{"F": {"ts_code": "002057.SZ", "name": "中钢天源", "mkt": "CN", "ccy": "元", "sw1": "社会服务", "sw2": "专业服务", "sw3": "检测服务", "ind": "专业服务", "fin_source": "tushare", "market": "主板", "list_date": "20060802", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 8.88, "pe_ttm": 33.5955, "pb": 2.0152, "dv_ttm": 1.3288, "total_mv": 669448.7256, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [25.8, 22.7, 23.7, 25.9, 23.5, 23.7], "rev_series": [16.7, 25.9, 27.6, 27.7, 27.1, 31.3], "np_series": [1.7, 2.1, 3.9, 2.7, 1.7, 1.8], "roe_series": [11.4, 10.0, 13.8, 9.1, 5.6, 5.6], "period": "20260630", "rev_ttm": 33.1, "np_ttm": 2.0, "ocf_ttm": 4.9, "fcf_ttm": 4.5, "fcf_yield": 6.7, "ocf_yield": 7.3, "gm_median": 23.7, "gm_std": 1.1, "gm_stab": 0.96, "gm_chg_2022": -2.0, "npm_median": 9.4, "roe_median": 9.1, "commodity": false, "hard_ratio": 21.3, "fix_assets": 11.7, "goodwill_ratio": 0.0, "pb_calc": 2.02, "capex_dep": 0.35, "interest_debt": 1.4, "debt_ebitda": 0.3, "debt_ratio": 31.4, "debt_mv": 2.0, "payout": 50.2, "div_years": 5, "rev_cagr3": 4.3, "np_cagr3": -23.2, "rev_yoy": 12.1, "np_yoy": 15.7, "np_vol": 42.5, "loss_years": 0, "far_share": 85.0, "earn_yield": 3.0, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["工业收入", 20.0], ["工业原料", 20.0], ["电子元器件", 12.0], ["电子元件", 12.0]], "ret_prev_year": 44.0, "ret_prev2_year": -7.7, "ret_ytd": -12.4, "ret_pivot": 55.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.7, "ret_60": -21.4, "ret_120": -17.9, "ret_250": -21.6, "mdd_250": -43.0, "vol_250": 44.6, "pos_52w": 66.6}, "S": {"duration": 57, "pricing": 51, "hard": 34, "bondness": 42}, "label": "中性", "tags": [], "text": {"像什么": ["PE 33.6 倍、股息率 1.3%、毛利率近 5 年中位 23.7%、固定资产占比 21%、有息负债/EBITDA 0.3 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 21%,毛利率近 5 年中位 23.7%。", "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 6.7%(经营现金流/市值 7.3%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 23.7%,稳定度 96%,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 21%,资本开支/折旧 0.35 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 33.6 倍 粗算,约 85%(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 -22%,最大回撤 -43%,年化波动 45%,现价在 52 周高点的 67%;近 20 / 60 / 120 日 2% / -21% / -18%。", "行业对照": ["同申万二级「专业服务」33 家中位:PE 36.6 / 股息率 1.0% / 毛利率 45.6% / 固定资产占比 24% / 分红率 43%。", "中钢天源:PE 比行业中位低 3.0倍;股息率 比行业中位高 0.3个百分点;毛利率 比行业中位低 21.9个百分点;固定资产占比 比行业中位低 3.0个百分点。"]}}