{"F": {"ts_code": "600477.SH", "name": "杭萧钢构", "mkt": "CN", "ccy": "元", "sw1": "建筑装饰", "sw2": "专业工程", "sw3": "钢结构", "ind": "专业工程", "fin_source": "tushare", "market": "主板", "list_date": "20031110", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 2.48, "pe_ttm": 83.1942, "pb": 1.1697, "dv_ttm": 1.6935, "total_mv": 585024.1632, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [17.8, 13.9, 15.2, 16.0, 15.8, 15.9], "rev_series": [81.4, 95.8, 99.4, 108.2, 79.5, 71.1], "np_series": [7.2, 4.1, 2.7, 2.9, 1.7, 1.2], "roe_series": [19.2, 9.9, 5.7, 5.7, 3.3, 2.3], "period": "20260630", "rev_ttm": 53.2, "np_ttm": 0.7, "ocf_ttm": 3.5, "fcf_ttm": 2.2, "fcf_yield": 3.7, "ocf_yield": 6.1, "gm_median": 15.8, "gm_std": 0.8, "gm_stab": 0.95, "gm_chg_2022": -2.5, "npm_median": 2.9, "roe_median": 5.7, "commodity": false, "hard_ratio": 23.3, "fix_assets": 32.7, "goodwill_ratio": 0.0, "pb_calc": 1.17, "capex_dep": 0.6, "interest_debt": 47.9, "debt_ebitda": 9.2, "debt_ratio": 62.5, "debt_mv": 81.8, "payout": 85.7, "div_years": 5, "rev_cagr3": -10.6, "np_cagr3": -24.3, "rev_yoy": -37.6, "np_yoy": -36.0, "np_vol": 19.5, "loss_years": 0, "far_share": 94.0, "earn_yield": 1.2, "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", 49.0], ["其他业务", 1.0]], "ret_prev_year": 18.5, "ret_prev2_year": -20.3, "ret_ytd": -16.0, "ret_pivot": 19.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.3, "ret_60": -1.4, "ret_120": -29.0, "ret_250": -8.1, "mdd_250": -49.0, "vol_250": 44.9, "pos_52w": 55.9}, "S": {"duration": 88, "pricing": 47, "hard": 37, "bondness": 75}, "label": "中性", "tags": [], "text": {"像什么": ["PE 83.2 倍、股息率 1.7%、毛利率近 5 年中位 15.8%、固定资产占比 23%、有息负债/EBITDA 9.2 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 23%,毛利率近 5 年中位 15.8%。", "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 3.7%(经营现金流/市值 6.1%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 15.8%,稳定度 95%,2020→2022 成本通胀期毛利率变化 -2.5 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 23%,资本开支/折旧 0.60 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 83.2 倍 粗算,约 94%(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 -8%,最大回撤 -49%,年化波动 45%,现价在 52 周高点的 56%;近 20 / 60 / 120 日 3% / -1% / -29%。", "行业对照": ["同申万二级「专业工程」39 家中位:PE 40.2 / 股息率 1.1% / 毛利率 13.6% / 固定资产占比 10% / 分红率 38%。", "杭萧钢构:PE 比行业中位高 43.0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 2.2个百分点;固定资产占比 比行业中位高 13.0个百分点。"]}}