{"F": {"ts_code": "600583.SH", "name": "海油工程", "mkt": "CN", "ccy": "元", "sw1": "石油石化", "sw2": "油服工程", "sw3": "油气及炼化工程", "ind": "油服工程", "fin_source": "tushare", "market": "主板", "list_date": "20020205", "is_fin": false, "roles": {"fin": false, "commodity": true, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 6.15, "pe_ttm": 13.0889, "pb": 0.9423, "dv_ttm": 3.187, "total_mv": 2719133.202, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [10.3, 10.6, 9.0, 10.7, 12.3, 13.8], "rev_series": [178.6, 198.0, 293.6, 307.5, 299.5, 271.6], "np_series": [3.6, 3.7, 14.6, 16.2, 21.6, 20.8], "roe_series": [1.6, 1.6, 6.3, 6.7, 8.5, 7.9], "period": "20260630", "rev_ttm": 282.3, "np_ttm": 20.8, "ocf_ttm": 29.2, "fcf_ttm": 17.6, "fcf_yield": 6.5, "ocf_yield": 10.7, "gm_median": 10.7, "gm_std": 1.7, "gm_stab": 0.85, "gm_chg_2022": -1.3, "npm_median": 5.3, "roe_median": 6.7, "commodity": true, "hard_ratio": 25.4, "fix_assets": 126.0, "goodwill_ratio": 0.0, "pb_calc": 0.94, "capex_dep": 1.02, "interest_debt": 12.3, "debt_ebitda": 0.3, "debt_ratio": 41.9, "debt_mv": 4.5, "payout": 41.0, "div_years": 5, "rev_cagr3": -2.6, "np_cagr3": 12.7, "rev_yoy": 9.4, "np_yoy": -0.6, "np_vol": 114.1, "loss_years": 0, "far_share": 62.0, "earn_yield": 7.6, "consensus_n": 8, "fwd_pe": 11.7, "fwd_pe2": 10.1, "fwd_g1": 12.0, "fwd_g2": 15.0, "peg": 0.78, "consensus_disp": null, "mainbz": [["海洋工程总承包项目收入", 36.0], ["海洋工程总承包项目", 36.0], ["海洋工程非总承包项目收入", 9.0], ["陆地建造收入", 5.0]], "ret_prev_year": 4.4, "ret_prev2_year": -6.0, "ret_ytd": 16.2, "ret_pivot": 37.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 10.6, "ret_60": 17.5, "ret_120": -11.7, "ret_250": 11.9, "mdd_250": -43.3, "vol_250": 35.8, "pos_52w": 72.1}, "S": {"duration": 28, "pricing": 70, "hard": 41, "bondness": 54}, "label": "现金流红利", "tags": ["商品定价", "PEG<0.8"], "text": {"像什么": ["分红率 41%、股息率 3.2%、营收 3 年复合 -2.6%、有息负债/EBITDA 0.3 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 10.7%),硬资产占比 25%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "加息期怎么走": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 6.5%(经营现金流/市值 10.7%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 10.7%,稳定度 85%,2020→2022 成本通胀期毛利率变化 -1.3 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 25%,资本开支/折旧 1.02 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 13.1 倍 粗算,约 62%(1 − 5/PE)。中等。"]], "价格行为": "近一年 12%,最大回撤 -43%,年化波动 36%,现价在 52 周高点的 72%;近 20 / 60 / 120 日 11% / 18% / -12%。", "行业对照": ["同申万二级「油服工程」14 家中位:PE 62.0 / 股息率 1.3% / 毛利率 14.7% / 固定资产占比 25% / 分红率 35%。", "海油工程:PE 比行业中位低 48.9倍;股息率 比行业中位高 1.9个百分点;毛利率 比行业中位低 4.0个百分点;固定资产占比 比行业中位高 0.6个百分点。"]}}