{"F": {"ts_code": "300635.SZ", "name": "中达安", "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": "20170331", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 12.41, "pe_ttm": null, "pb": 5.3879, "dv_ttm": null, "total_mv": 173757.374, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [31.9, 30.9, 27.5, 21.5, 17.0, 16.2], "rev_series": [5.5, 6.0, 5.9, 7.1, 6.9, 5.9], "np_series": [0.3, 0.3, -1.8, 0.0, -0.5, -0.9], "roe_series": [4.7, 5.1, -30.8, 0.6, -12.4, -27.8], "period": "20260630", "rev_ttm": 5.4, "np_ttm": -0.8, "ocf_ttm": 0.3, "fcf_ttm": 0.3, "fcf_yield": 1.8, "ocf_yield": 1.7, "gm_median": 21.5, "gm_std": 5.8, "gm_stab": 0.73, "gm_chg_2022": -4.3, "npm_median": -7.0, "roe_median": -12.4, "commodity": false, "hard_ratio": 3.9, "fix_assets": 0.5, "goodwill_ratio": 6.3, "pb_calc": 5.39, "capex_dep": -0.22, "interest_debt": 2.5, "debt_ebitda": null, "debt_ratio": 69.1, "debt_mv": 14.7, "payout": 51.8, "div_years": 2, "rev_cagr3": -0.0, "np_cagr3": null, "rev_yoy": -15.5, "np_yoy": 772.0, "np_vol": 772.4, "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", 50.0], ["电力监理", 12.0], ["土建监理", 11.0], ["水利监理", 8.0]], "ret_prev_year": 63.7, "ret_prev2_year": -22.1, "ret_ytd": -22.6, "ret_pivot": 40.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 6.9, "ret_60": -4.8, "ret_120": -9.2, "ret_250": -15.6, "mdd_250": -49.1, "vol_250": 46.2, "pos_52w": 66.7}, "S": {"duration": 100, "pricing": 41, "hard": 6, "bondness": 41}, "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 69%,有息负债 2 亿,经营现金流/市值 1.7%: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 4%,毛利率近 5 年中位 21.5%。", "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 1.8%(经营现金流/市值 1.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 21.5%,稳定度 73%,2020→2022 成本通胀期毛利率变化 -4.3 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 4%,资本开支/折旧 -0.22 倍。没有资产可言。"], ["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 -16%,最大回撤 -49%,年化波动 46%,现价在 52 周高点的 67%;近 20 / 60 / 120 日 7% / -5% / -9%。", "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%。", "中达安:PE ;股息率 ;毛利率 比行业中位低 11.7个百分点;固定资产占比 比行业中位低 2.8个百分点。"]}}