{"F": {"ts_code": "000628.SZ", "name": "高新发展", "mkt": "CN", "ccy": "元", "sw1": "建筑装饰", "sw2": "房屋建设Ⅱ", "sw3": "房屋建设Ⅲ", "ind": "房屋建设Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "19961118", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 53.4, "pe_ttm": 207.0675, "pb": 8.4771, "dv_ttm": 0.1873, "total_mv": 1881175.2, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [10.4, 8.1, 8.5, 7.9, 9.1, 12.0], "rev_series": [55.3, 66.1, 65.7, 80.1, 71.3, 49.8], "np_series": [2.4, 1.6, 2.0, 3.7, 0.6, 1.1], "roe_series": [18.9, 10.6, 12.0, 19.0, 2.9, 5.1], "period": "20260630", "rev_ttm": 41.2, "np_ttm": 0.9, "ocf_ttm": 8.2, "fcf_ttm": 7.6, "fcf_yield": 4.1, "ocf_yield": 4.3, "gm_median": 8.5, "gm_std": 1.5, "gm_stab": 0.82, "gm_chg_2022": -1.8, "npm_median": 2.6, "roe_median": 10.6, "commodity": false, "hard_ratio": 2.5, "fix_assets": 2.7, "goodwill_ratio": 0.0, "pb_calc": 8.48, "capex_dep": 1.56, "interest_debt": 17.7, "debt_ebitda": 6.0, "debt_ratio": 79.8, "debt_mv": 9.4, "payout": 31.6, "div_years": 5, "rev_cagr3": -8.8, "np_cagr3": -18.1, "rev_yoy": -34.4, "np_yoy": -27.5, "np_vol": 64.2, "loss_years": 0, "far_share": 98.0, "earn_yield": 0.5, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["建筑施工", 93.0], ["其他主营业务", 3.0], ["其他业务(含数字能源业务)", 3.0], ["功率半导体业务", 1.0]], "ret_prev_year": -28.4, "ret_prev2_year": 25.8, "ret_ytd": 20.0, "ret_pivot": 34.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 36.9, "ret_60": -6.9, "ret_120": -0.3, "ret_250": -11.3, "mdd_250": -47.5, "vol_250": 52.7, "pos_52w": 80.8}, "S": {"duration": 99, "pricing": 39, "hard": 4, "bondness": 47}, "label": "中性", "tags": [], "text": {"像什么": ["PE 207.1 倍、股息率 0.2%、毛利率近 5 年中位 8.5%、固定资产占比 2%、有息负债/EBITDA 6.0 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 2%,毛利率近 5 年中位 8.5%。", "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 4.1%(经营现金流/市值 4.3%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 8.5%,稳定度 82%,2020→2022 成本通胀期毛利率变化 -1.8 个百分点。不能。"], ["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 1.56 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 207.1 倍 粗算,约 98%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "价格行为": "近一年 -11%,最大回撤 -48%,年化波动 53%,现价在 52 周高点的 81%;近 20 / 60 / 120 日 37% / -7% / -0%。", "行业对照": ["同申万二级「房屋建设Ⅱ」8 家中位:PE 24.2 / 股息率 0.9% / 毛利率 8.9% / 固定资产占比 2% / 分红率 34%。", "高新发展:PE 比行业中位高 182.9倍;股息率 比行业中位低 0.7个百分点;毛利率 比行业中位低 0.4个百分点;固定资产占比 与行业中位持平。"]}}