{"F": {"ts_code": "002062.SZ", "name": "宏润建设", "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": 8.3, "pe_ttm": 41.3803, "pb": 2.1023, "dv_ttm": 1.1741, "total_mv": 1026934.847, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [9.8, 12.0, 15.6, 15.2, 16.5, 12.7], "rev_series": [113.2, 103.2, 87.0, 64.3, 59.2, 57.5], "np_series": [4.1, 4.0, 3.6, 3.4, 2.8, 2.8], "roe_series": [12.2, 10.8, 9.2, 8.0, 6.1, 5.7], "period": "20260630", "rev_ttm": 53.5, "np_ttm": 2.5, "ocf_ttm": 13.8, "fcf_ttm": 12.2, "fcf_yield": 11.9, "ocf_yield": 13.4, "gm_median": 15.2, "gm_std": 1.8, "gm_stab": 0.88, "gm_chg_2022": 5.8, "npm_median": 5.6, "roe_median": 8.0, "commodity": false, "hard_ratio": 9.3, "fix_assets": 13.5, "goodwill_ratio": 0.0, "pb_calc": 2.1, "capex_dep": 0.77, "interest_debt": 26.4, "debt_ebitda": 4.4, "debt_ratio": 65.2, "debt_mv": 25.7, "payout": 38.5, "div_years": 5, "rev_cagr3": -12.9, "np_cagr3": -8.4, "rev_yoy": -13.8, "np_yoy": -22.0, "np_vol": 5.3, "loss_years": 0, "far_share": 88.0, "earn_yield": 2.4, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["轨道交通", 38.0], ["市政项目", 25.0], ["新能源业务", 20.0], ["土建项目", 7.0]], "ret_prev_year": 86.4, "ret_prev2_year": 18.9, "ret_ytd": -9.3, "ret_pivot": 171.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.6, "ret_60": 5.6, "ret_120": 0.9, "ret_250": 20.3, "mdd_250": -44.5, "vol_250": 54.8, "pos_52w": 67.0}, "S": {"duration": 64, "pricing": 50, "hard": 15, "bondness": 54}, "label": "中性", "tags": [], "text": {"像什么": ["PE 41.4 倍、股息率 1.2%、毛利率近 5 年中位 15.2%、固定资产占比 9%、有息负债/EBITDA 4.4 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 9%,毛利率近 5 年中位 15.2%。", "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 11.9%(经营现金流/市值 13.4%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 15.2%,稳定度 88%,2020→2022 成本通胀期毛利率变化 5.8 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 9%,资本开支/折旧 0.77 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 41.4 倍 粗算,约 88%(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 20%,最大回撤 -44%,年化波动 55%,现价在 52 周高点的 67%;近 20 / 60 / 120 日 3% / 6% / 1%。", "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%。", "宏润建设:PE 比行业中位高 29.7倍;股息率 比行业中位低 1.1个百分点;毛利率 比行业中位高 2.8个百分点;固定资产占比 比行业中位高 6.3个百分点。"]}}