{"F": {"ts_code": "688334.SH", "name": "西高院", "mkt": "CN", "ccy": "元", "sw1": "社会服务", "sw2": "专业服务", "sw3": "检测服务", "ind": "专业服务", "fin_source": "tushare", "market": "科创板", "list_date": "20230619", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 18.4, "pe_ttm": 22.8264, "pb": 1.9525, "dv_ttm": 2.3696, "total_mv": 582506.28, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [43.9, 39.3, 48.2, 47.7, 52.7, 54.5], "rev_series": [3.4, 4.5, 5.2, 6.0, 8.0, 8.7], "np_series": [0.7, 0.8, 1.3, 1.6, 2.3, 2.5], "roe_series": [10.8, 6.8, 7.3, 6.7, 7.9, 8.7], "period": "20260630", "rev_ttm": 8.9, "np_ttm": 2.6, "ocf_ttm": 5.0, "fcf_ttm": 4.2, "fcf_yield": 7.2, "ocf_yield": 8.6, "gm_median": 48.2, "gm_std": 5.3, "gm_stab": 0.89, "gm_chg_2022": 4.2, "npm_median": 27.0, "roe_median": 7.3, "commodity": false, "hard_ratio": 24.7, "fix_assets": 9.6, "goodwill_ratio": 0.6, "pb_calc": 1.95, "capex_dep": 0.7, "interest_debt": 0.5, "debt_ebitda": 0.1, "debt_ratio": 18.5, "debt_mv": 0.9, "payout": 55.1, "div_years": 3, "rev_cagr3": 18.5, "np_cagr3": 24.0, "rev_yoy": 5.1, "np_yoy": 4.9, "np_vol": 17.1, "loss_years": 0, "far_share": 78.0, "earn_yield": 4.4, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["检测服务", 93.0], ["技术研究与技术咨询、计量及认证服务", 3.0], ["技术研究与技术咨、计量及认证服务", 3.0], ["其他业务", 2.0]], "ret_prev_year": 22.4, "ret_prev2_year": -3.6, "ret_ytd": -3.9, "ret_pivot": 33.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.7, "ret_60": 3.2, "ret_120": -20.5, "ret_250": -2.4, "mdd_250": -37.2, "vol_250": 38.1, "pos_52w": 67.8}, "S": {"duration": 43, "pricing": 66, "hard": 40, "bondness": 35}, "label": "中性", "tags": [], "text": {"像什么": ["PE 22.8 倍、股息率 2.4%、毛利率近 5 年中位 48.2%、固定资产占比 25%、有息负债/EBITDA 0.1 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 48.2%),硬资产占比 25%。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 7.2%(经营现金流/市值 8.6%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 48.2%,稳定度 89%,2020→2022 成本通胀期毛利率变化 4.2 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 25%,资本开支/折旧 0.70 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 22.8 倍 粗算,约 78%(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 -2%,最大回撤 -37%,年化波动 38%,现价在 52 周高点的 68%;近 20 / 60 / 120 日 1% / 3% / -20%。", "行业对照": ["同申万二级「专业服务」33 家中位:PE 36.6 / 股息率 1.0% / 毛利率 45.6% / 固定资产占比 24% / 分红率 43%。", "西高院:PE 比行业中位低 13.8倍;股息率 比行业中位高 1.4个百分点;毛利率 比行业中位高 2.6个百分点;固定资产占比 比行业中位高 0.4个百分点。"]}}