{"F": {"ts_code": "300012.SZ", "name": "华测检测", "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": "创业板", "list_date": "20091030", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 14.79, "pe_ttm": 22.3657, "pb": 3.0748, "dv_ttm": 1.3493, "total_mv": 2488902.9078, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [50.0, 50.8, 49.4, 48.1, 49.5, 48.6], "rev_series": [35.7, 43.3, 51.3, 56.0, 60.8, 66.2], "np_series": [5.8, 7.5, 9.0, 9.1, 9.2, 10.2], "roe_series": [16.8, 18.2, 18.2, 15.6, 14.0, 13.9], "period": "20260630", "rev_ttm": 70.9, "np_ttm": 11.1, "ocf_ttm": 16.3, "fcf_ttm": 8.0, "fcf_yield": 3.2, "ocf_yield": 6.6, "gm_median": 49.4, "gm_std": 0.9, "gm_stab": 0.98, "gm_chg_2022": -0.6, "npm_median": 16.5, "roe_median": 15.6, "commodity": false, "hard_ratio": 31.1, "fix_assets": 33.1, "goodwill_ratio": 12.7, "pb_calc": 3.07, "capex_dep": 2.2, "interest_debt": 4.5, "debt_ebitda": 0.3, "debt_ratio": 22.0, "debt_mv": 1.8, "payout": 18.3, "div_years": 5, "rev_cagr3": 8.9, "np_cagr3": 4.0, "rev_yoy": 15.9, "np_yoy": 20.6, "np_vol": 11.1, "loss_years": 0, "far_share": 78.0, "earn_yield": 4.5, "consensus_n": 18, "fwd_pe": 21.0, "fwd_pe2": 18.4, "fwd_g1": 6.0, "fwd_g2": 14.0, "peg": 1.5, "consensus_disp": null, "mainbz": [["生命科学检测", 23.0], ["生命科学", 23.0], ["工业测试", 11.0], ["工业品测试", 11.0]], "ret_prev_year": 10.5, "ret_prev2_year": -12.1, "ret_ytd": 10.8, "ret_pivot": 46.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.7, "ret_60": 6.9, "ret_120": -1.2, "ret_250": 7.6, "mdd_250": -23.9, "vol_250": 33.6, "pos_52w": 86.3}, "S": {"duration": 43, "pricing": 66, "hard": 50, "bondness": 27}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 22.4 倍、股息率 1.3%、毛利率近 5 年中位 49.4%、固定资产占比 31%、有息负债/EBITDA 0.3 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 31%、毛利率 49.4% 两条都占,但所在行业(社会服务)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "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 3.2%(经营现金流/市值 6.6%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 49.4%,稳定度 98%,2020→2022 成本通胀期毛利率变化 -0.6 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 31%,资本开支/折旧 2.20 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 22.4 倍 粗算,约 78%(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 8%,最大回撤 -24%,年化波动 34%,现价在 52 周高点的 86%;近 20 / 60 / 120 日 6% / 7% / -1%。", "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%。", "华测检测:PE 比行业中位低 14.2倍;股息率 比行业中位高 0.3个百分点;毛利率 比行业中位高 3.8个百分点;固定资产占比 比行业中位高 6.8个百分点。"]}}