{"F": {"ts_code": "600425.SH", "name": "青松建化", "mkt": "CN", "ccy": "元", "sw1": "建筑材料", "sw2": "水泥", "sw3": "水泥制造", "ind": "水泥", "fin_source": "tushare", "market": "主板", "list_date": "20030724", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 3.72, "pe_ttm": 20.5232, "pb": 0.9289, "dv_ttm": 2.6882, "total_mv": 596949.7764, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [29.6, 28.0, 26.6, 24.8, 23.5, 23.4], "rev_series": [30.3, 39.1, 37.4, 44.9, 43.3, 38.8], "np_series": [2.5, 3.1, 4.2, 4.6, 3.5, 2.8], "roe_series": [5.4, 6.5, 8.1, 8.1, 5.6, 4.3], "period": "20260630", "rev_ttm": 36.9, "np_ttm": 2.9, "ocf_ttm": 7.1, "fcf_ttm": 5.7, "fcf_yield": 9.5, "ocf_yield": 12.0, "gm_median": 24.8, "gm_std": 1.8, "gm_stab": 0.93, "gm_chg_2022": -3.1, "npm_median": 8.3, "roe_median": 6.5, "commodity": false, "hard_ratio": 53.1, "fix_assets": 49.5, "goodwill_ratio": 0.0, "pb_calc": 0.93, "capex_dep": 0.35, "interest_debt": 13.8, "debt_ebitda": 1.6, "debt_ratio": 27.6, "debt_mv": 23.1, "payout": 45.5, "div_years": 5, "rev_cagr3": 1.3, "np_cagr3": -12.7, "rev_yoy": -11.1, "np_yoy": 13.2, "np_vol": 23.2, "loss_years": 0, "far_share": 76.0, "earn_yield": 4.9, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["水泥", 53.0], ["化工产品", 21.0], ["化工", 21.0], ["水泥制品", 3.0]], "ret_prev_year": 9.1, "ret_prev2_year": 1.9, "ret_ytd": -8.4, "ret_pivot": 27.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 6.3, "ret_60": 8.5, "ret_120": -19.1, "ret_250": -22.8, "mdd_250": -33.9, "vol_250": 27.4, "pos_52w": 76.1}, "S": {"duration": 40, "pricing": 50, "hard": 85, "bondness": 56}, "label": "中性", "tags": [], "text": {"像什么": ["PE 20.5 倍、股息率 2.7%、毛利率近 5 年中位 24.8%、固定资产占比 53%、有息负债/EBITDA 1.6 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 53%),没有定价权:毛利率近 5 年中位 24.8%,稳定度 93%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 9.5%(经营现金流/市值 12.0%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 24.8%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -3.1 个百分点。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 53%,资本开支/折旧 0.35 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 20.5 倍 粗算,约 76%(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 -34%,年化波动 27%,现价在 52 周高点的 76%;近 20 / 60 / 120 日 6% / 8% / -19%。", "行业对照": ["同申万二级「水泥」21 家中位:PE 19.9 / 股息率 2.8% / 毛利率 17.5% / 固定资产占比 32% / 分红率 50%。", "青松建化:PE 比行业中位高 0.6倍;股息率 比行业中位低 0.1个百分点;毛利率 比行业中位高 7.3个百分点;固定资产占比 比行业中位高 21.3个百分点。"]}}