{"F": {"ts_code": "603860.SH", "name": "中公高科", "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": "20170802", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 26.58, "pe_ttm": 36.5257, "pb": 2.138, "dv_ttm": 0.772, "total_mv": 177235.44, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [52.3, 48.6, 48.6, 49.8, 52.0, 51.0], "rev_series": [1.8, 2.0, 2.2, 2.6, 2.6, 2.7], "np_series": [0.4, 0.4, 0.4, 0.5, 0.4, 0.5], "roe_series": [5.4, 5.6, 5.4, 6.9, 5.7, 5.5], "period": "20260630", "rev_ttm": 2.8, "np_ttm": 0.5, "ocf_ttm": 0.7, "fcf_ttm": 0.7, "fcf_yield": 3.7, "ocf_yield": 4.1, "gm_median": 49.8, "gm_std": 1.3, "gm_stab": 0.97, "gm_chg_2022": -3.8, "npm_median": 17.1, "roe_median": 5.6, "commodity": false, "hard_ratio": 42.5, "fix_assets": 4.1, "goodwill_ratio": 0.0, "pb_calc": 2.14, "capex_dep": 0.58, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 12.8, "debt_mv": null, "payout": 25.0, "div_years": 5, "rev_cagr3": 6.9, "np_cagr3": 5.9, "rev_yoy": 5.1, "np_yoy": 882.6, "np_vol": 15.5, "loss_years": 0, "far_share": 86.0, "earn_yield": 2.7, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 33.0], ["养护决策方案咨询", 17.0], ["公路养护决策咨询服务", 17.0], ["路况快速检测设备研发生产与销售", 14.0]], "ret_prev_year": 2.8, "ret_prev2_year": -4.5, "ret_ytd": -11.3, "ret_pivot": 7.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.6, "ret_60": -0.1, "ret_120": -18.5, "ret_250": -18.1, "mdd_250": -32.5, "vol_250": 27.5, "pos_52w": 79.9}, "S": {"duration": 60, "pricing": 63, "hard": 68, "bondness": 29}, "label": "中性", "tags": [], "text": {"像什么": ["PE 36.5 倍、股息率 0.8%、毛利率近 5 年中位 49.8%、固定资产占比 42%、资产负债率 13%:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 42%、毛利率 49.8% 两条都占,但所在行业(建筑装饰)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "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 3.7%(经营现金流/市值 4.1%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 49.8%,稳定度 97%,2020→2022 成本通胀期毛利率变化 -3.8 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 42%,资本开支/折旧 0.58 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 36.5 倍 粗算,约 86%(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 -18%,最大回撤 -32%,年化波动 28%,现价在 52 周高点的 80%;近 20 / 60 / 120 日 4% / -0% / -18%。", "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%。", "中公高科:PE 比行业中位低 4.5倍;股息率 比行业中位低 0.6个百分点;毛利率 比行业中位高 16.6个百分点;固定资产占比 比行业中位高 35.8个百分点。"]}}