{"F": {"ts_code": "603098.SH", "name": "森特股份", "mkt": "CN", "ccy": "元", "sw1": "建筑装饰", "sw2": "专业工程", "sw3": "钢结构", "ind": "专业工程", "fin_source": "tushare", "market": "主板", "list_date": "20161216", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 10.85, "pe_ttm": 63.1569, "pb": 2.0601, "dv_ttm": 0.922, "total_mv": 585379.2, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [18.2, 17.3, 15.3, 14.5, 17.7, 19.9], "rev_series": [31.5, 31.4, 42.3, 35.1, 29.4, 30.1], "np_series": [1.8, 0.3, 0.5, 0.6, 0.7, 1.0], "roe_series": [8.7, 1.4, 2.0, 2.1, 2.7, 3.7], "period": "20260630", "rev_ttm": 25.4, "np_ttm": 0.9, "ocf_ttm": -0.5, "fcf_ttm": -1.7, "fcf_yield": -3.0, "ocf_yield": -0.9, "gm_median": 17.3, "gm_std": 1.9, "gm_stab": 0.89, "gm_chg_2022": -3.0, "npm_median": 1.6, "roe_median": 2.1, "commodity": false, "hard_ratio": 14.5, "fix_assets": 7.9, "goodwill_ratio": 0.0, "pb_calc": 2.06, "capex_dep": 3.0, "interest_debt": 3.3, "debt_ebitda": 1.6, "debt_ratio": 46.0, "debt_mv": 5.7, "payout": 45.5, "div_years": 5, "rev_cagr3": -10.8, "np_cagr3": 24.4, "rev_yoy": -29.0, "np_yoy": -14.4, "np_vol": 50.0, "loss_years": 0, "far_share": 92.0, "earn_yield": 1.6, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 43.0], ["BIPV业务", 27.0], ["金属围护系统", 12.0], ["建筑金属围护系统", 12.0]], "ret_prev_year": 46.1, "ret_prev2_year": -29.5, "ret_ytd": -21.4, "ret_pivot": 51.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 6.6, "ret_60": -6.9, "ret_120": -35.5, "ret_250": -25.8, "mdd_250": -49.7, "vol_250": 43.9, "pos_52w": 59.0}, "S": {"duration": 79, "pricing": 45, "hard": 23, "bondness": 46}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 63.2 倍、股息率 0.9%、毛利率近 5 年中位 17.3%、固定资产占比 14%、有息负债/EBITDA 1.6 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 14%,毛利率近 5 年中位 17.3%。", "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 -3.0%(经营现金流/市值 -0.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 17.3%,稳定度 89%,2020→2022 成本通胀期毛利率变化 -3.0 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 14%,资本开支/折旧 3.00 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 63.2 倍 粗算,约 92%(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 -26%,最大回撤 -50%,年化波动 44%,现价在 52 周高点的 59%;近 20 / 60 / 120 日 7% / -7% / -36%。", "行业对照": ["同申万二级「专业工程」39 家中位:PE 40.2 / 股息率 1.1% / 毛利率 13.6% / 固定资产占比 10% / 分红率 38%。", "森特股份:PE 比行业中位高 23.0倍;股息率 比行业中位低 0.2个百分点;毛利率 比行业中位高 3.7个百分点;固定资产占比 比行业中位高 4.2个百分点。"]}}