{"F": {"ts_code": "920208.BJ", "name": "青矩技术", "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": "20230629", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 13.26, "pe_ttm": 12.492, "pb": 2.3589, "dv_ttm": 4.3094, "total_mv": 246957.4556, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [47.9, 45.5, 45.1, 45.5, 46.7, 48.2], "rev_series": [6.7, 8.0, 8.3, 9.4, 9.6, 9.7], "np_series": [1.3, 1.6, 1.6, 2.0, 1.8, 1.9], "roe_series": [35.9, 34.2, 30.9, 27.6, 19.5, 18.3], "period": "20260630", "rev_ttm": 9.7, "np_ttm": 2.0, "ocf_ttm": 2.2, "fcf_ttm": 2.0, "fcf_yield": 8.3, "ocf_yield": 8.8, "gm_median": 45.5, "gm_std": 1.1, "gm_stab": 0.97, "gm_chg_2022": -2.7, "npm_median": 19.1, "roe_median": 27.6, "commodity": false, "hard_ratio": 1.7, "fix_assets": 0.2, "goodwill_ratio": 1.2, "pb_calc": 2.36, "capex_dep": 2.93, "interest_debt": 0.5, "debt_ebitda": 0.1, "debt_ratio": 25.3, "debt_mv": 2.0, "payout": 56.2, "div_years": 3, "rev_cagr3": 5.3, "np_cagr3": 5.4, "rev_yoy": -0.2, "np_yoy": 13.7, "np_vol": 12.8, "loss_years": 0, "far_share": 60.0, "earn_yield": 8.0, "consensus_n": 3, "fwd_pe": 9.6, "fwd_pe2": 8.7, "fwd_g1": 30.0, "fwd_g2": 10.0, "peg": 0.96, "consensus_disp": null, "mainbz": [["工程咨询", 50.0], ["全过程工程咨询服务", 50.0], ["工程管理科技服务", 1.0], ["房屋租赁等其他服务", 0.0]], "ret_prev_year": 14.2, "ret_prev2_year": -4.7, "ret_ytd": -22.1, "ret_pivot": 59.3, "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": 27, "pricing": 62, "hard": 3, "bondness": 61}, "label": "轻资产现金牛", "tags": ["现金流红利", "资本开支扩张期", "股息率≥4%"], "text": {"像什么": ["固定资产占比 2%,毛利率近 5 年中位 45.5%,自由现金流/市值 8.3%: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 45.5%),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": "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 8.3%(经营现金流/市值 8.8%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 45.5%,稳定度 97%,2020→2022 成本通胀期毛利率变化 -2.7 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 2%,资本开支/折旧 2.93 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 12.5 倍 粗算,约 60%(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%。", "青矩技术:PE 比行业中位低 28.5倍;股息率 比行业中位高 2.9个百分点;毛利率 比行业中位高 12.3个百分点;固定资产占比 比行业中位低 5.0个百分点。"]}}