{"F": {"ts_code": "001396.SZ", "name": "誉帆科技", "mkt": "CN", "ccy": "元", "sw1": "建筑装饰", "sw2": "基础建设", "sw3": "基建市政工程", "ind": "基础建设", "fin_source": "tushare", "market": "主板", "list_date": "20251230", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 32.62, "pe_ttm": 31.5071, "pb": 2.4427, "dv_ttm": 0.5763, "total_mv": 348715.6288, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [47.5, 52.7, 48.3, 48.5, 49.3, 47.4], "rev_series": [null, null, 5.1, 6.3, 7.3, 7.6], "np_series": [null, null, 0.8, 1.0, 1.3, 1.3], "roe_series": [31.8, 25.5, 15.5, 16.4, 17.5, 11.3], "period": "20260630", "rev_ttm": 7.7, "np_ttm": 1.1, "ocf_ttm": -1.3, "fcf_ttm": -1.6, "fcf_yield": -4.6, "ocf_yield": -3.9, "gm_median": 48.5, "gm_std": 1.8, "gm_stab": 0.96, "gm_chg_2022": 0.8, "npm_median": 16.1, "roe_median": 16.4, "commodity": false, "hard_ratio": 3.3, "fix_assets": 0.7, "goodwill_ratio": 0.0, "pb_calc": 2.44, "capex_dep": 1.81, "interest_debt": 2.8, "debt_ebitda": 1.5, "debt_ratio": 28.9, "debt_mv": 8.1, "payout": 16.1, "div_years": 1, "rev_cagr3": 14.0, "np_cagr3": 15.8, "rev_yoy": 4.4, "np_yoy": -43.4, "np_vol": 18.9, "loss_years": 0, "far_share": 84.0, "earn_yield": 3.2, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 46.0], ["修复类", 24.0], ["检测及专项调查类", 13.0], ["养护类", 7.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": -24.1, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.2, "ret_60": -16.5, "ret_120": -33.6, "ret_250": null, "mdd_250": -46.7, "vol_250": 50.3, "pos_52w": 57.8}, "S": {"duration": 55, "pricing": 66, "hard": 5, "bondness": 20}, "label": "中性", "tags": [], "text": {"像什么": ["PE 31.5 倍、股息率 0.6%、毛利率近 5 年中位 48.5%、固定资产占比 3%、有息负债/EBITDA 1.5 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 48.5%),硬资产占比 3%。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 -4.6%(经营现金流/市值 -3.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 48.5%,稳定度 96%,2020→2022 成本通胀期毛利率变化 0.8 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 3%,资本开支/折旧 1.81 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 31.5 倍 粗算,约 84%(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「基础建设」40 家中位:PE 11.7 / 股息率 2.3% / 毛利率 12.4% / 固定资产占比 3% / 分红率 28%。", "誉帆科技:PE 比行业中位高 19.8倍;股息率 比行业中位低 1.7个百分点;毛利率 比行业中位高 36.1个百分点;固定资产占比 比行业中位高 0.3个百分点。"]}}