{"F": {"ts_code": "300662.SZ", "name": "科锐国际", "mkt": "CN", "ccy": "元", "sw1": "社会服务", "sw2": "专业服务", "sw3": "人力资源服务", "ind": "专业服务", "fin_source": "tushare", "market": "创业板", "list_date": "20170608", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 22.45, "pe_ttm": 13.0535, "pb": 1.8401, "dv_ttm": 1.0245, "total_mv": 441830.1435, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [13.6, 11.5, 9.7, 7.3, 6.4, 5.9], "rev_series": [39.3, 70.1, 90.9, 97.8, 117.9, 145.4], "np_series": [1.9, 2.5, 2.9, 2.0, 2.1, 3.1], "roe_series": [19.6, 16.4, 13.5, 9.9, 10.9, 14.8], "period": "20260630", "rev_ttm": 155.8, "np_ttm": 3.4, "ocf_ttm": 2.2, "fcf_ttm": 1.8, "fcf_yield": 4.1, "ocf_yield": 5.0, "gm_median": 7.3, "gm_std": 2.1, "gm_stab": 0.71, "gm_chg_2022": -3.9, "npm_median": 2.5, "roe_median": 13.5, "commodity": false, "hard_ratio": 0.1, "fix_assets": 0.1, "goodwill_ratio": 3.3, "pb_calc": 1.84, "capex_dep": 6.19, "interest_debt": 6.2, "debt_ebitda": 1.4, "debt_ratio": 47.2, "debt_mv": 14.1, "payout": 14.4, "div_years": 5, "rev_cagr3": 16.9, "np_cagr3": 2.6, "rev_yoy": 14.8, "np_yoy": 19.7, "np_vol": 28.7, "loss_years": 0, "far_share": 62.0, "earn_yield": 7.7, "consensus_n": 21, "fwd_pe": 12.2, "fwd_pe2": 10.4, "fwd_g1": 7.0, "fwd_g2": 17.0, "peg": 0.72, "consensus_disp": null, "mainbz": [["产品", 50.0], ["灵活用工", 47.0], ["中高端人才访寻", 1.0], ["招聘流程外包承揽", 0.0]], "ret_prev_year": 21.4, "ret_prev2_year": -23.9, "ret_ytd": -10.6, "ret_pivot": 77.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 8.9, "ret_60": 20.4, "ret_120": -10.1, "ret_250": -29.1, "mdd_250": -49.0, "vol_250": 38.3, "pos_52w": 67.8}, "S": {"duration": 28, "pricing": 33, "hard": 0, "bondness": 18}, "label": "中性", "tags": ["资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["PE 13.1 倍、股息率 1.0%、毛利率近 5 年中位 7.3%、固定资产占比 0%、有息负债/EBITDA 1.4 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 0%,毛利率近 5 年中位 7.3%。", "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 4.1%(经营现金流/市值 5.0%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 7.3%,稳定度 71%,2020→2022 成本通胀期毛利率变化 -3.9 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 0%,资本开支/折旧 6.19 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 13.1 倍 粗算,约 62%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -29%,最大回撤 -49%,年化波动 38%,现价在 52 周高点的 68%;近 20 / 60 / 120 日 9% / 20% / -10%。", "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%。", "科锐国际:PE 比行业中位低 23.5倍;股息率 与行业中位持平;毛利率 比行业中位低 38.3个百分点;固定资产占比 比行业中位低 24.2个百分点。"]}}