{"F": {"ts_code": "600106.SH", "name": "重庆路桥", "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": "19970618", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 4.63, "pe_ttm": 105.8673, "pb": 1.1645, "dv_ttm": 0.5616, "total_mv": 615338.6213, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [86.2, 85.3, 92.4, 86.6, 84.4, 91.1], "rev_series": [2.0, 1.6, 1.2, 1.2, 1.1, 1.1], "np_series": [2.3, 2.6, 2.0, 2.1, 1.6, 1.1], "roe_series": [6.0, 6.1, 4.5, 4.6, 3.2, 2.2], "period": "20260630", "rev_ttm": 1.1, "np_ttm": 0.6, "ocf_ttm": 0.5, "fcf_ttm": 0.5, "fcf_yield": 0.9, "ocf_yield": 0.9, "gm_median": 86.6, "gm_std": 3.2, "gm_stab": 0.96, "gm_chg_2022": 6.2, "npm_median": 155.2, "roe_median": 4.5, "commodity": false, "hard_ratio": 0.1, "fix_assets": 0.1, "goodwill_ratio": 0.0, "pb_calc": 1.16, "capex_dep": 0.01, "interest_debt": 11.7, "debt_ebitda": 16.2, "debt_ratio": 24.6, "debt_mv": 19.1, "payout": 30.0, "div_years": 5, "rev_cagr3": -2.4, "np_cagr3": -17.5, "rev_yoy": -12.6, "np_yoy": -42.1, "np_vol": 16.5, "loss_years": 0, "far_share": 95.0, "earn_yield": 0.9, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 48.0], ["其他业务", 2.0]], "ret_prev_year": 12.8, "ret_prev2_year": -15.9, "ret_ytd": -25.7, "ret_pivot": 3.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.3, "ret_60": -6.5, "ret_120": -22.1, "ret_250": -38.2, "mdd_250": -47.3, "vol_250": 31.7, "pos_52w": 60.6}, "S": {"duration": 93, "pricing": 88, "hard": 0, "bondness": 49}, "label": "中性", "tags": [], "text": {"像什么": ["PE 105.9 倍、股息率 0.6%、毛利率近 5 年中位 86.6%、固定资产占比 0%、有息负债/EBITDA 16.2 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 86.6%),硬资产占比 0%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "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 0.9%(经营现金流/市值 0.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 86.6%,稳定度 96%,2020→2022 成本通胀期毛利率变化 6.2 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 0%,资本开支/折旧 0.01 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 105.9 倍 粗算,约 95%(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 -38%,最大回撤 -47%,年化波动 32%,现价在 52 周高点的 61%;近 20 / 60 / 120 日 3% / -6% / -22%。", "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%。", "重庆路桥:PE 比行业中位高 90.5倍;股息率 比行业中位低 2.6个百分点;毛利率 比行业中位高 54.4个百分点;固定资产占比 比行业中位低 20.9个百分点。"]}}