{"F": {"ts_code": "600846.SH", "name": "同济科技", "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": "19940311", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 11.75, "pe_ttm": 29.4318, "pb": 1.6964, "dv_ttm": 1.1234, "total_mv": 734094.7625, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [26.0, 16.1, 14.1, 10.1, 10.6, 13.3], "rev_series": [63.0, 61.3, 39.4, 56.7, 41.7, 44.4], "np_series": [6.0, 5.8, 3.5, 3.8, 4.1, 2.7], "roe_series": [20.5, 18.0, 10.2, 10.3, 10.3, 6.6], "period": "20260630", "rev_ttm": 52.4, "np_ttm": 2.5, "ocf_ttm": 2.8, "fcf_ttm": 2.4, "fcf_yield": 3.3, "ocf_yield": 3.8, "gm_median": 13.3, "gm_std": 2.2, "gm_stab": 0.83, "gm_chg_2022": -11.9, "npm_median": 9.4, "roe_median": 10.3, "commodity": false, "hard_ratio": 0.8, "fix_assets": 1.0, "goodwill_ratio": 0.4, "pb_calc": 1.7, "capex_dep": 1.09, "interest_debt": 28.9, "debt_ebitda": 8.9, "debt_ratio": 63.4, "debt_mv": 39.4, "payout": 30.8, "div_years": 5, "rev_cagr3": 4.1, "np_cagr3": -8.2, "rev_yoy": 52.7, "np_yoy": -15.7, "np_vol": 20.0, "loss_years": 0, "far_share": 83.0, "earn_yield": 3.4, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["房地产收入(住宅开发)", 22.0], ["房产开发", 22.0], ["工程建设及监理咨询", 21.0], ["工程建设及咨询服务", 21.0]], "ret_prev_year": 57.1, "ret_prev2_year": -5.5, "ret_ytd": -9.7, "ret_pivot": 74.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.9, "ret_60": 18.5, "ret_120": -13.9, "ret_250": 16.5, "mdd_250": -50.8, "vol_250": 51.0, "pos_52w": 64.7}, "S": {"duration": 52, "pricing": 39, "hard": 1, "bondness": 48}, "label": "中性", "tags": [], "text": {"像什么": ["PE 29.4 倍、股息率 1.1%、毛利率近 5 年中位 13.3%、固定资产占比 1%、有息负债/EBITDA 8.9 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 1%,毛利率近 5 年中位 13.3%。", "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 3.3%(经营现金流/市值 3.8%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 13.3%,稳定度 83%,2020→2022 成本通胀期毛利率变化 -11.9 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 1%,资本开支/折旧 1.09 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 29.4 倍 粗算,约 83%(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 16%,最大回撤 -51%,年化波动 51%,现价在 52 周高点的 65%;近 20 / 60 / 120 日 -1% / 18% / -14%。", "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%。", "同济科技:PE 比行业中位低 11.6倍;股息率 比行业中位低 0.3个百分点;毛利率 比行业中位低 19.9个百分点;固定资产占比 比行业中位低 5.9个百分点。"]}}