{"F": {"ts_code": "600528.SH", "name": "中铁工业", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "轨交设备Ⅱ", "sw3": "轨交设备Ⅲ", "ind": "轨交设备Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20010528", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 6.96, "pe_ttm": 11.9566, "pb": 0.6054, "dv_ttm": 1.2974, "total_mv": 1546199.9136, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [17.9, 18.1, 18.1, 19.1, 19.1, 18.7], "rev_series": [242.9, 271.6, 288.2, 300.7, 290.0, 276.9], "np_series": [18.3, 18.6, 18.7, 17.4, 17.7, 13.7], "roe_series": [9.2, 8.4, 8.0, 7.1, 6.8, 5.0], "period": "20260630", "rev_ttm": 262.6, "np_ttm": 12.9, "ocf_ttm": 13.7, "fcf_ttm": 2.7, "fcf_yield": 1.7, "ocf_yield": 8.9, "gm_median": 18.7, "gm_std": 0.5, "gm_stab": 0.98, "gm_chg_2022": 0.2, "npm_median": 6.0, "roe_median": 7.1, "commodity": false, "hard_ratio": 11.7, "fix_assets": 74.0, "goodwill_ratio": 0.0, "pb_calc": 0.55, "capex_dep": 1.82, "interest_debt": 10.1, "debt_ebitda": 0.4, "debt_ratio": 54.6, "debt_mv": 6.6, "payout": 13.7, "div_years": 5, "rev_cagr3": -1.3, "np_cagr3": -9.9, "rev_yoy": -10.6, "np_yoy": -10.7, "np_vol": 9.4, "loss_years": 0, "far_share": 58.0, "earn_yield": 8.4, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 33.0], ["交通运输装备及相关服务", 18.0], ["交通运输装备", 18.0], ["专用工程机械装备及相关服务", 13.0]], "ret_prev_year": 2.8, "ret_prev2_year": 10.1, "ret_ytd": -14.0, "ret_pivot": 5.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.3, "ret_60": 1.8, "ret_120": -19.3, "ret_250": -20.7, "mdd_250": -28.4, "vol_250": 26.1, "pos_52w": 76.7}, "S": {"duration": 26, "pricing": 51, "hard": 19, "bondness": 34}, "label": "中性", "tags": [], "text": {"像什么": ["PE 12.0 倍、股息率 1.3%、毛利率近 5 年中位 18.7%、固定资产占比 12%、有息负债/EBITDA 0.4 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 12%,毛利率近 5 年中位 18.7%。", "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 1.7%(经营现金流/市值 8.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 18.7%,稳定度 98%,2020→2022 成本通胀期毛利率变化 0.2 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 12%,资本开支/折旧 1.82 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 12.0 倍 粗算,约 58%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -21%,最大回撤 -28%,年化波动 26%,现价在 52 周高点的 77%;近 20 / 60 / 120 日 -1% / 2% / -19%。", "行业对照": ["同申万二级「轨交设备Ⅱ」32 家中位:PE 26.2 / 股息率 1.8% / 毛利率 30.0% / 固定资产占比 13% / 分红率 49%。", "中铁工业:PE 比行业中位低 14.2倍;股息率 比行业中位低 0.5个百分点;毛利率 比行业中位低 11.3个百分点;固定资产占比 比行业中位低 1.3个百分点。"]}}