.3 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 62%,有息负债 7 亿,经营现金流/市值 9.3%: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": "硬资产占比 37%、毛利率 42.9% 两条都占,但所在行业(计算机)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "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 -1.1%(经营现金流/市值 9.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 42.9%,稳定度 87%,2020→2022 成本通胀期毛利率变化 1.8 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 37%,资本开支/折旧 1.66 倍。涨。"], ["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「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%。", "科达自控:PE ;股息率 ;毛利率 比行业中位低 5.8个百分点;固定资产占比 比行业中位高 28.6个百分点。"]}}