{"F": {"ts_code": "600502.SH", "name": "安徽建工", "mkt": "CN", "ccy": "元", "sw1": "建筑装饰", "sw2": "基础建设", "sw3": "基建市政工程", "ind": "基础建设", "fin_source": "tushare", "market": "主板", "list_date": "20030415", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 4.46, "pe_ttm": 4.98, "pb": 0.6386, "dv_ttm": 6.0538, "total_mv": 765574.1194, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [11.6, 11.2, 11.7, 12.4, 12.4, 14.8], "rev_series": [569.7, 713.4, 801.2, 912.4, 965.0, 832.0], "np_series": [8.2, 11.0, 13.8, 15.5, 13.4, 15.3], "roe_series": [8.7, 10.3, 11.4, 12.2, 9.6, 8.8], "period": "20260630", "rev_ttm": 837.0, "np_ttm": 15.4, "ocf_ttm": -4.2, "fcf_ttm": -183.2, "fcf_yield": -239.3, "ocf_yield": -5.5, "gm_median": 12.4, "gm_std": 1.2, "gm_stab": 0.9, "gm_chg_2022": 0.0, "npm_median": 2.3, "roe_median": 10.3, "commodity": false, "hard_ratio": 3.1, "fix_assets": 70.5, "goodwill_ratio": 0.0, "pb_calc": 0.34, "capex_dep": 42.72, "interest_debt": 917.3, "debt_ebitda": 17.8, "debt_ratio": 85.1, "debt_mv": 1198.2, "payout": 33.8, "div_years": 5, "rev_cagr3": 1.3, "np_cagr3": 3.4, "rev_yoy": 1.7, "np_yoy": 2.1, "np_vol": 16.2, "loss_years": 0, "far_share": 0.0, "earn_yield": 20.1, "consensus_n": 6, "fwd_pe": 4.6, "fwd_pe2": 4.3, "fwd_g1": 7.0, "fwd_g2": 8.0, "peg": 0.57, "consensus_disp": null, "mainbz": [["产品", 50.0], ["投资与工程施工业务", 39.0], ["建材、商贸物流业务", 4.0], ["商品房销售与社会服务业务", 3.0]], "ret_prev_year": 4.2, "ret_prev2_year": 10.1, "ret_ytd": 0.9, "ret_pivot": 23.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -2.0, "ret_60": 0.2, "ret_120": -7.7, "ret_250": -3.3, "mdd_250": -25.8, "vol_250": 29.1, "pos_52w": 76.1}, "S": {"duration": 12, "pricing": 45, "hard": 5, "bondness": 76}, "label": "中性", "tags": ["资本开支扩张期", "股息率≥4%", "PEG<0.8"], "text": {"像什么": ["PE 5.0 倍、股息率 6.1%、毛利率近 5 年中位 12.4%、固定资产占比 3%、有息负债/EBITDA 17.8 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 12.4%。", "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 -239.3%(经营现金流/市值 -5.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 12.4%,稳定度 90%,2020→2022 成本通胀期毛利率变化 0.0 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 42.72 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 5.0 倍 粗算,约 0%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -3%,最大回撤 -26%,年化波动 29%,现价在 52 周高点的 76%;近 20 / 60 / 120 日 -2% / 0% / -8%。", "行业对照": ["同申万二级「基础建设」40 家中位:PE 11.7 / 股息率 2.3% / 毛利率 12.4% / 固定资产占比 3% / 分红率 28%。", "安徽建工:PE 比行业中位低 6.7倍;股息率 比行业中位高 3.8个百分点;毛利率 与行业中位持平;固定资产占比 比行业中位高 0.1个百分点。"]}}