{"F": {"ts_code": "603163.SH", "name": "圣晖集成", "mkt": "CN", "ccy": "元", "sw1": "建筑装饰", "sw2": "专业工程", "sw3": "其他专业工程", "ind": "专业工程", "fin_source": "tushare", "market": "主板", "list_date": "20221013", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 76.2, "pe_ttm": 46.9546, "pb": 6.5171, "dv_ttm": 1.0499, "total_mv": 762000.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [16.3, 15.1, 15.4, 13.4, 12.6, 10.3], "rev_series": [11.0, 17.0, 16.3, 20.1, 20.1, 29.9], "np_series": [0.8, 1.2, 1.2, 1.4, 1.1, 1.5], "roe_series": [28.2, 33.1, 17.2, 13.3, 10.4, 13.6], "period": "20260630", "rev_ttm": 27.8, "np_ttm": 1.6, "ocf_ttm": 4.0, "fcf_ttm": 3.9, "fcf_yield": 5.1, "ocf_yield": 5.2, "gm_median": 13.4, "gm_std": 1.9, "gm_stab": 0.86, "gm_chg_2022": -0.9, "npm_median": 7.0, "roe_median": 13.6, "commodity": false, "hard_ratio": 2.2, "fix_assets": 0.5, "goodwill_ratio": 0.0, "pb_calc": 6.52, "capex_dep": 1.02, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 48.7, "debt_mv": 0.0, "payout": 57.6, "div_years": 4, "rev_cagr3": 22.4, "np_cagr3": 7.9, "rev_yoy": -16.0, "np_yoy": 12.4, "np_vol": 24.5, "loss_years": 0, "far_share": 89.0, "earn_yield": 2.1, "consensus_n": 5, "fwd_pe": 35.3, "fwd_pe2": 23.9, "fwd_g1": 33.0, "fwd_g2": 48.0, "peg": 0.74, "consensus_disp": null, "mainbz": [["产品", 50.0], ["洁净室工程", 34.0], ["其他机电安装工程", 15.0], ["其他业务", 0.0]], "ret_prev_year": 171.6, "ret_prev2_year": -18.7, "ret_ytd": 12.1, "ret_pivot": 280.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -7.7, "ret_60": -33.4, "ret_120": -29.0, "ret_250": 100.4, "mdd_250": -55.1, "vol_250": 83.8, "pos_52w": 51.1}, "S": {"duration": 69, "pricing": 44, "hard": 4, "bondness": 26}, "label": "中性", "tags": ["PEG<0.8"], "text": {"像什么": ["PE 47.0 倍、股息率 1.0%、毛利率近 5 年中位 13.4%、固定资产占比 2%、有息负债/EBITDA 0.0 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 2%,毛利率近 5 年中位 13.4%。", "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 5.1%(经营现金流/市值 5.2%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 13.4%,稳定度 86%,2020→2022 成本通胀期毛利率变化 -0.9 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 2%,资本开支/折旧 1.02 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 47.0 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 100%,最大回撤 -55%,年化波动 84%,现价在 52 周高点的 51%;近 20 / 60 / 120 日 -8% / -33% / -29%。", "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%。", "圣晖集成:PE 比行业中位高 6.8倍;股息率 比行业中位低 0.1个百分点;毛利率 比行业中位低 0.2个百分点;固定资产占比 比行业中位低 8.1个百分点。"]}}