{"F": {"ts_code": "002061.SZ", "name": "浙江交科", "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": "20060816", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 3.47, "pe_ttm": 10.6553, "pb": 0.5746, "dv_ttm": 3.2074, "total_mv": 917173.744, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [8.2, 8.6, 8.1, 8.0, 7.9, 7.5], "rev_series": [367.4, 460.6, 464.7, 460.5, 477.7, 464.1], "np_series": [10.0, 9.7, 15.8, 13.5, 13.1, 9.6], "roe_series": [12.2, 10.7, 13.9, 9.8, 8.9, 6.2], "period": "20260630", "rev_ttm": 458.4, "np_ttm": 8.6, "ocf_ttm": 16.9, "fcf_ttm": 14.7, "fcf_yield": 16.1, "ocf_yield": 18.4, "gm_median": 8.0, "gm_std": 0.3, "gm_stab": 0.96, "gm_chg_2022": -0.1, "npm_median": 2.9, "roe_median": 9.8, "commodity": false, "hard_ratio": 4.3, "fix_assets": 34.2, "goodwill_ratio": 0.0, "pb_calc": 0.57, "capex_dep": 0.44, "interest_debt": 145.4, "debt_ebitda": 6.9, "debt_ratio": 75.4, "debt_mv": 158.5, "payout": 25.0, "div_years": 5, "rev_cagr3": -0.0, "np_cagr3": -15.1, "rev_yoy": -3.0, "np_yoy": -19.0, "np_vol": 31.0, "loss_years": 0, "far_share": 53.0, "earn_yield": 9.4, "consensus_n": 1, "fwd_pe": 8.5, "fwd_pe2": 7.5, "fwd_g1": 26.0, "fwd_g2": 12.0, "peg": 0.71, "consensus_disp": null, "mainbz": [["产品", 48.0], ["路桥工程施工", 42.0], ["路桥养护", 5.0], ["养护施工", 5.0]], "ret_prev_year": 0.7, "ret_prev2_year": 16.9, "ret_ytd": -10.3, "ret_pivot": 10.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.1, "ret_60": -3.1, "ret_120": -16.0, "ret_250": -13.7, "mdd_250": -22.7, "vol_250": 20.7, "pos_52w": 81.3}, "S": {"duration": 23, "pricing": 45, "hard": 7, "bondness": 63}, "label": "中性", "tags": ["PEG<0.8"], "text": {"像什么": ["PE 10.7 倍、股息率 3.2%、毛利率近 5 年中位 8.0%、固定资产占比 4%、有息负债/EBITDA 6.9 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 4%,毛利率近 5 年中位 8.0%。", "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 16.1%(经营现金流/市值 18.4%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 8.0%,稳定度 96%,2020→2022 成本通胀期毛利率变化 -0.1 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 4%,资本开支/折旧 0.44 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 10.7 倍 粗算,约 53%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -14%,最大回撤 -23%,年化波动 21%,现价在 52 周高点的 81%;近 20 / 60 / 120 日 -1% / -3% / -16%。", "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%。", "浙江交科:PE 比行业中位低 1.0倍;股息率 比行业中位高 0.9个百分点;毛利率 比行业中位低 4.4个百分点;固定资产占比 比行业中位高 1.3个百分点。"]}}