{"F": {"ts_code": "600720.SH", "name": "中交设计", "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": "主板", "list_date": "19960716", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 5.2, "pe_ttm": 9.9082, "pb": 0.7489, "dv_ttm": 2.4385, "total_mv": 1193189.712, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [35.4, 27.6, 25.8, 27.2, 29.4, 30.1], "rev_series": [78.1, 76.7, 79.7, 135.1, 124.3, 110.6], "np_series": [14.4, 9.5, 7.6, 17.7, 17.5, 14.6], "roe_series": [19.7, 11.8, 9.0, 16.7, 12.7, 9.4], "period": "20260630", "rev_ttm": 107.6, "np_ttm": 12.0, "ocf_ttm": 2.3, "fcf_ttm": -0.7, "fcf_yield": -0.6, "ocf_yield": 2.0, "gm_median": 27.6, "gm_std": 1.5, "gm_stab": 0.94, "gm_chg_2022": -9.5, "npm_median": 13.3, "roe_median": 11.8, "commodity": false, "hard_ratio": 5.4, "fix_assets": 16.4, "goodwill_ratio": 0.0, "pb_calc": 0.75, "capex_dep": 2.12, "interest_debt": 19.5, "debt_ebitda": 1.3, "debt_ratio": 46.7, "debt_mv": 16.3, "payout": 20.0, "div_years": 5, "rev_cagr3": 11.5, "np_cagr3": 24.3, "rev_yoy": -6.9, "np_yoy": -44.8, "np_vol": 13.8, "loss_years": 0, "far_share": 50.0, "earn_yield": 10.1, "consensus_n": 4, "fwd_pe": 8.5, "fwd_pe2": 8.3, "fwd_g1": 17.0, "fwd_g2": 3.0, "peg": 2.83, "consensus_disp": null, "mainbz": [["产品", 44.0], ["勘察设计", 31.0], ["机电交安、光伏安装及项目管理等", 8.0], ["工程总承包及管理", 8.0]], "ret_prev_year": -16.6, "ret_prev2_year": -9.1, "ret_ytd": -26.7, "ret_pivot": -34.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.0, "ret_60": -3.8, "ret_120": -28.3, "ret_250": -34.1, "mdd_250": -40.4, "vol_250": 19.8, "pos_52w": 66.0}, "S": {"duration": 22, "pricing": 50, "hard": 9, "bondness": 34}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 9.9 倍、股息率 2.4%、毛利率近 5 年中位 27.6%、固定资产占比 5%、有息负债/EBITDA 1.3 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 5%,毛利率近 5 年中位 27.6%。", "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 -0.6%(经营现金流/市值 2.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 27.6%,稳定度 94%,2020→2022 成本通胀期毛利率变化 -9.5 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 5%,资本开支/折旧 2.12 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 9.9 倍 粗算,约 50%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -34%,最大回撤 -40%,年化波动 20%,现价在 52 周高点的 66%;近 20 / 60 / 120 日 0% / -4% / -28%。", "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%。", "中交设计:PE 比行业中位低 31.1倍;股息率 比行业中位高 1.0个百分点;毛利率 比行业中位低 5.6个百分点;固定资产占比 比行业中位低 1.3个百分点。"]}}