{"F": {"ts_code": "603017.SH", "name": "中衡设计", "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": "20141231", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 9.95, "pe_ttm": 47.1287, "pb": 1.836, "dv_ttm": 3.473, "total_mv": 274809.3485, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [28.5, 25.7, 25.2, 26.1, 29.9, 31.5], "rev_series": [18.4, 17.9, 17.6, 17.3, 13.3, 11.8], "np_series": [2.2, -4.2, 0.9, 1.1, 0.5, 0.5], "roe_series": [11.3, -24.6, 6.2, 7.4, 3.5, 3.3], "period": "20260630", "rev_ttm": 11.9, "np_ttm": 0.6, "ocf_ttm": 1.8, "fcf_ttm": 1.7, "fcf_yield": 6.2, "ocf_yield": 6.4, "gm_median": 26.1, "gm_std": 2.5, "gm_stab": 0.9, "gm_chg_2022": -3.3, "npm_median": 4.1, "roe_median": 3.5, "commodity": false, "hard_ratio": 17.1, "fix_assets": 5.1, "goodwill_ratio": 3.0, "pb_calc": 1.84, "capex_dep": 0.24, "interest_debt": 0.7, "debt_ebitda": 0.4, "debt_ratio": 49.3, "debt_mv": 2.5, "payout": 76.9, "div_years": 4, "rev_cagr3": -12.5, "np_cagr3": -17.3, "rev_yoy": 2.8, "np_yoy": 16.1, "np_vol": 137.3, "loss_years": 1, "far_share": 89.0, "earn_yield": 2.1, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 50.0], ["其他业务", 0.0]], "ret_prev_year": 42.3, "ret_prev2_year": -19.7, "ret_ytd": -9.0, "ret_pivot": 41.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.1, "ret_60": -8.5, "ret_120": -23.3, "ret_250": 5.0, "mdd_250": -52.5, "vol_250": 57.6, "pos_52w": 57.1}, "S": {"duration": 69, "pricing": 50, "hard": 27, "bondness": 69}, "label": "现金流红利", "tags": [], "text": {"像什么": ["分红率 77%、股息率 3.5%、营收 3 年复合 -12.5%、有息负债/EBITDA 0.4 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 17%,毛利率近 5 年中位 26.1%。", "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 6.2%(经营现金流/市值 6.4%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 26.1%,稳定度 90%,2020→2022 成本通胀期毛利率变化 -3.3 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 17%,资本开支/折旧 0.24 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 47.1 倍 粗算,约 89%(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 5%,最大回撤 -52%,年化波动 58%,现价在 52 周高点的 57%;近 20 / 60 / 120 日 5% / -8% / -23%。", "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%。", "中衡设计:PE 比行业中位高 6.1倍;股息率 比行业中位高 2.1个百分点;毛利率 比行业中位低 7.1个百分点;固定资产占比 比行业中位高 10.4个百分点。"]}}