{"F": {"ts_code": "000928.SZ", "name": "中钢国际", "mkt": "CN", "ccy": "元", "sw1": "建筑装饰", "sw2": "专业工程", "sw3": "国际工程", "ind": "专业工程", "fin_source": "tushare", "market": "主板", "list_date": "19990312", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 5.43, "pe_ttm": 16.9711, "pb": 0.9178, "dv_ttm": 3.8674, "total_mv": 779012.0721, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [11.0, 8.3, 9.3, 8.8, 14.5, 13.7], "rev_series": [148.3, 158.6, 187.2, 263.8, 176.5, 139.1], "np_series": [6.0, 6.5, 6.3, 7.6, 8.4, 4.9], "roe_series": [11.2, 11.0, 9.9, 10.6, 10.3, 5.8], "period": "20260630", "rev_ttm": 138.4, "np_ttm": 4.6, "ocf_ttm": 35.2, "fcf_ttm": 34.8, "fcf_yield": 44.7, "ocf_yield": 45.2, "gm_median": 9.3, "gm_std": 2.6, "gm_stab": 0.72, "gm_chg_2022": -1.7, "npm_median": 3.7, "roe_median": 10.3, "commodity": false, "hard_ratio": 0.6, "fix_assets": 1.7, "goodwill_ratio": 0.0, "pb_calc": 0.92, "capex_dep": 1.82, "interest_debt": 3.7, "debt_ebitda": 0.5, "debt_ratio": 66.5, "debt_mv": 4.8, "payout": 51.4, "div_years": 5, "rev_cagr3": -9.4, "np_cagr3": -8.4, "rev_yoy": -1.1, "np_yoy": -6.2, "np_vol": 21.6, "loss_years": 0, "far_share": 71.0, "earn_yield": 5.9, "consensus_n": 7, "fwd_pe": 12.3, "fwd_pe2": 11.4, "fwd_g1": 38.0, "fwd_g2": 8.0, "peg": 1.54, "consensus_disp": null, "mainbz": [["产品", 50.0], ["工程总承包", 45.0], ["工程单机备件", 4.0], ["工程咨询与服务", 1.0]], "ret_prev_year": 9.2, "ret_prev2_year": 15.9, "ret_ytd": -15.2, "ret_pivot": 14.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 7.1, "ret_60": -0.2, "ret_120": -21.8, "ret_250": -16.5, "mdd_250": -31.7, "vol_250": 30.8, "pos_52w": 77.2}, "S": {"duration": 35, "pricing": 36, "hard": 1, "bondness": 63}, "label": "现金流红利", "tags": [], "text": {"像什么": ["分红率 51%、股息率 3.9%、营收 3 年复合 -9.4%、有息负债/EBITDA 0.5 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 1%,毛利率近 5 年中位 9.3%。", "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 44.7%(经营现金流/市值 45.2%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 9.3%,稳定度 72%,2020→2022 成本通胀期毛利率变化 -1.7 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 1%,资本开支/折旧 1.82 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 17.0 倍 粗算,约 71%(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 -16%,最大回撤 -32%,年化波动 31%,现价在 52 周高点的 77%;近 20 / 60 / 120 日 7% / -0% / -22%。", "行业对照": ["同申万二级「专业工程」39 家中位:PE 40.2 / 股息率 1.1% / 毛利率 13.6% / 固定资产占比 10% / 分红率 38%。", "中钢国际:PE 比行业中位低 23.2倍;股息率 比行业中位高 2.8个百分点;毛利率 比行业中位低 4.3个百分点;固定资产占比 比行业中位低 9.7个百分点。"]}}