{"F": {"ts_code": "300564.SZ", "name": "筑博设计", "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": "20191108", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 12.5, "pe_ttm": 45.9225, "pb": 1.6738, "dv_ttm": 2.0, "total_mv": 201644.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [35.3, 36.6, 39.4, 36.6, 28.8, 29.3], "rev_series": [9.6, 10.3, 8.8, 6.8, 4.4, 3.5], "np_series": [1.4, 1.7, 1.5, 0.8, 0.3, 0.2], "roe_series": [12.7, 14.2, 11.4, 6.1, 2.3, 1.9], "period": "20260630", "rev_ttm": 3.5, "np_ttm": 0.4, "ocf_ttm": 1.1, "fcf_ttm": 1.1, "fcf_yield": 5.3, "ocf_yield": 5.6, "gm_median": 36.6, "gm_std": 4.3, "gm_stab": 0.88, "gm_chg_2022": 4.0, "npm_median": 12.2, "roe_median": 6.1, "commodity": false, "hard_ratio": 5.9, "fix_assets": 0.9, "goodwill_ratio": 0.0, "pb_calc": 1.67, "capex_dep": 0.39, "interest_debt": 0.1, "debt_ebitda": 0.1, "debt_ratio": 21.6, "debt_mv": 0.3, "payout": 166.7, "div_years": 5, "rev_cagr3": -26.2, "np_cagr3": -45.4, "rev_yoy": -4.7, "np_yoy": 91.5, "np_vol": 29.5, "loss_years": 0, "far_share": 89.0, "earn_yield": 2.2, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["建筑设计", 42.0], ["城市规划", 5.0], ["设计咨询", 2.0]], "ret_prev_year": 33.5, "ret_prev2_year": -4.9, "ret_ytd": -19.4, "ret_pivot": 62.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.2, "ret_60": 4.7, "ret_120": -21.9, "ret_250": -27.2, "mdd_250": -40.3, "vol_250": 41.5, "pos_52w": 68.5}, "S": {"duration": 68, "pricing": 60, "hard": 9, "bondness": 67}, "label": "中性", "tags": [], "text": {"像什么": ["PE 45.9 倍、股息率 2.0%、毛利率近 5 年中位 36.6%、固定资产占比 6%、有息负债/EBITDA 0.1 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 36.6%),硬资产占比 6%。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 5.3%(经营现金流/市值 5.6%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 36.6%,稳定度 88%,2020→2022 成本通胀期毛利率变化 4.0 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 6%,资本开支/折旧 0.39 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 45.9 倍 粗算,约 89%(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 -27%,最大回撤 -40%,年化波动 42%,现价在 52 周高点的 68%;近 20 / 60 / 120 日 4% / 5% / -22%。", "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%。", "筑博设计:PE 比行业中位高 4.9倍;股息率 比行业中位高 0.6个百分点;毛利率 比行业中位高 3.4个百分点;固定资产占比 比行业中位低 0.8个百分点。"]}}