{"F": {"ts_code": "600629.SH", "name": "华建集团", "mkt": "CN", "ccy": "元", "sw1": "建筑装饰", "sw2": "工程咨询服务Ⅱ", "sw3": "工程咨询服务Ⅲ", "ind": "工程咨询服务Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "19930209", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 18.37, "pe_ttm": null, "pb": 4.0179, "dv_ttm": 0.1043, "total_mv": 2112191.6013, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [20.4, 20.4, 23.9, 23.4, 22.2, 20.5], "rev_series": [86.1, 90.5, 80.4, 90.6, 84.8, 69.8], "np_series": [1.7, 3.3, 3.9, 4.3, 3.9, 0.7], "roe_series": [5.9, 10.5, 9.9, 9.0, 7.7, 1.4], "period": "20260630", "rev_ttm": 63.6, "np_ttm": -0.5, "ocf_ttm": 1.2, "fcf_ttm": 0.7, "fcf_yield": 0.3, "ocf_yield": 0.6, "gm_median": 22.2, "gm_std": 1.4, "gm_stab": 0.94, "gm_chg_2022": 3.5, "npm_median": 4.3, "roe_median": 9.0, "commodity": false, "hard_ratio": 5.5, "fix_assets": 7.9, "goodwill_ratio": 0.2, "pb_calc": 4.02, "capex_dep": 0.95, "interest_debt": 10.0, "debt_ebitda": 5.9, "debt_ratio": 61.5, "debt_mv": 4.7, "payout": 59.5, "div_years": 5, "rev_cagr3": -4.6, "np_cagr3": -42.9, "rev_yoy": -20.8, "np_yoy": -91.4, "np_vol": 54.5, "loss_years": 0, "far_share": 100, "earn_yield": null, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 48.0], ["工程设计", 27.0], ["工程承包", 15.0], ["工程技术管理服务", 5.0]], "ret_prev_year": 138.9, "ret_prev2_year": 86.2, "ret_ytd": 1.7, "ret_pivot": 418.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 15.4, "ret_60": 38.8, "ret_120": 1.5, "ret_250": 53.3, "mdd_250": -66.3, "vol_250": 66.4, "pos_52w": 53.9}, "S": {"duration": 100, "pricing": 54, "hard": 9, "bondness": 56}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -0.5 亿,近 5 年亏损 0 年;PE 为负,估值指标失真。", "资产负债率 62%,有息负债 10 亿,经营现金流/市值 0.6%:先看现金流能否覆盖利息,再谈久期。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 6%,毛利率近 5 年中位 22.2%。", "加息期怎么走": "利率上行对高杠杆亏损企业是再融资压力,不是估值问题;周期底部的反转看行业价格,不看贴现率。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 0.3%(经营现金流/市值 0.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 22.2%,稳定度 94%,2020→2022 成本通胀期毛利率变化 3.5 个百分点。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 6%,资本开支/折旧 0.95 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 为负 粗算,约 100%(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 53%,最大回撤 -66%,年化波动 66%,现价在 52 周高点的 54%;近 20 / 60 / 120 日 15% / 39% / 2%。", "行业对照": ["同申万二级「工程咨询服务Ⅱ」46 家中位:PE 41.0 / 股息率 1.4% / 毛利率 33.2% / 固定资产占比 7% / 分红率 39%。", "华建集团:PE ;股息率 比行业中位低 1.3个百分点;毛利率 比行业中位低 11.0个百分点;固定资产占比 比行业中位低 1.2个百分点。"]}}