{"F": {"ts_code": "600820.SH", "name": "隧道股份", "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": "19940128", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 5.45, "pe_ttm": 8.3768, "pb": 0.5414, "dv_ttm": 3.6697, "total_mv": 1713532.3745, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [11.2, 13.1, 13.0, 10.3, 12.2, 14.0], "rev_series": [540.1, 622.3, 652.7, 741.9, 688.2, 579.3], "np_series": [22.7, 23.9, 28.1, 29.4, 28.4, 22.1], "roe_series": [10.1, 10.0, 10.8, 10.5, 8.9, 5.9], "period": "20260630", "rev_ttm": 560.9, "np_ttm": 20.5, "ocf_ttm": 40.1, "fcf_ttm": 23.6, "fcf_yield": 13.8, "ocf_yield": 23.4, "gm_median": 13.0, "gm_std": 1.2, "gm_stab": 0.9, "gm_chg_2022": 1.8, "npm_median": 4.3, "roe_median": 10.0, "commodity": false, "hard_ratio": 2.8, "fix_assets": 51.1, "goodwill_ratio": 0.0, "pb_calc": 0.38, "capex_dep": 1.75, "interest_debt": 459.8, "debt_ebitda": 9.4, "debt_ratio": 72.8, "debt_mv": 268.4, "payout": 35.5, "div_years": 5, "rev_cagr3": -3.9, "np_cagr3": -7.6, "rev_yoy": -8.4, "np_yoy": -23.2, "np_vol": 13.0, "loss_years": 0, "far_share": 40.0, "earn_yield": 11.9, "consensus_n": 8, "fwd_pe": 7.7, "fwd_pe2": 7.2, "fwd_g1": 9.0, "fwd_g2": 6.0, "peg": 1.28, "consensus_disp": null, "mainbz": [["产品", 47.0], ["施工业", 37.0], ["运营业务", 4.0], ["基础设施运营业务", 4.0]], "ret_prev_year": -5.9, "ret_prev2_year": 35.1, "ret_ytd": -14.4, "ret_pivot": 12.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.7, "ret_60": 3.8, "ret_120": -17.0, "ret_250": -13.4, "mdd_250": -26.7, "vol_250": 20.8, "pos_52w": 78.5}, "S": {"duration": 19, "pricing": 47, "hard": 4, "bondness": 69}, "label": "中性", "tags": [], "text": {"像什么": ["PE 8.4 倍、股息率 3.7%、毛利率近 5 年中位 13.0%、固定资产占比 3%、有息负债/EBITDA 9.4 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 3%,毛利率近 5 年中位 13.0%。", "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 13.8%(经营现金流/市值 23.4%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 13.0%,稳定度 90%,2020→2022 成本通胀期毛利率变化 1.8 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 1.75 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 8.4 倍 粗算,约 40%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -13%,最大回撤 -27%,年化波动 21%,现价在 52 周高点的 78%;近 20 / 60 / 120 日 1% / 4% / -17%。", "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%。", "隧道股份:PE 比行业中位低 3.3倍;股息率 比行业中位高 1.4个百分点;毛利率 比行业中位高 0.6个百分点;固定资产占比 比行业中位低 0.2个百分点。"]}}