{"F": {"ts_code": "300668.SZ", "name": "杰恩股份", "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": "20170619", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 31.91, "pe_ttm": 234.884, "pb": 4.8391, "dv_ttm": null, "total_mv": 384136.7283, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [43.8, 39.7, 39.6, 30.4, 24.8, 25.2], "rev_series": [3.1, 3.8, 4.4, 7.5, 5.9, 5.5], "np_series": [0.2, 0.2, 0.2, 0.6, -0.1, 0.1], "roe_series": [4.2, 3.7, 3.9, 7.7, -1.6, 2.0], "period": "20260630", "rev_ttm": 4.4, "np_ttm": 0.2, "ocf_ttm": -0.3, "fcf_ttm": -0.4, "fcf_yield": -1.0, "ocf_yield": -0.7, "gm_median": 30.4, "gm_std": 6.6, "gm_stab": 0.78, "gm_chg_2022": -4.1, "npm_median": 4.5, "roe_median": 3.7, "commodity": false, "hard_ratio": 6.4, "fix_assets": 0.7, "goodwill_ratio": 0.0, "pb_calc": 4.84, "capex_dep": 2.95, "interest_debt": 0.0, "debt_ebitda": 0.1, "debt_ratio": 30.3, "debt_mv": 0.1, "payout": 62.5, "div_years": 2, "rev_cagr3": 8.0, "np_cagr3": -13.5, "rev_yoy": -46.1, "np_yoy": 253.3, "np_vol": 121.7, "loss_years": 1, "far_share": 98.0, "earn_yield": 0.4, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 46.0], ["市场商务及服务支持业务", 38.0], ["建筑室内设计", 7.0], ["室内设计业务", 7.0]], "ret_prev_year": 28.8, "ret_prev2_year": -6.7, "ret_ytd": 9.4, "ret_pivot": 91.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -19.4, "ret_60": -44.0, "ret_120": 15.9, "ret_250": 69.6, "mdd_250": -52.9, "vol_250": 76.6, "pos_52w": 47.1}, "S": {"duration": 100, "pricing": 47, "hard": 10, "bondness": 34}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 234.9 倍、股息率 —、毛利率近 5 年中位 30.4%、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": "两条都不占:固定资产占比 6%,毛利率近 5 年中位 30.4%。", "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 -1.0%(经营现金流/市值 -0.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 30.4%,稳定度 78%,2020→2022 成本通胀期毛利率变化 -4.1 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 6%,资本开支/折旧 2.95 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 234.9 倍 粗算,约 98%(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 70%,最大回撤 -53%,年化波动 77%,现价在 52 周高点的 47%;近 20 / 60 / 120 日 -19% / -44% / 16%。", "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%。", "杰恩股份:PE 比行业中位高 193.9倍;股息率 ;毛利率 比行业中位低 2.8个百分点;固定资产占比 比行业中位低 0.3个百分点。"]}}