{"F": {"ts_code": "920892.BJ", "name": "广咨国际", "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": "20211028", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 11.68, "pe_ttm": 17.9936, "pb": 5.1512, "dv_ttm": 5.137, "total_mv": 198970.3803, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [37.1, 36.4, 36.6, 37.4, 38.2, 38.4], "rev_series": [3.9, 4.4, 5.0, 5.4, 5.6, 5.9], "np_series": [0.6, 0.7, 0.8, 0.9, 1.0, 1.1], "roe_series": [35.1, 26.1, 21.7, 22.4, 23.6, 24.9], "period": "20260630", "rev_ttm": 5.9, "np_ttm": 1.1, "ocf_ttm": 2.0, "fcf_ttm": 2.0, "fcf_yield": 9.9, "ocf_yield": 10.2, "gm_median": 37.4, "gm_std": 0.8, "gm_stab": 0.98, "gm_chg_2022": -0.5, "npm_median": 16.2, "roe_median": 23.6, "commodity": false, "hard_ratio": 0.5, "fix_assets": 0.0, "goodwill_ratio": 0.0, "pb_calc": 5.15, "capex_dep": 1.8, "interest_debt": 0.2, "debt_ebitda": 0.2, "debt_ratio": 55.8, "debt_mv": 1.2, "payout": 95.2, "div_years": 5, "rev_cagr3": 5.4, "np_cagr3": 11.1, "rev_yoy": 2.1, "np_yoy": 6.3, "np_vol": 1.5, "loss_years": 0, "far_share": 72.0, "earn_yield": 5.6, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 49.0], ["工程咨询", 20.0], ["工程造价", 15.0], ["招标代理服务", 13.0]], "ret_prev_year": 63.0, "ret_prev2_year": -0.2, "ret_ytd": -22.1, "ret_pivot": 92.1, "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": 36, "pricing": 60, "hard": 1, "bondness": 79}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 95%、股息率 5.1%、营收 3 年复合 5.4%、有息负债/EBITDA 0.2 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 37.4%),硬资产占比 0%。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": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 9.9%(经营现金流/市值 10.2%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 37.4%,稳定度 98%,2020→2022 成本通胀期毛利率变化 -0.5 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 0%,资本开支/折旧 1.80 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 18.0 倍 粗算,约 72%(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「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%。", "广咨国际:PE 比行业中位低 23.0倍;股息率 比行业中位高 3.7个百分点;毛利率 比行业中位高 4.2个百分点;固定资产占比 比行业中位低 6.2个百分点。"]}}