{"F": {"ts_code": "605098.SH", "name": "行动教育", "mkt": "CN", "ccy": "元", "sw1": "社会服务", "sw2": "教育", "sw3": "培训教育", "ind": "教育", "fin_source": "tushare", "market": "主板", "list_date": "20210421", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 57.18, "pe_ttm": 18.929, "pb": 6.5344, "dv_ttm": 2.6166, "total_mv": 681877.7898, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [78.8, 79.0, 75.2, 78.3, 76.1, 78.9], "rev_series": [3.8, 5.6, 4.5, 6.7, 7.8, 8.1], "np_series": [1.1, 1.7, 1.1, 2.2, 2.7, 3.2], "roe_series": [25.9, 22.4, 10.3, 21.7, 28.0, 32.4], "period": "20260630", "rev_ttm": 9.0, "np_ttm": 3.6, "ocf_ttm": 5.7, "fcf_ttm": 5.7, "fcf_yield": 8.3, "ocf_yield": 8.3, "gm_median": 78.3, "gm_std": 1.6, "gm_stab": 0.98, "gm_chg_2022": -3.6, "npm_median": 32.8, "roe_median": 22.4, "commodity": false, "hard_ratio": 5.9, "fix_assets": 1.4, "goodwill_ratio": 0.0, "pb_calc": 6.53, "capex_dep": 0.05, "interest_debt": 0.3, "debt_ebitda": 0.1, "debt_ratio": 57.5, "debt_mv": 0.4, "payout": 96.8, "div_years": 5, "rev_cagr3": 21.6, "np_cagr3": 42.4, "rev_yoy": 24.4, "np_yoy": 30.7, "np_vol": 44.5, "loss_years": 0, "far_share": 74.0, "earn_yield": 5.3, "consensus_n": 22, "fwd_pe": 16.9, "fwd_pe2": 14.3, "fwd_g1": 12.0, "fwd_g2": 18.0, "peg": 0.94, "consensus_disp": null, "mainbz": [["管理培训", 80.0], ["管理咨询", 19.0], ["其他收入", 1.0]], "ret_prev_year": 27.4, "ret_prev2_year": -2.5, "ret_ytd": 40.3, "ret_pivot": 102.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.0, "ret_60": 1.7, "ret_120": 4.5, "ret_250": 61.1, "mdd_250": -22.1, "vol_250": 36.5, "pos_52w": 85.2}, "S": {"duration": 38, "pricing": 78, "hard": 9, "bondness": 50}, "label": "定价权·品牌", "tags": ["成长兑现", "轻资产现金牛"], "text": {"像什么": ["没有硬资产(固定资产占比 6%)但有定价权:毛利率近 5 年中位 78.3%,稳定度 98%、ROE 近 5 年中位 22.4%。", "自由现金流/市值 8.3%,分红率 97%,分子跟得上通胀。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 78.3%),硬资产占比 6%。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": "分子跟得上通胀、久期不长,加息期抗跌;放水期弹性不如科技。属船票一侧的'非债券'部分。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 8.3%(经营现金流/市值 8.3%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 78.3%,稳定度 98%,2020→2022 成本通胀期毛利率变化 -3.6 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 0.05 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 18.9 倍 粗算,约 74%(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 61%,最大回撤 -22%,年化波动 36%,现价在 52 周高点的 85%;近 20 / 60 / 120 日 0% / 2% / 4%。", "行业对照": ["同申万二级「教育」17 家中位:PE 96.5 / 股息率 1.6% / 毛利率 43.0% / 固定资产占比 6% / 分红率 49%。", "行动教育:PE 比行业中位低 77.6倍;股息率 比行业中位高 1.0个百分点;毛利率 比行业中位高 35.3个百分点;固定资产占比 与行业中位持平。"]}}