{"F": {"ts_code": "600496.SH", "name": "精工钢构", "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": "20020605", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 3.34, "pe_ttm": 10.6676, "pb": 0.733, "dv_ttm": 6.5868, "total_mv": 664701.9504, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [15.7, 13.4, 14.1, 13.0, 12.7, 10.8], "rev_series": [114.8, 151.4, 156.2, 165.1, 184.9, 208.4], "np_series": [6.5, 6.9, 7.1, 5.5, 5.1, 6.0], "roe_series": [10.7, 9.6, 9.1, 6.7, 5.9, 6.6], "period": "20260630", "rev_ttm": 205.9, "np_ttm": 6.2, "ocf_ttm": 1.0, "fcf_ttm": -1.2, "fcf_yield": -1.8, "ocf_yield": 1.5, "gm_median": 13.0, "gm_std": 1.1, "gm_stab": 0.91, "gm_chg_2022": -1.5, "npm_median": 3.5, "roe_median": 6.7, "commodity": false, "hard_ratio": 5.3, "fix_assets": 14.9, "goodwill_ratio": 1.1, "pb_calc": 0.72, "capex_dep": 1.57, "interest_debt": 40.7, "debt_ebitda": 4.6, "debt_ratio": 67.1, "debt_mv": 61.2, "payout": 31.1, "div_years": 5, "rev_cagr3": 10.1, "np_cagr3": -5.0, "rev_yoy": -2.5, "np_yoy": 5.2, "np_vol": 13.3, "loss_years": 0, "far_share": 53.0, "earn_yield": 9.4, "consensus_n": 10, "fwd_pe": 9.5, "fwd_pe2": 8.3, "fwd_g1": 12.0, "fwd_g2": 14.0, "peg": 0.68, "consensus_disp": null, "mainbz": [["产品", 50.0], ["钢结构行业", 44.0], ["集成及EPC", 5.0], ["其他", 1.0]], "ret_prev_year": 44.5, "ret_prev2_year": 1.1, "ret_ytd": -15.0, "ret_pivot": 59.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.8, "ret_60": -5.6, "ret_120": -19.3, "ret_250": 3.4, "mdd_250": -31.6, "vol_250": 35.5, "pos_52w": 73.7}, "S": {"duration": 23, "pricing": 45, "hard": 8, "bondness": 65}, "label": "中性", "tags": ["股息率≥4%", "PEG<0.8"], "text": {"像什么": ["PE 10.7 倍、股息率 6.6%、毛利率近 5 年中位 13.0%、固定资产占比 5%、有息负债/EBITDA 4.6 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 5%,毛利率近 5 年中位 13.0%。", "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 -1.8%(经营现金流/市值 1.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 13.0%,稳定度 91%,2020→2022 成本通胀期毛利率变化 -1.5 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 5%,资本开支/折旧 1.57 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 10.7 倍 粗算,约 53%(1 − 5/PE)。中等。"]], "价格行为": "近一年 3%,最大回撤 -32%,年化波动 36%,现价在 52 周高点的 74%;近 20 / 60 / 120 日 2% / -6% / -19%。", "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%。", "精工钢构:PE 比行业中位低 29.5倍;股息率 比行业中位高 5.5个百分点;毛利率 比行业中位低 0.6个百分点;固定资产占比 比行业中位低 5.0个百分点。"]}}