{"F": {"ts_code": "600662.SH", "name": "外服控股", "mkt": "CN", "ccy": "元", "sw1": "社会服务", "sw2": "专业服务", "sw3": "人力资源服务", "ind": "专业服务", "fin_source": "tushare", "market": "主板", "list_date": "19930614", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 4.28, "pe_ttm": 14.6648, "pb": 1.8647, "dv_ttm": 3.5047, "total_mv": 977313.6468, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [8.6, 15.1, 11.9, 10.1, 9.2, 8.6], "rev_series": [27.0, 114.5, 146.6, 191.6, 223.1, 241.3], "np_series": [0.6, 5.3, 5.5, 5.9, 10.9, 6.5], "roe_series": [1.8, 15.1, 14.2, 14.4, 23.3, 12.7], "period": "20260630", "rev_ttm": 249.3, "np_ttm": 6.7, "ocf_ttm": 4.3, "fcf_ttm": 3.6, "fcf_yield": 3.7, "ocf_yield": 4.4, "gm_median": 10.1, "gm_std": 2.4, "gm_stab": 0.77, "gm_chg_2022": 3.3, "npm_median": 4.2, "roe_median": 14.4, "commodity": false, "hard_ratio": 9.6, "fix_assets": 15.1, "goodwill_ratio": 3.0, "pb_calc": 1.86, "capex_dep": 1.12, "interest_debt": 2.3, "debt_ebitda": 0.2, "debt_ratio": 63.3, "debt_mv": 2.3, "payout": 52.4, "div_years": 5, "rev_cagr3": 18.1, "np_cagr3": 6.1, "rev_yoy": 6.5, "np_yoy": 3.7, "np_vol": 40.5, "loss_years": 0, "far_share": 66.0, "earn_yield": 6.8, "consensus_n": 4, "fwd_pe": 13.8, "fwd_pe2": 13.1, "fwd_g1": 6.0, "fwd_g2": 6.0, "peg": 2.3, "consensus_disp": null, "mainbz": [["服务外包业务", 42.0], ["业务外包服务", 42.0], ["招聘灵活用工服务", 3.0], ["招聘服务收入", 3.0]], "ret_prev_year": 4.1, "ret_prev2_year": 9.3, "ret_ytd": -12.1, "ret_pivot": 18.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.7, "ret_60": 6.5, "ret_120": -19.9, "ret_250": -21.3, "mdd_250": -42.6, "vol_250": 31.6, "pos_52w": 63.6}, "S": {"duration": 31, "pricing": 42, "hard": 15, "bondness": 42}, "label": "现金流红利", "tags": [], "text": {"像什么": ["分红率 52%、股息率 3.5%、营收 3 年复合 18.1%、有息负债/EBITDA 0.2 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 10%,毛利率近 5 年中位 10.1%。", "加息期怎么走": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 3.7%(经营现金流/市值 4.4%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 10.1%,稳定度 77%,2020→2022 成本通胀期毛利率变化 3.3 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 10%,资本开支/折旧 1.12 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 14.7 倍 粗算,约 66%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -21%,最大回撤 -43%,年化波动 32%,现价在 52 周高点的 64%;近 20 / 60 / 120 日 1% / 6% / -20%。", "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%。", "外服控股:PE 比行业中位低 21.9倍;股息率 比行业中位高 2.5个百分点;毛利率 比行业中位低 35.5个百分点;固定资产占比 比行业中位低 14.7个百分点。"]}}