{"F": {"ts_code": "600170.SH", "name": "上海建工", "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": "19980623", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 2.28, "pe_ttm": 21.6558, "pb": 0.6455, "dv_ttm": 1.5351, "total_mv": 2025994.2516, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [9.7, 9.4, 9.0, 8.9, 8.7, 10.3], "rev_series": [2313.3, 2810.6, 2860.4, 3046.3, 3002.2, 2060.0], "np_series": [33.5, 37.7, 13.6, 15.6, 21.7, 12.4], "roe_series": [9.6, 9.7, 3.3, 3.8, 5.0, 2.6], "period": "20260630", "rev_ttm": 1970.0, "np_ttm": 9.4, "ocf_ttm": 94.5, "fcf_ttm": 75.5, "fcf_yield": 37.2, "ocf_yield": 46.6, "gm_median": 9.0, "gm_std": 0.6, "gm_stab": 0.94, "gm_chg_2022": -0.6, "npm_median": 0.6, "roe_median": 3.8, "commodity": false, "hard_ratio": 3.4, "fix_assets": 113.3, "goodwill_ratio": 0.1, "pb_calc": 0.4, "capex_dep": 0.79, "interest_debt": 802.2, "debt_ebitda": 12.5, "debt_ratio": 84.5, "debt_mv": 396.0, "payout": 43.8, "div_years": 5, "rev_cagr3": -10.4, "np_cagr3": -3.0, "rev_yoy": -8.6, "np_yoy": -42.5, "np_vol": 38.8, "loss_years": 0, "far_share": 77.0, "earn_yield": 4.6, "consensus_n": 4, "fwd_pe": 16.6, "fwd_pe2": 16.6, "fwd_g1": 31.0, "fwd_g2": 0.0, "peg": null, "consensus_disp": null, "mainbz": [["产品", 47.0], ["建筑、承包、设计、施工", 36.0], ["房地产开发业", 7.0], ["房地产开发", 7.0]], "ret_prev_year": 2.3, "ret_prev2_year": 16.9, "ret_ytd": -12.8, "ret_pivot": 22.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.3, "ret_60": -2.4, "ret_120": -23.6, "ret_250": -7.1, "mdd_250": -43.2, "vol_250": 41.3, "pos_52w": 59.3}, "S": {"duration": 42, "pricing": 44, "hard": 5, "bondness": 60}, "label": "中性", "tags": [], "text": {"像什么": ["PE 21.7 倍、股息率 1.5%、毛利率近 5 年中位 9.0%、固定资产占比 3%、有息负债/EBITDA 12.5 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 9.0%。", "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 37.2%(经营现金流/市值 46.6%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 9.0%,稳定度 94%,2020→2022 成本通胀期毛利率变化 -0.6 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 0.79 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 21.7 倍 粗算,约 77%(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 -7%,最大回撤 -43%,年化波动 41%,现价在 52 周高点的 59%;近 20 / 60 / 120 日 -1% / -2% / -24%。", "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%。", "上海建工:PE 比行业中位低 2.5倍;股息率 比行业中位高 0.6个百分点;毛利率 比行业中位高 0.1个百分点;固定资产占比 比行业中位高 0.9个百分点。"]}}