{"F": {"ts_code": "000779.SZ", "name": "甘咨询", "mkt": "CN", "ccy": "元", "sw1": "建筑装饰", "sw2": "工程咨询服务Ⅱ", "sw3": "工程咨询服务Ⅲ", "ind": "工程咨询服务Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "19970528", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 10.6, "pe_ttm": 40.9958, "pb": 1.2272, "dv_ttm": 0.3774, "total_mv": 492719.27, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [28.0, 31.8, 26.0, 33.0, 40.2, 35.9], "rev_series": [24.8, 25.8, 25.2, 23.9, 19.8, 20.6], "np_series": [3.1, 3.3, 2.3, 2.5, 2.2, 1.5], "roe_series": [15.5, 14.3, 8.9, 8.1, 5.8, 3.8], "period": "20260630", "rev_ttm": 20.3, "np_ttm": 1.2, "ocf_ttm": 2.3, "fcf_ttm": 1.7, "fcf_yield": 3.5, "ocf_yield": 4.6, "gm_median": 33.0, "gm_std": 4.7, "gm_stab": 0.86, "gm_chg_2022": -2.0, "npm_median": 10.7, "roe_median": 8.1, "commodity": false, "hard_ratio": 17.3, "fix_assets": 9.3, "goodwill_ratio": 0.0, "pb_calc": 1.23, "capex_dep": 0.8, "interest_debt": 0.5, "debt_ebitda": 0.3, "debt_ratio": 25.0, "debt_mv": 1.0, "payout": 12.5, "div_years": 4, "rev_cagr3": -6.5, "np_cagr3": -13.0, "rev_yoy": -3.2, "np_yoy": -21.6, "np_vol": 18.3, "loss_years": 0, "far_share": 88.0, "earn_yield": 2.4, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["勘察设计", 38.0], ["工程监理", 17.0], ["其他主营业务", 14.0], ["其他", 14.0]], "ret_prev_year": 0.7, "ret_prev2_year": -23.3, "ret_ytd": 29.7, "ret_pivot": 53.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": -17.5, "ret_60": 39.5, "ret_120": 12.5, "ret_250": 9.7, "mdd_250": -36.3, "vol_250": 50.2, "pos_52w": 74.2}, "S": {"duration": 64, "pricing": 53, "hard": 28, "bondness": 28}, "label": "中性", "tags": [], "text": {"像什么": ["PE 41.0 倍、股息率 0.4%、毛利率近 5 年中位 33.0%、固定资产占比 17%、有息负债/EBITDA 0.3 倍: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 33.0%),硬资产占比 17%。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 3.5%(经营现金流/市值 4.6%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 33.0%,稳定度 86%,2020→2022 成本通胀期毛利率变化 -2.0 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 17%,资本开支/折旧 0.80 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 41.0 倍 粗算,约 88%(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 10%,最大回撤 -36%,年化波动 50%,现价在 52 周高点的 74%;近 20 / 60 / 120 日 -18% / 40% / 12%。", "行业对照": ["同申万二级「工程咨询服务Ⅱ」46 家中位:PE 41.0 / 股息率 1.4% / 毛利率 33.2% / 固定资产占比 7% / 分红率 39%。", "甘咨询:PE 与行业中位持平;股息率 比行业中位低 1.0个百分点;毛利率 比行业中位低 0.2个百分点;固定资产占比 比行业中位高 10.6个百分点。"]}}