{"F": {"ts_code": "600667.SH", "name": "太极实业", "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": "主板", "list_date": "19930728", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 17.22, "pe_ttm": 82.5091, "pb": 4.1064, "dv_ttm": 0.3775, "total_mv": 3601635.6684, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [12.5, 11.0, 7.1, 8.2, 7.8, 7.7], "rev_series": [178.5, 242.9, 351.9, 393.8, 351.7, 306.8], "np_series": [8.3, 9.1, -7.4, 7.3, 6.6, 4.5], "roe_series": [11.7, 11.8, -9.8, 9.7, 8.0, 5.2], "period": "20260630", "rev_ttm": 283.8, "np_ttm": 4.4, "ocf_ttm": 17.6, "fcf_ttm": 14.3, "fcf_yield": 4.0, "ocf_yield": 4.9, "gm_median": 7.8, "gm_std": 1.4, "gm_stab": 0.82, "gm_chg_2022": -5.4, "npm_median": 2.1, "roe_median": 8.0, "commodity": false, "hard_ratio": 10.8, "fix_assets": 38.5, "goodwill_ratio": 1.6, "pb_calc": 4.11, "capex_dep": 0.57, "interest_debt": 45.2, "debt_ebitda": 2.6, "debt_ratio": 73.3, "debt_mv": 12.5, "payout": 30.6, "div_years": 4, "rev_cagr3": -4.5, "np_cagr3": null, "rev_yoy": -14.9, "np_yoy": -3.5, "np_vol": 121.3, "loss_years": 1, "far_share": 94.0, "earn_yield": 1.2, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 48.0], ["工程总包", 35.0], ["封装测试", 5.0], ["模组产品", 4.0]], "ret_prev_year": 16.9, "ret_prev2_year": -0.1, "ret_ytd": 117.8, "ret_pivot": 243.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -11.8, "ret_60": -1.3, "ret_120": 69.2, "ret_250": 143.4, "mdd_250": -52.7, "vol_250": 75.0, "pos_52w": 53.6}, "S": {"duration": 87, "pricing": 36, "hard": 17, "bondness": 41}, "label": "中性", "tags": [], "text": {"像什么": ["PE 82.5 倍、股息率 0.4%、毛利率近 5 年中位 7.8%、固定资产占比 11%、有息负债/EBITDA 2.6 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 11%,毛利率近 5 年中位 7.8%。", "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 4.0%(经营现金流/市值 4.9%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 7.8%,稳定度 82%,2020→2022 成本通胀期毛利率变化 -5.4 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 11%,资本开支/折旧 0.57 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 82.5 倍 粗算,约 94%(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 143%,最大回撤 -53%,年化波动 75%,现价在 52 周高点的 54%;近 20 / 60 / 120 日 -12% / -1% / 69%。", "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%。", "太极实业:PE 比行业中位高 41.5倍;股息率 比行业中位低 1.0个百分点;毛利率 比行业中位低 25.4个百分点;固定资产占比 比行业中位高 4.1个百分点。"]}}