{"F": {"ts_code": "920003.BJ", "name": "中诚咨询", "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": "北交所", "list_date": "20251107", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 16.12, "pe_ttm": 15.0436, "pb": 2.4462, "dv_ttm": 6.2035, "total_mv": 146047.2, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [39.5, 40.6, 46.4, 44.5, 46.4, 49.6], "rev_series": [2.5, 2.7, 3.0, 3.7, 4.0, 3.7], "np_series": [0.4, 0.5, 0.6, 0.8, 1.1, 1.0], "roe_series": [45.3, 34.9, 36.8, 35.7, 33.9, 20.2], "period": "20260630", "rev_ttm": 3.5, "np_ttm": 1.0, "ocf_ttm": 1.0, "fcf_ttm": 1.0, "fcf_yield": 6.7, "ocf_yield": 7.1, "gm_median": 46.4, "gm_std": 2.9, "gm_stab": 0.94, "gm_chg_2022": 6.9, "npm_median": 22.0, "roe_median": 34.9, "commodity": false, "hard_ratio": 1.0, "fix_assets": 0.1, "goodwill_ratio": 0.0, "pb_calc": 2.45, "capex_dep": 0.82, "interest_debt": 0.1, "debt_ebitda": 0.1, "debt_ratio": 29.9, "debt_mv": 0.4, "payout": 73.3, "div_years": 1, "rev_cagr3": 6.8, "np_cagr3": 16.4, "rev_yoy": -9.2, "np_yoy": -8.3, "np_vol": 14.9, "loss_years": 0, "far_share": 67.0, "earn_yield": 6.6, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["造价咨询", 29.0], ["工程造价", 29.0], ["其他技术服务", 11.0], ["工程监理及管理", 10.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": -28.6, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": null, "ret_60": null, "ret_120": null, "ret_250": null, "mdd_250": null, "vol_250": null, "pos_52w": null}, "S": {"duration": 31, "pricing": 67, "hard": 2, "bondness": 69}, "label": "轻资产现金牛", "tags": ["现金流红利", "股息率≥4%"], "text": {"像什么": ["固定资产占比 1%,毛利率近 5 年中位 46.4%,自由现金流/市值 6.7%:现金机器,久期短。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 46.4%),硬资产占比 1%。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": "久期短、无杠杆,加息期相对安全;放水期跑不过科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 6.7%(经营现金流/市值 7.1%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 46.4%,稳定度 94%,2020→2022 成本通胀期毛利率变化 6.9 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 1%,资本开支/折旧 0.82 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 15.0 倍 粗算,约 67%(1 − 5/PE)。中等。"]], "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%。", "中诚咨询:PE 比行业中位低 26.0倍;股息率 比行业中位高 4.8个百分点;毛利率 比行业中位高 13.2个百分点;固定资产占比 比行业中位低 5.7个百分点。"]}}