{"F": {"ts_code": "300500.SZ", "name": "启迪设计", "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": "创业板", "list_date": "20160204", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 9.83, "pe_ttm": null, "pb": 1.6896, "dv_ttm": null, "total_mv": 171017.3267, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [25.5, 21.2, 19.4, 19.0, 28.6, 35.4], "rev_series": [18.5, 22.7, 19.0, 12.4, 11.8, 10.0], "np_series": [0.4, 1.1, 0.2, -3.3, -1.0, -0.9], "roe_series": [2.1, 8.3, 1.5, -23.9, -8.7, -9.0], "period": "20260630", "rev_ttm": 9.0, "np_ttm": -0.8, "ocf_ttm": 1.5, "fcf_ttm": 1.4, "fcf_yield": 8.0, "ocf_yield": 8.6, "gm_median": 21.2, "gm_std": 6.4, "gm_stab": 0.7, "gm_chg_2022": -6.1, "npm_median": -9.1, "roe_median": -8.7, "commodity": false, "hard_ratio": 18.3, "fix_assets": 4.5, "goodwill_ratio": 0.1, "pb_calc": 1.69, "capex_dep": 0.47, "interest_debt": 3.2, "debt_ebitda": null, "debt_ratio": 57.7, "debt_mv": 18.7, "payout": null, "div_years": 4, "rev_cagr3": -19.2, "np_cagr3": null, "rev_yoy": -22.0, "np_yoy": 39.5, "np_vol": 643.7, "loss_years": 3, "far_share": 100, "earn_yield": null, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 49.0], ["设计咨询", 37.0], ["建筑工程", 8.0], ["其他主营业务", 2.0]], "ret_prev_year": 32.4, "ret_prev2_year": -25.9, "ret_ytd": -29.0, "ret_pivot": 4.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 8.1, "ret_60": -2.3, "ret_120": -20.5, "ret_250": -33.5, "mdd_250": -54.4, "vol_250": 40.8, "pos_52w": 57.3}, "S": {"duration": 100, "pricing": 39, "hard": 29, "bondness": 23}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.8 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 58%,有息负债 3 亿,经营现金流/市值 8.6%:先看现金流能否覆盖利息,再谈久期。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 18%,毛利率近 5 年中位 21.2%。", "加息期怎么走": "利率上行对高杠杆亏损企业是再融资压力,不是估值问题;周期底部的反转看行业价格,不看贴现率。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 8.0%(经营现金流/市值 8.6%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 21.2%,稳定度 70%,2020→2022 成本通胀期毛利率变化 -6.1 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 18%,资本开支/折旧 0.47 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 为负 粗算,约 100%(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 -34%,最大回撤 -54%,年化波动 41%,现价在 52 周高点的 57%;近 20 / 60 / 120 日 8% / -2% / -20%。", "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%。", "启迪设计:PE ;股息率 ;毛利率 比行业中位低 12.0个百分点;固定资产占比 比行业中位高 11.6个百分点。"]}}