{"F": {"ts_code": "600853.SH", "name": "龙建股份", "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": "19940404", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 3.38, "pe_ttm": 8.7271, "pb": 0.9405, "dv_ttm": 1.1538, "total_mv": 342630.2907, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [9.4, 12.6, 11.0, 11.7, 11.8, 11.6], "rev_series": [118.4, 152.0, 169.6, 174.3, 182.9, 176.1], "np_series": [2.2, 2.7, 3.5, 3.3, 4.1, 3.9], "roe_series": [10.5, 11.4, 14.1, 12.4, 12.8, 10.0], "period": "20260630", "rev_ttm": 174.5, "np_ttm": 3.9, "ocf_ttm": 3.7, "fcf_ttm": 3.3, "fcf_yield": 9.6, "ocf_yield": 10.7, "gm_median": 11.7, "gm_std": 0.5, "gm_stab": 0.96, "gm_chg_2022": 1.6, "npm_median": 2.3, "roe_median": 12.4, "commodity": false, "hard_ratio": 2.3, "fix_assets": 8.3, "goodwill_ratio": 0.0, "pb_calc": 0.81, "capex_dep": 0.33, "interest_debt": 161.4, "debt_ebitda": 15.4, "debt_ratio": 80.1, "debt_mv": 471.0, "payout": 10.3, "div_years": 5, "rev_cagr3": 1.3, "np_cagr3": 3.6, "rev_yoy": -3.2, "np_yoy": 5.4, "np_vol": 15.0, "loss_years": 0, "far_share": 43.0, "earn_yield": 11.5, "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], ["建造工程项目", 48.0], ["其他业务", 1.0], ["其他", 1.0]], "ret_prev_year": 9.4, "ret_prev2_year": -5.7, "ret_ytd": -21.2, "ret_pivot": 14.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.6, "ret_60": 3.3, "ret_120": -21.6, "ret_250": -15.7, "mdd_250": -38.5, "vol_250": 30.0, "pos_52w": 69.5}, "S": {"duration": 20, "pricing": 48, "hard": 4, "bondness": 44}, "label": "中性", "tags": [], "text": {"像什么": ["PE 8.7 倍、股息率 1.2%、毛利率近 5 年中位 11.7%、固定资产占比 2%、有息负债/EBITDA 15.4 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 2%,毛利率近 5 年中位 11.7%。", "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 9.6%(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 11.7%,稳定度 96%,2020→2022 成本通胀期毛利率变化 1.6 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 2%,资本开支/折旧 0.33 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 8.7 倍 粗算,约 43%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -16%,最大回撤 -38%,年化波动 30%,现价在 52 周高点的 70%;近 20 / 60 / 120 日 6% / 3% / -22%。", "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%。", "龙建股份:PE 比行业中位低 3.0倍;股息率 比行业中位低 1.1个百分点;毛利率 比行业中位低 0.7个百分点;固定资产占比 比行业中位低 0.7个百分点。"]}}