{"F": {"ts_code": "000676.SZ", "name": "智度股份", "mkt": "CN", "ccy": "元", "sw1": "传媒", "sw2": "广告营销", "sw3": "营销代理", "ind": "广告营销", "fin_source": "tushare", "market": "主板", "list_date": "19961224", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 7.1, "pe_ttm": 44.1814, "pb": 2.0755, "dv_ttm": null, "total_mv": 894450.332, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [4.0, 11.3, 22.3, 20.0, 17.2, 16.4], "rev_series": [107.2, 56.8, 26.6, 28.9, 33.1, 40.3], "np_series": [-29.0, 1.3, -3.7, 3.2, 2.1, 1.4], "roe_series": [-56.2, 3.6, -9.9, 8.6, 5.3, 3.4], "period": "20260630", "rev_ttm": 40.6, "np_ttm": 2.0, "ocf_ttm": 2.0, "fcf_ttm": 2.0, "fcf_yield": 2.3, "ocf_yield": 2.3, "gm_median": 17.2, "gm_std": 3.7, "gm_stab": 0.78, "gm_chg_2022": 18.3, "npm_median": 4.7, "roe_median": 3.6, "commodity": false, "hard_ratio": 0.1, "fix_assets": 0.1, "goodwill_ratio": 5.8, "pb_calc": 2.08, "capex_dep": 0.43, "interest_debt": 3.3, "debt_ebitda": 1.6, "debt_ratio": 14.4, "debt_mv": 3.7, "payout": null, "div_years": 0, "rev_cagr3": 14.8, "np_cagr3": null, "rev_yoy": 1.7, "np_yoy": 73.8, "np_vol": 191.1, "loss_years": 1, "far_share": 89.0, "earn_yield": 2.3, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 42.0], ["数字营销业务", 26.0], ["互联网新媒体营销服务", 15.0], ["互联网媒体服务", 15.0]], "ret_prev_year": 2.0, "ret_prev2_year": -3.1, "ret_ytd": -17.7, "ret_pivot": 12.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -7.3, "ret_60": 29.8, "ret_120": -13.2, "ret_250": -36.2, "mdd_250": -60.3, "vol_250": 48.7, "pos_52w": 55.6}, "S": {"duration": 67, "pricing": 47, "hard": 0, "bondness": 10}, "label": "中性", "tags": [], "text": {"像什么": ["PE 44.2 倍、股息率 —、毛利率近 5 年中位 17.2%、固定资产占比 0%、有息负债/EBITDA 1.6 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 0%,毛利率近 5 年中位 17.2%。", "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 2.3%(经营现金流/市值 2.3%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 17.2%,稳定度 78%,2020→2022 成本通胀期毛利率变化 18.3 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 0%,资本开支/折旧 0.43 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 44.2 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?"]], "价格行为": "近一年 -36%,最大回撤 -60%,年化波动 49%,现价在 52 周高点的 56%;近 20 / 60 / 120 日 -7% / 30% / -13%。", "行业对照": ["同申万二级「广告营销」28 家中位:PE 98.3 / 股息率 0.2% / 毛利率 14.7% / 固定资产占比 3% / 分红率 32%。", "智度股份:PE 比行业中位低 54.1倍;股息率 ;毛利率 比行业中位高 2.5个百分点;固定资产占比 比行业中位低 2.8个百分点。"]}}