{"F": {"ts_code": "002761.SZ", "name": "浙江建投", "mkt": "CN", "ccy": "元", "sw1": "建筑装饰", "sw2": "房屋建设Ⅱ", "sw3": "房屋建设Ⅲ", "ind": "房屋建设Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20150610", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 7.65, "pe_ttm": 34.1422, "pb": 1.1928, "dv_ttm": 0.6536, "total_mv": 1013527.0035, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [5.5, 5.2, 5.1, 4.7, 4.8, 5.1], "rev_series": [795.5, 953.3, 985.4, 926.1, 806.4, 811.1], "np_series": [10.8, 10.5, 9.7, 3.9, 1.9, 2.1], "roe_series": [20.7, 16.7, 12.9, 4.9, 2.4, 2.3], "period": "20260630", "rev_ttm": 772.5, "np_ttm": 3.0, "ocf_ttm": 32.8, "fcf_ttm": 28.0, "fcf_yield": 27.7, "ocf_yield": 32.4, "gm_median": 5.1, "gm_std": 0.2, "gm_stab": 0.96, "gm_chg_2022": -0.4, "npm_median": 0.7, "roe_median": 4.9, "commodity": false, "hard_ratio": 3.2, "fix_assets": 38.4, "goodwill_ratio": 0.2, "pb_calc": 0.97, "capex_dep": 1.47, "interest_debt": 186.2, "debt_ebitda": 27.4, "debt_ratio": 90.4, "debt_mv": 183.7, "payout": 38.5, "div_years": 5, "rev_cagr3": -6.3, "np_cagr3": -39.5, "rev_yoy": -9.6, "np_yoy": 49.3, "np_vol": 27.9, "loss_years": 0, "far_share": 85.0, "earn_yield": 2.9, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["建筑施工业务", 66.0], ["工程相关其他业务", 15.0], ["其他(工程)", 15.0], ["其他主营业务", 2.0]], "ret_prev_year": -1.8, "ret_prev2_year": -14.1, "ret_ytd": -10.2, "ret_pivot": 0.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 7.3, "ret_60": 8.1, "ret_120": -9.8, "ret_250": -22.6, "mdd_250": -32.7, "vol_250": 27.2, "pos_52w": 78.3}, "S": {"duration": 57, "pricing": 43, "hard": 5, "bondness": 52}, "label": "中性", "tags": [], "text": {"像什么": ["PE 34.1 倍、股息率 0.7%、毛利率近 5 年中位 5.1%、固定资产占比 3%、有息负债/EBITDA 27.4 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 3%,毛利率近 5 年中位 5.1%。", "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 27.7%(经营现金流/市值 32.4%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 5.1%,稳定度 96%,2020→2022 成本通胀期毛利率变化 -0.4 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 3%,资本开支/折旧 1.47 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 34.1 倍 粗算,约 85%(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 -23%,最大回撤 -33%,年化波动 27%,现价在 52 周高点的 78%;近 20 / 60 / 120 日 7% / 8% / -10%。", "行业对照": ["同申万二级「房屋建设Ⅱ」8 家中位:PE 24.2 / 股息率 0.9% / 毛利率 8.9% / 固定资产占比 2% / 分红率 34%。", "浙江建投:PE 比行业中位高 9.9倍;股息率 比行业中位低 0.2个百分点;毛利率 比行业中位低 3.8个百分点;固定资产占比 比行业中位高 0.7个百分点。"]}}