{"F": {"ts_code": "600692.SH", "name": "亚通股份", "mkt": "CN", "ccy": "元", "sw1": "房地产", "sw2": "房地产开发", "sw3": "住宅开发", "ind": "房地产开发", "fin_source": "tushare", "market": "主板", "list_date": "19931119", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 6.47, "pe_ttm": 52.0892, "pb": 2.3033, "dv_ttm": null, "total_mv": 227591.308, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [16.6, 8.5, 8.1, 7.8, 5.5, 8.9], "rev_series": [10.0, 15.1, 12.3, 12.4, 6.6, 13.9], "np_series": [0.6, 0.5, 0.0, 0.0, 0.1, 0.1], "roe_series": [6.9, 5.0, 0.5, 0.2, 0.7, 1.5], "period": "20260630", "rev_ttm": 23.3, "np_ttm": 0.4, "ocf_ttm": 7.3, "fcf_ttm": 6.4, "fcf_yield": 28.0, "ocf_yield": 32.3, "gm_median": 8.1, "gm_std": 1.2, "gm_stab": 0.85, "gm_chg_2022": -8.4, "npm_median": 1.1, "roe_median": 0.7, "commodity": false, "hard_ratio": 18.2, "fix_assets": 7.3, "goodwill_ratio": 0.5, "pb_calc": 2.3, "capex_dep": 2.97, "interest_debt": 2.9, "debt_ebitda": 1.8, "debt_ratio": 67.8, "debt_mv": 12.7, "payout": 110.5, "div_years": 1, "rev_cagr3": 4.2, "np_cagr3": 46.5, "rev_yoy": 444.1, "np_yoy": 284.0, "np_vol": 99.5, "loss_years": 0, "far_share": 90.0, "earn_yield": 1.9, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 50.0], ["其他业务", 0.0]], "ret_prev_year": -22.3, "ret_prev2_year": 45.2, "ret_ytd": -7.7, "ret_pivot": 21.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 9.1, "ret_60": 2.9, "ret_120": -20.0, "ret_250": -26.2, "mdd_250": -42.4, "vol_250": 36.2, "pos_52w": 71.3}, "S": {"duration": 73, "pricing": 38, "hard": 29, "bondness": 56}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 52.1 倍、股息率 —、毛利率近 5 年中位 8.1%、固定资产占比 18%、有息负债/EBITDA 1.8 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 18%,毛利率近 5 年中位 8.1%。", "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 28.0%(经营现金流/市值 32.3%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 8.1%,稳定度 85%,2020→2022 成本通胀期毛利率变化 -8.4 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 18%,资本开支/折旧 2.97 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 52.1 倍 粗算,约 90%(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 -26%,最大回撤 -42%,年化波动 36%,现价在 52 周高点的 71%;近 20 / 60 / 120 日 9% / 3% / -20%。", "行业对照": ["同申万二级「房地产开发」83 家中位:PE 26.0 / 股息率 0.7% / 毛利率 21.1% / 固定资产占比 2% / 分红率 36%。", "亚通股份:PE 比行业中位高 26.1倍;股息率 ;毛利率 比行业中位低 13.0个百分点;固定资产占比 比行业中位高 16.2个百分点。"]}}