{"F": {"ts_code": "600035.SH", "name": "楚天高速", "mkt": "CN", "ccy": "元", "sw1": "交通运输", "sw2": "铁路公路", "sw3": "高速公路", "ind": "铁路公路", "fin_source": "tushare", "market": "主板", "list_date": "20040310", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 3.71, "pe_ttm": 10.3978, "pb": 0.6581, "dv_ttm": 4.3127, "total_mv": 597352.9989, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [44.1, 49.7, 51.3, 46.0, 32.2, 18.5], "rev_series": [24.9, 32.6, 29.2, 32.0, 43.9, 65.7], "np_series": [3.2, 7.4, 7.2, 9.4, 7.7, 5.4], "roe_series": [5.0, 11.1, 10.0, 12.0, 9.1, 6.2], "period": "20260630", "rev_ttm": 65.9, "np_ttm": 5.7, "ocf_ttm": 15.0, "fcf_ttm": -32.9, "fcf_yield": -55.1, "ocf_yield": 25.1, "gm_median": 46.0, "gm_std": 12.5, "gm_stab": 0.73, "gm_chg_2022": 7.2, "npm_median": 23.7, "roe_median": 10.0, "commodity": false, "hard_ratio": 2.8, "fix_assets": 7.4, "goodwill_ratio": 0.0, "pb_calc": 0.66, "capex_dep": 47.34, "interest_debt": 134.0, "debt_ebitda": 7.1, "debt_ratio": 57.1, "debt_mv": 224.3, "payout": 35.4, "div_years": 5, "rev_cagr3": 31.1, "np_cagr3": -9.3, "rev_yoy": 0.9, "np_yoy": 8.6, "np_vol": 57.0, "loss_years": 0, "far_share": 52.0, "earn_yield": 9.6, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 35.0], ["路桥运营报告分部", 17.0], ["路桥运营业务", 17.0], ["建造服务业务", 10.0]], "ret_prev_year": -12.9, "ret_prev2_year": 29.4, "ret_ytd": -0.3, "ret_pivot": 8.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 7.8, "ret_60": 2.5, "ret_120": -3.9, "ret_250": -11.5, "mdd_250": -19.8, "vol_250": 16.3, "pos_52w": 88.5}, "S": {"duration": 23, "pricing": 60, "hard": 4, "bondness": 53}, "label": "中性", "tags": ["资本开支扩张期", "股息率≥4%"], "text": {"像什么": ["PE 10.4 倍、股息率 4.3%、毛利率近 5 年中位 46.0%、固定资产占比 3%、有息负债/EBITDA 7.1 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 3%,毛利率近 5 年中位 46.0%。", "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 -55.1%(经营现金流/市值 25.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 46.0%,稳定度 73%,2020→2022 成本通胀期毛利率变化 7.2 个百分点。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 47.34 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 10.4 倍 粗算,约 52%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -12%,最大回撤 -20%,年化波动 16%,现价在 52 周高点的 88%;近 20 / 60 / 120 日 8% / 2% / -4%。", "行业对照": ["同申万二级「铁路公路」33 家中位:PE 15.4 / 股息率 3.2% / 毛利率 32.2% / 固定资产占比 21% / 分红率 48%。", "楚天高速:PE 比行业中位低 5.0倍;股息率 比行业中位高 1.1个百分点;毛利率 比行业中位高 13.8个百分点;固定资产占比 比行业中位低 18.2个百分点。"]}}