{"F": {"ts_code": "300795.SZ", "name": "米奥会展", "mkt": "CN", "ccy": "元", "sw1": "社会服务", "sw2": "专业服务", "sw3": "会展服务", "ind": "专业服务", "fin_source": "tushare", "market": "创业板", "list_date": "20191022", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 13.84, "pe_ttm": 38.8748, "pb": 7.1965, "dv_ttm": 1.9066, "total_mv": 413669.1576, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [37.2, 56.8, 49.3, 50.1, 50.8, 48.8], "rev_series": [0.9, 1.8, 3.5, 8.3, 7.5, 7.8], "np_series": [-0.6, -0.6, 0.5, 1.9, 1.6, 1.4], "roe_series": [-12.5, -14.1, 12.1, 34.1, 24.3, 21.4], "period": "20260630", "rev_ttm": 7.1, "np_ttm": 1.1, "ocf_ttm": 0.1, "fcf_ttm": 0.0, "fcf_yield": 0.1, "ocf_yield": 0.2, "gm_median": 50.1, "gm_std": 2.9, "gm_stab": 0.94, "gm_chg_2022": 12.1, "npm_median": 18.2, "roe_median": 21.4, "commodity": false, "hard_ratio": 2.4, "fix_assets": 0.2, "goodwill_ratio": 4.7, "pb_calc": 7.2, "capex_dep": 1.27, "interest_debt": 0.4, "debt_ebitda": 0.3, "debt_ratio": 27.6, "debt_mv": 0.9, "payout": 58.0, "div_years": 3, "rev_cagr3": 31.1, "np_cagr3": 39.5, "rev_yoy": -29.6, "np_yoy": -195.0, "np_vol": 119.5, "loss_years": 1, "far_share": 87.0, "earn_yield": 2.6, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["自办展", 74.0], ["代理展", 21.0], ["合计特别调整", 3.0], ["其他业务", 3.0]], "ret_prev_year": -9.7, "ret_prev2_year": -16.9, "ret_ytd": 3.1, "ret_pivot": 43.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -10.8, "ret_60": 50.9, "ret_120": 14.0, "ret_250": -11.8, "mdd_250": -51.0, "vol_250": 67.0, "pos_52w": 76.3}, "S": {"duration": 62, "pricing": 69, "hard": 4, "bondness": 33}, "label": "中性", "tags": [], "text": {"像什么": ["PE 38.9 倍、股息率 1.9%、毛利率近 5 年中位 50.1%、固定资产占比 2%、有息负债/EBITDA 0.3 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 50.1%),硬资产占比 2%。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 0.1%(经营现金流/市值 0.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 50.1%,稳定度 94%,2020→2022 成本通胀期毛利率变化 12.1 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 2%,资本开支/折旧 1.27 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 38.9 倍 粗算,约 87%(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 -12%,最大回撤 -51%,年化波动 67%,现价在 52 周高点的 76%;近 20 / 60 / 120 日 -11% / 51% / 14%。", "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%。", "米奥会展:PE 比行业中位高 2.3倍;股息率 比行业中位高 0.9个百分点;毛利率 比行业中位高 4.5个百分点;固定资产占比 比行业中位低 21.9个百分点。"]}}