{"F": {"ts_code": "301167.SZ", "name": "建研设计", "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": "20211206", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 13.76, "pe_ttm": 235.932, "pb": 1.6483, "dv_ttm": 0.6541, "total_mv": 154112.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [34.0, 32.2, 29.7, 28.0, 29.5, 28.3], "rev_series": [4.3, 3.9, 5.1, 5.1, 3.5, 3.6], "np_series": [0.8, 0.7, 0.8, 0.6, 0.2, 0.2], "roe_series": [25.8, 11.8, 9.5, 6.5, 1.7, 2.3], "period": "20260630", "rev_ttm": 3.5, "np_ttm": 0.1, "ocf_ttm": 0.2, "fcf_ttm": -0.0, "fcf_yield": -0.3, "ocf_yield": 1.6, "gm_median": 29.5, "gm_std": 1.5, "gm_stab": 0.95, "gm_chg_2022": -4.3, "npm_median": 13.1, "roe_median": 6.5, "commodity": false, "hard_ratio": 17.4, "fix_assets": 2.4, "goodwill_ratio": 0.0, "pb_calc": 1.65, "capex_dep": 2.37, "interest_debt": 0.6, "debt_ebitda": 4.3, "debt_ratio": 27.1, "debt_mv": 4.1, "payout": 42.9, "div_years": 5, "rev_cagr3": -11.3, "np_cagr3": -35.9, "rev_yoy": -5.6, "np_yoy": -150.3, "np_vol": 39.7, "loss_years": 0, "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", 41.0], ["常规建筑设计业务", 18.0], ["工程质量检测业务", 10.0], ["工程质量检测", 10.0]], "ret_prev_year": 28.9, "ret_prev2_year": -24.2, "ret_ytd": -14.9, "ret_pivot": 26.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.7, "ret_60": -2.1, "ret_120": -23.9, "ret_250": -21.6, "mdd_250": -39.2, "vol_250": 31.7, "pos_52w": 73.4}, "S": {"duration": 100, "pricing": 52, "hard": 28, "bondness": 52}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 235.9 倍、股息率 0.7%、毛利率近 5 年中位 29.5%、固定资产占比 17%、有息负债/EBITDA 4.3 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 17%,毛利率近 5 年中位 29.5%。", "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 -0.3%(经营现金流/市值 1.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 29.5%,稳定度 95%,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 17%,资本开支/折旧 2.37 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 235.9 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 -22%,最大回撤 -39%,年化波动 32%,现价在 52 周高点的 73%;近 20 / 60 / 120 日 1% / -2% / -24%。", "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%。", "建研设计:PE 比行业中位高 194.9倍;股息率 比行业中位低 0.7个百分点;毛利率 比行业中位低 3.7个百分点;固定资产占比 比行业中位高 10.7个百分点。"]}}