{"F": {"ts_code": "603458.SH", "name": "勘设股份", "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": "20170809", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 9.97, "pe_ttm": null, "pb": 1.2387, "dv_ttm": null, "total_mv": 305206.1265, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [41.9, 36.6, 33.4, 32.0, 25.1, 20.1], "rev_series": [28.0, 30.4, 21.6, 20.2, 15.0, 13.4], "np_series": [5.1, 3.4, 1.6, 0.6, -3.1, -3.9], "roe_series": [18.1, 10.7, 4.9, 1.7, -9.7, -13.8], "period": "20260630", "rev_ttm": 12.3, "np_ttm": -4.2, "ocf_ttm": 2.6, "fcf_ttm": 2.4, "fcf_yield": 7.8, "ocf_yield": 8.4, "gm_median": 32.0, "gm_std": 6.0, "gm_stab": 0.81, "gm_chg_2022": -8.5, "npm_median": 2.7, "roe_median": 1.7, "commodity": false, "hard_ratio": 6.5, "fix_assets": 3.1, "goodwill_ratio": 0.9, "pb_calc": 1.24, "capex_dep": 0.71, "interest_debt": 7.5, "debt_ebitda": null, "debt_ratio": 47.3, "debt_mv": 24.7, "payout": 30.6, "div_years": 3, "rev_cagr3": -14.6, "np_cagr3": null, "rev_yoy": -20.3, "np_yoy": -33.5, "np_vol": 239.3, "loss_years": 2, "far_share": 100, "earn_yield": null, "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], ["工程咨询", 39.0], ["工程承包", 11.0], ["其他业务", 0.0]], "ret_prev_year": 73.4, "ret_prev2_year": -32.6, "ret_ytd": -0.5, "ret_pivot": 93.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 6.2, "ret_60": -25.5, "ret_120": -4.0, "ret_250": 3.9, "mdd_250": -55.8, "vol_250": 60.4, "pos_52w": 64.1}, "S": {"duration": 100, "pricing": 48, "hard": 10, "bondness": 34}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -4.2 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 47%,有息负债 8 亿,经营现金流/市值 8.4%:先看现金流能否覆盖利息,再谈久期。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 6%,毛利率近 5 年中位 32.0%。", "加息期怎么走": "利率上行对高杠杆亏损企业是再融资压力,不是估值问题;周期底部的反转看行业价格,不看贴现率。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 7.8%(经营现金流/市值 8.4%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 32.0%,稳定度 81%,2020→2022 成本通胀期毛利率变化 -8.5 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 6%,资本开支/折旧 0.71 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 为负 粗算,约 100%(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 4%,最大回撤 -56%,年化波动 60%,现价在 52 周高点的 64%;近 20 / 60 / 120 日 6% / -26% / -4%。", "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%。", "勘设股份:PE ;股息率 ;毛利率 比行业中位低 1.2个百分点;固定资产占比 比行业中位低 0.2个百分点。"]}}