{"F": {"ts_code": "603357.SH", "name": "设计总院", "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": "20170801", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 6.1, "pe_ttm": 21.5216, "pb": 0.8798, "dv_ttm": 3.2788, "total_mv": 341931.413, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [39.1, 33.1, 31.8, 33.9, 33.5, 38.5], "rev_series": [19.1, 23.6, 28.0, 33.9, 35.3, 25.2], "np_series": [3.6, 3.9, 4.4, 4.9, 5.1, 3.7], "roe_series": [14.7, 14.1, 14.7, 14.9, 14.3, 9.4], "period": "20260630", "rev_ttm": 19.9, "np_ttm": 1.6, "ocf_ttm": 3.4, "fcf_ttm": 3.1, "fcf_yield": 9.1, "ocf_yield": 9.8, "gm_median": 33.5, "gm_std": 2.3, "gm_stab": 0.93, "gm_chg_2022": -7.3, "npm_median": 14.8, "roe_median": 14.3, "commodity": false, "hard_ratio": 7.7, "fix_assets": 5.0, "goodwill_ratio": 0.0, "pb_calc": 0.88, "capex_dep": 0.8, "interest_debt": 5.2, "debt_ebitda": 1.3, "debt_ratio": 39.4, "debt_mv": 15.2, "payout": 30.3, "div_years": 5, "rev_cagr3": -3.4, "np_cagr3": -6.2, "rev_yoy": -40.7, "np_yoy": -116.8, "np_vol": 15.4, "loss_years": 0, "far_share": 77.0, "earn_yield": 4.6, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 45.0], ["设计总院", 23.0], ["高速检测", 6.0], ["交堪院", 5.0]], "ret_prev_year": -6.5, "ret_prev2_year": 6.3, "ret_ytd": -23.9, "ret_pivot": -15.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.7, "ret_60": -6.0, "ret_120": -25.8, "ret_250": -29.8, "mdd_250": -34.9, "vol_250": 22.0, "pos_52w": 69.9}, "S": {"duration": 42, "pricing": 53, "hard": 12, "bondness": 54}, "label": "中性", "tags": [], "text": {"像什么": ["PE 21.5 倍、股息率 3.3%、毛利率近 5 年中位 33.5%、固定资产占比 8%、有息负债/EBITDA 1.3 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 33.5%),硬资产占比 8%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "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 9.1%(经营现金流/市值 9.8%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 33.5%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -7.3 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 8%,资本开支/折旧 0.80 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 21.5 倍 粗算,约 77%(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 -30%,最大回撤 -35%,年化波动 22%,现价在 52 周高点的 70%;近 20 / 60 / 120 日 2% / -6% / -26%。", "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%。", "设计总院:PE 比行业中位低 19.5倍;股息率 比行业中位高 1.9个百分点;毛利率 比行业中位高 0.3个百分点;固定资产占比 比行业中位高 1.0个百分点。"]}}