{"F": {"ts_code": "002116.SZ", "name": "中国海诚", "mkt": "CN", "ccy": "元", "sw1": "建筑装饰", "sw2": "专业工程", "sw3": "其他专业工程", "ind": "专业工程", "fin_source": "tushare", "market": "主板", "list_date": "20070215", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 7.32, "pe_ttm": 13.2913, "pb": 1.4645, "dv_ttm": 2.4967, "total_mv": 409153.4921, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [10.1, 12.7, 13.3, 14.6, 15.3, 15.7], "rev_series": [51.0, 52.7, 57.2, 66.5, 68.2, 69.6], "np_series": [0.6, 1.6, 2.1, 3.1, 3.4, 3.4], "roe_series": [4.6, 11.1, 13.1, 15.7, 13.8, 12.8], "period": "20260630", "rev_ttm": 65.7, "np_ttm": 3.1, "ocf_ttm": 0.2, "fcf_ttm": -0.5, "fcf_yield": -1.3, "ocf_yield": 0.4, "gm_median": 14.6, "gm_std": 1.2, "gm_stab": 0.92, "gm_chg_2022": 3.2, "npm_median": 4.7, "roe_median": 13.1, "commodity": false, "hard_ratio": 4.0, "fix_assets": 2.4, "goodwill_ratio": 0.0, "pb_calc": 1.46, "capex_dep": 1.92, "interest_debt": 0.3, "debt_ebitda": 0.1, "debt_ratio": 53.6, "debt_mv": 0.8, "payout": 36.3, "div_years": 5, "rev_cagr3": 6.7, "np_cagr3": 18.0, "rev_yoy": -14.2, "np_yoy": -21.5, "np_vol": 54.6, "loss_years": 0, "far_share": 62.0, "earn_yield": 7.5, "consensus_n": 2, "fwd_pe": 10.0, "fwd_pe2": 9.5, "fwd_g1": 33.0, "fwd_g2": 5.0, "peg": 2.0, "consensus_disp": null, "mainbz": [["工程总承包", 75.0], ["工程设计", 14.0], ["工程监理", 6.0], ["工程咨询", 3.0]], "ret_prev_year": 6.4, "ret_prev2_year": -0.5, "ret_ytd": -12.7, "ret_pivot": 9.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.7, "ret_60": 2.3, "ret_120": -20.7, "ret_250": -16.4, "mdd_250": -31.2, "vol_250": 25.9, "pos_52w": 75.9}, "S": {"duration": 28, "pricing": 49, "hard": 6, "bondness": 41}, "label": "中性", "tags": [], "text": {"像什么": ["PE 13.3 倍、股息率 2.5%、毛利率近 5 年中位 14.6%、固定资产占比 4%、有息负债/EBITDA 0.1 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 14.6%。", "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 -1.3%(经营现金流/市值 0.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 14.6%,稳定度 92%,2020→2022 成本通胀期毛利率变化 3.2 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 1.92 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 13.3 倍 粗算,约 62%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -16%,最大回撤 -31%,年化波动 26%,现价在 52 周高点的 76%;近 20 / 60 / 120 日 5% / 2% / -21%。", "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%。", "中国海诚:PE 比行业中位低 26.9倍;股息率 比行业中位高 1.4个百分点;毛利率 比行业中位高 1.0个百分点;固定资产占比 比行业中位低 6.3个百分点。"]}}