{"F": {"ts_code": "300746.SZ", "name": "汉嘉数智", "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": "20180525", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 14.15, "pe_ttm": 43.8085, "pb": 3.8396, "dv_ttm": null, "total_mv": 319419.836, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [14.2, 11.6, 11.8, 20.9, 16.1, 35.5], "rev_series": [22.7, 28.0, 25.0, 13.8, 7.6, 13.1], "np_series": [0.7, 1.0, 0.2, 0.1, -4.3, 0.7], "roe_series": [5.8, 7.9, 1.3, 0.9, -43.5, 9.2], "period": "20260630", "rev_ttm": 12.3, "np_ttm": 0.7, "ocf_ttm": 1.1, "fcf_ttm": 1.0, "fcf_yield": 3.0, "ocf_yield": 3.5, "gm_median": 16.1, "gm_std": 8.8, "gm_stab": 0.45, "gm_chg_2022": -2.4, "npm_median": 1.2, "roe_median": 1.3, "commodity": false, "hard_ratio": 12.8, "fix_assets": 3.9, "goodwill_ratio": 14.3, "pb_calc": 3.84, "capex_dep": 0.24, "interest_debt": 6.8, "debt_ebitda": 4.5, "debt_ratio": 62.4, "debt_mv": 21.2, "payout": 680.0, "div_years": 3, "rev_cagr3": -19.4, "np_cagr3": 63.5, "rev_yoy": -14.2, "np_yoy": 7.3, "np_vol": 1619.3, "loss_years": 1, "far_share": 89.0, "earn_yield": 2.3, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 43.0], ["城市治理机器人整体解决方案", 17.0], ["设计及咨询业务", 14.0], ["设计业务", 14.0]], "ret_prev_year": 11.0, "ret_prev2_year": 16.1, "ret_ytd": 11.7, "ret_pivot": 27.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -4.8, "ret_60": 34.3, "ret_120": 10.5, "ret_250": -15.4, "mdd_250": -42.2, "vol_250": 46.1, "pos_52w": 83.3}, "S": {"duration": 67, "pricing": 29, "hard": 20, "bondness": 68}, "label": "中性", "tags": [], "text": {"像什么": ["PE 43.8 倍、股息率 —、毛利率近 5 年中位 16.1%、固定资产占比 13%、有息负债/EBITDA 4.5 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 13%,毛利率近 5 年中位 16.1%。", "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 3.0%(经营现金流/市值 3.5%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 16.1%,稳定度 45%,2020→2022 成本通胀期毛利率变化 -2.4 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 13%,资本开支/折旧 0.24 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 43.8 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 -15%,最大回撤 -42%,年化波动 46%,现价在 52 周高点的 83%;近 20 / 60 / 120 日 -5% / 34% / 10%。", "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%。", "汉嘉数智:PE 比行业中位高 2.8倍;股息率 ;毛利率 比行业中位低 17.1个百分点;固定资产占比 比行业中位高 6.1个百分点。"]}}