{"F": {"ts_code": "002060.SZ", "name": "广东建工", "mkt": "CN", "ccy": "元", "sw1": "建筑装饰", "sw2": "基础建设", "sw3": "基建市政工程", "ind": "基础建设", "fin_source": "tushare", "market": "主板", "list_date": "20060810", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 3.18, "pe_ttm": 12.7036, "pb": 0.8467, "dv_ttm": 4.4025, "total_mv": 1193897.0694, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [11.2, 11.2, 10.3, 9.3, 10.6, 10.7], "rev_series": [125.8, 143.6, 169.0, 808.6, 683.1, 689.2], "np_series": [2.6, 3.3, 3.9, 15.3, 11.7, 11.1], "roe_series": [7.6, 8.6, 9.9, 18.1, 8.7, 7.9], "period": "20260630", "rev_ttm": 650.4, "np_ttm": 9.4, "ocf_ttm": 4.7, "fcf_ttm": -28.4, "fcf_yield": -23.8, "ocf_yield": 3.9, "gm_median": 10.6, "gm_std": 0.6, "gm_stab": 0.94, "gm_chg_2022": -0.8, "npm_median": 2.0, "roe_median": 8.7, "commodity": false, "hard_ratio": 17.6, "fix_assets": 254.2, "goodwill_ratio": 0.0, "pb_calc": 0.85, "capex_dep": 2.64, "interest_debt": 369.8, "debt_ebitda": 9.7, "debt_ratio": 89.2, "debt_mv": 309.8, "payout": 45.0, "div_years": 5, "rev_cagr3": 59.8, "np_cagr3": 41.6, "rev_yoy": -13.2, "np_yoy": -48.3, "np_vol": 18.2, "loss_years": 0, "far_share": 61.0, "earn_yield": 7.9, "consensus_n": 1, "fwd_pe": 10.3, "fwd_pe2": 9.6, "fwd_g1": 24.0, "fwd_g2": 6.0, "peg": 1.72, "consensus_disp": null, "mainbz": [["市政工程", 32.0], ["房屋建筑", 24.0], ["水利水电", 18.0], ["其他工程", 15.0]], "ret_prev_year": 2.4, "ret_prev2_year": -24.5, "ret_ytd": -8.1, "ret_pivot": 10.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.9, "ret_60": -0.9, "ret_120": -21.1, "ret_250": -11.9, "mdd_250": -27.0, "vol_250": 29.4, "pos_52w": 76.6}, "S": {"duration": 27, "pricing": 45, "hard": 28, "bondness": 57}, "label": "现金流红利", "tags": ["资本开支扩张期", "股息率≥4%"], "text": {"像什么": ["分红率 45%、股息率 4.4%、营收 3 年复合 59.8%、有息负债/EBITDA 9.7 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 18%,毛利率近 5 年中位 10.6%。", "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 -23.8%(经营现金流/市值 3.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 10.6%,稳定度 94%,2020→2022 成本通胀期毛利率变化 -0.8 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 18%,资本开支/折旧 2.64 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 12.7 倍 粗算,约 61%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -12%,最大回撤 -27%,年化波动 29%,现价在 52 周高点的 77%;近 20 / 60 / 120 日 -4% / -1% / -21%。", "行业对照": ["同申万二级「基础建设」40 家中位:PE 11.7 / 股息率 2.3% / 毛利率 12.4% / 固定资产占比 3% / 分红率 28%。", "广东建工:PE 比行业中位高 1.0倍;股息率 比行业中位高 2.1个百分点;毛利率 比行业中位低 1.8个百分点;固定资产占比 比行业中位高 14.6个百分点。"]}}