{"F": {"ts_code": "920039.BJ", "name": "国义招标", "mkt": "CN", "ccy": "元", "sw1": "社会服务", "sw2": "专业服务", "sw3": "其他专业服务", "ind": "专业服务", "fin_source": "tushare", "market": "北交所", "list_date": "20210818", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 8.45, "pe_ttm": 46.4719, "pb": 2.4315, "dv_ttm": 1.1834, "total_mv": 129977.9, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [52.5, 55.3, 52.7, 51.2, 45.1, 41.6], "rev_series": [2.1, 2.3, 2.2, 2.4, 3.1, 2.8], "np_series": [0.7, 0.8, 0.7, 0.6, 0.5, 0.3], "roe_series": [16.0, 14.6, 11.6, 10.7, 9.4, 5.8], "period": "20260630", "rev_ttm": 2.7, "np_ttm": 0.3, "ocf_ttm": 0.3, "fcf_ttm": 0.2, "fcf_yield": 1.7, "ocf_yield": 2.0, "gm_median": 51.2, "gm_std": 5.1, "gm_stab": 0.9, "gm_chg_2022": 0.2, "npm_median": 26.7, "roe_median": 10.7, "commodity": false, "hard_ratio": 2.3, "fix_assets": 0.2, "goodwill_ratio": 0.0, "pb_calc": 2.43, "capex_dep": 1.37, "interest_debt": 0.3, "debt_ebitda": 0.7, "debt_ratio": 29.7, "debt_mv": 2.0, "payout": 57.1, "div_years": 5, "rev_cagr3": 8.1, "np_cagr3": -22.2, "rev_yoy": -3.2, "np_yoy": -18.7, "np_vol": 16.2, "loss_years": 0, "far_share": 89.0, "earn_yield": 2.2, "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], ["招标代理服务", 47.0], ["招标增值服务", 3.0]], "ret_prev_year": 50.7, "ret_prev2_year": -13.4, "ret_ytd": -23.8, "ret_pivot": 74.8, "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": 69, "pricing": 65, "hard": 4, "bondness": 41}, "label": "中性", "tags": [], "text": {"像什么": ["PE 46.5 倍、股息率 1.2%、毛利率近 5 年中位 51.2%、固定资产占比 2%、有息负债/EBITDA 0.7 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 51.2%),硬资产占比 2%。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 1.7%(经营现金流/市值 2.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 51.2%,稳定度 90%,2020→2022 成本通胀期毛利率变化 0.2 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 2%,资本开支/折旧 1.37 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 46.5 倍 粗算,约 89%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "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%。", "国义招标:PE 比行业中位高 9.9倍;股息率 比行业中位高 0.2个百分点;毛利率 比行业中位高 5.6个百分点;固定资产占比 比行业中位低 22.0个百分点。"]}}