{"F": {"ts_code": "301449.SZ", "name": "天溯计量", "mkt": "CN", "ccy": "元", "sw1": "社会服务", "sw2": "专业服务", "sw3": "检测服务", "ind": "专业服务", "fin_source": "tushare", "market": "创业板", "list_date": "20251223", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 42.12, "pe_ttm": 39.199, "pb": 3.3161, "dv_ttm": 1.0175, "total_mv": 384574.1328, "trade_date": "20260904", "years": ["20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [52.7, 53.9, 53.4, 51.2], "rev_series": [6.0, 7.3, 8.0, 8.7], "np_series": [0.8, 1.0, 1.1, 1.0], "roe_series": [29.4, 27.4, 23.9, 12.4], "period": "20260630", "rev_ttm": 8.8, "np_ttm": 1.0, "ocf_ttm": 1.5, "fcf_ttm": 0.6, "fcf_yield": 1.5, "ocf_yield": 3.8, "gm_median": 53.0, "gm_std": 1.0, "gm_stab": 0.98, "gm_chg_2022": null, "npm_median": 13.9, "roe_median": 25.7, "commodity": false, "hard_ratio": 17.1, "fix_assets": 2.3, "goodwill_ratio": 0.2, "pb_calc": 3.32, "capex_dep": 1.72, "interest_debt": 0.3, "debt_ebitda": 0.2, "debt_ratio": 12.2, "debt_mv": 0.8, "payout": 28.4, "div_years": 1, "rev_cagr3": 13.2, "np_cagr3": 6.9, "rev_yoy": 2.9, "np_yoy": -9.1, "np_vol": 25.6, "loss_years": 0, "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": [["计量校准", 45.0], ["计量服务", 45.0], ["检测服务", 10.0], ["认证服务", 0.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": -29.7, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": 10.3, "ret_60": 8.4, "ret_120": -28.6, "ret_250": null, "mdd_250": -61.9, "vol_250": 79.4, "pos_52w": 51.7}, "S": {"duration": 62, "pricing": 68, "hard": 27, "bondness": 23}, "label": "中性", "tags": [], "text": {"像什么": ["PE 39.2 倍、股息率 1.0%、毛利率近 5 年中位 53.0%、固定资产占比 17%、有息负债/EBITDA 0.2 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 53.0%),硬资产占比 17%。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 1.5%(经营现金流/市值 3.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 53.0%,稳定度 98%。能。"], ["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 1.72 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 39.2 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?"]], "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%。", "天溯计量:PE 比行业中位高 2.6倍;股息率 与行业中位持平;毛利率 比行业中位高 7.4个百分点;固定资产占比 比行业中位低 7.2个百分点。"]}}