{"F": {"ts_code": "920753.BJ", "name": "天纺标", "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": "北交所", "list_date": "20221031", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 16.22, "pe_ttm": 39.5217, "pb": 3.3671, "dv_ttm": 1.8989, "total_mv": 132037.8849, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [65.8, 58.5, 54.0, 52.7, 48.5, 49.9], "rev_series": [1.7, 1.6, 1.4, 1.7, 2.2, 2.4], "np_series": [0.6, 0.4, 0.3, 0.4, 0.3, 0.3], "roe_series": [32.1, 14.4, 9.9, 8.8, 7.1, 8.2], "period": "20260630", "rev_ttm": 2.5, "np_ttm": 0.3, "ocf_ttm": 0.8, "fcf_ttm": 0.6, "fcf_yield": 4.6, "ocf_yield": 5.8, "gm_median": 52.7, "gm_std": 3.5, "gm_stab": 0.93, "gm_chg_2022": -11.8, "npm_median": 21.6, "roe_median": 8.8, "commodity": false, "hard_ratio": 24.3, "fix_assets": 1.2, "goodwill_ratio": 0.0, "pb_calc": 3.37, "capex_dep": 1.01, "interest_debt": 0.3, "debt_ebitda": 0.5, "debt_ratio": 17.7, "debt_mv": 2.1, "payout": 77.0, "div_years": 4, "rev_cagr3": 19.0, "np_cagr3": -0.3, "rev_yoy": 5.1, "np_yoy": 5.4, "np_vol": 17.7, "loss_years": 0, "far_share": 87.0, "earn_yield": 2.5, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 26.0], ["检测费收入", 24.0], ["消费品检测认证", 22.0], ["检测费收入：消费品检测", 22.0]], "ret_prev_year": -19.5, "ret_prev2_year": 54.9, "ret_ytd": -26.2, "ret_pivot": -34.9, "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": 63, "pricing": 63, "hard": 39, "bondness": 41}, "label": "中性", "tags": [], "text": {"像什么": ["PE 39.5 倍、股息率 1.9%、毛利率近 5 年中位 52.7%、固定资产占比 24%、有息负债/EBITDA 0.5 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 52.7%),硬资产占比 24%。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 4.6%(经营现金流/市值 5.8%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 52.7%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -11.8 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 24%,资本开支/折旧 1.01 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 39.5 倍 粗算,约 87%(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%。", "天纺标:PE 比行业中位高 2.9倍;股息率 比行业中位高 0.9个百分点;毛利率 比行业中位高 7.1个百分点;固定资产占比 与行业中位持平。"]}}