{"F": {"ts_code": "300215.SZ", "name": "电科院", "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": "20110511", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 6.48, "pe_ttm": 81.4122, "pb": 2.4133, "dv_ttm": 0.0309, "total_mv": 485413.0416, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [43.2, 49.0, 37.5, 32.2, 35.7, 32.7], "rev_series": [7.0, 8.6, 6.5, 6.2, 6.2, 5.5], "np_series": [0.9, 1.9, 0.3, 0.2, 0.2, 0.1], "roe_series": [4.4, 10.3, 1.7, 1.0, 1.1, 0.3], "period": "20260630", "rev_ttm": 5.9, "np_ttm": 0.6, "ocf_ttm": 3.3, "fcf_ttm": 3.0, "fcf_yield": 6.3, "ocf_yield": 6.8, "gm_median": 35.7, "gm_std": 6.1, "gm_stab": 0.83, "gm_chg_2022": -5.7, "npm_median": 3.7, "roe_median": 1.1, "commodity": false, "hard_ratio": 70.4, "fix_assets": 16.8, "goodwill_ratio": 0.1, "pb_calc": 2.41, "capex_dep": 0.1, "interest_debt": 2.0, "debt_ebitda": 0.6, "debt_ratio": 15.3, "debt_mv": 4.2, "payout": 22.2, "div_years": 3, "rev_cagr3": -5.6, "np_cagr3": -41.1, "rev_yoy": 15.7, "np_yoy": 200.2, "np_vol": 74.9, "loss_years": 0, "far_share": 94.0, "earn_yield": 1.2, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 33.0], ["高压电器检测", 27.0], ["电器检测-高压", 27.0], ["电器检测-低压", 6.0]], "ret_prev_year": 7.3, "ret_prev2_year": 12.9, "ret_ytd": 1.9, "ret_pivot": 47.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.8, "ret_60": -4.3, "ret_120": -33.7, "ret_250": -4.3, "mdd_250": -48.9, "vol_250": 56.6, "pos_52w": 59.0}, "S": {"duration": 87, "pricing": 51, "hard": 100, "bondness": 30}, "label": "中性", "tags": [], "text": {"像什么": ["PE 81.4 倍、股息率 0.0%、毛利率近 5 年中位 35.7%、固定资产占比 70%、有息负债/EBITDA 0.6 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 70%),没有定价权:毛利率近 5 年中位 35.7%,稳定度 83%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 6.3%(经营现金流/市值 6.8%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 35.7%,稳定度 83%,2020→2022 成本通胀期毛利率变化 -5.7 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 70%,资本开支/折旧 0.10 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 81.4 倍 粗算,约 94%(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 -4%,最大回撤 -49%,年化波动 57%,现价在 52 周高点的 59%;近 20 / 60 / 120 日 4% / -4% / -34%。", "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%。", "电科院:PE 比行业中位高 44.8倍;股息率 比行业中位低 1.0个百分点;毛利率 比行业中位低 9.9个百分点;固定资产占比 比行业中位高 46.1个百分点。"]}}