{"F": {"ts_code": "920953.BJ", "name": "国子软件", "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": "20230823", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 23.8, "pe_ttm": 49.0857, "pb": 4.9571, "dv_ttm": 0.532, "total_mv": 304916.0562, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [63.7, 72.7, 70.9, 63.6, 62.4, 58.4], "rev_series": [1.4, 1.9, 2.0, 2.4, 2.7, 3.2], "np_series": [0.2, 0.6, 0.5, 0.6, 0.6, 0.7], "roe_series": [18.6, 41.7, 27.5, 15.2, 11.5, 11.7], "period": "20260630", "rev_ttm": 3.3, "np_ttm": 0.6, "ocf_ttm": -0.1, "fcf_ttm": -0.1, "fcf_yield": -0.3, "ocf_yield": -0.2, "gm_median": 63.6, "gm_std": 5.4, "gm_stab": 0.92, "gm_chg_2022": 7.2, "npm_median": 23.4, "roe_median": 15.2, "commodity": false, "hard_ratio": 6.8, "fix_assets": 0.5, "goodwill_ratio": 0.7, "pb_calc": 4.96, "capex_dep": 0.08, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 11.4, "debt_mv": null, "payout": 25.0, "div_years": 3, "rev_cagr3": 17.4, "np_cagr3": 8.9, "rev_yoy": 4.4, "np_yoy": -27.4, "np_vol": 79.6, "loss_years": 0, "far_share": 90.0, "earn_yield": 2.0, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["技术服务", 35.0], ["技术开发与服务", 35.0], ["软件产品", 19.0], ["硬件产品", 10.0]], "ret_prev_year": 70.7, "ret_prev2_year": 56.5, "ret_ytd": -33.0, "ret_pivot": 159.3, "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": 71, "pricing": 75, "hard": 11, "bondness": 18}, "label": "中性", "tags": [], "text": {"像什么": ["PE 49.1 倍、股息率 0.5%、毛利率近 5 年中位 63.6%、固定资产占比 7%、资产负债率 11%:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 63.6%),硬资产占比 7%。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": "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 -0.3%(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 63.6%,稳定度 92%,2020→2022 成本通胀期毛利率变化 7.2 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 7%,资本开支/折旧 0.08 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 49.1 倍 粗算,约 90%(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%。", "国子软件:PE 比行业中位低 34.9倍;股息率 比行业中位高 0.1个百分点;毛利率 比行业中位高 35.5个百分点;固定资产占比 比行业中位低 1.8个百分点。"]}}