{"F": {"ts_code": "600939.SH", "name": "重庆建工", "mkt": "CN", "ccy": "元", "sw1": "建筑装饰", "sw2": "房屋建设Ⅱ", "sw3": "房屋建设Ⅲ", "ind": "房屋建设Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20170221", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 2.7, "pe_ttm": null, "pb": 0.752, "dv_ttm": null, "total_mv": 513668.223, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [3.7, 4.8, 4.9, 5.6, 6.1, 4.9], "rev_series": [552.9, 578.1, 493.1, 447.0, 272.6, 221.1], "np_series": [2.7, 2.7, 1.5, 0.4, -4.4, -12.0], "roe_series": [3.0, 2.7, 1.6, 0.4, -5.4, -16.1], "period": "20260630", "rev_ttm": 183.6, "np_ttm": -11.9, "ocf_ttm": 10.1, "fcf_ttm": 9.4, "fcf_yield": 18.3, "ocf_yield": 19.7, "gm_median": 4.9, "gm_std": 0.5, "gm_stab": 0.9, "gm_chg_2022": 1.2, "npm_median": 0.1, "roe_median": 0.4, "commodity": false, "hard_ratio": 2.6, "fix_assets": 20.8, "goodwill_ratio": 0.0, "pb_calc": 0.75, "capex_dep": 0.57, "interest_debt": 180.7, "debt_ebitda": null, "debt_ratio": 91.1, "debt_mv": 351.9, "payout": null, "div_years": 3, "rev_cagr3": -23.5, "np_cagr3": null, "rev_yoy": -26.1, "np_yoy": 1.2, "np_vol": 478.6, "loss_years": 2, "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", 34.0], ["房屋建设", 15.0], ["房屋建筑工程", 15.0], ["基础设施建设与投资", 15.0]], "ret_prev_year": 5.3, "ret_prev2_year": -8.0, "ret_ytd": -14.8, "ret_pivot": 21.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.4, "ret_60": 0.7, "ret_120": -18.2, "ret_250": -26.6, "mdd_250": -46.2, "vol_250": 38.9, "pos_52w": 61.8}, "S": {"duration": 100, "pricing": 42, "hard": 4, "bondness": 23}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -11.9 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 91%,有息负债 181 亿,经营现金流/市值 19.7%: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 3%,毛利率近 5 年中位 4.9%。", "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 18.3%(经营现金流/市值 19.7%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 4.9%,稳定度 90%,2020→2022 成本通胀期毛利率变化 1.2 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 0.57 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 -27%,最大回撤 -46%,年化波动 39%,现价在 52 周高点的 62%;近 20 / 60 / 120 日 3% / 1% / -18%。", "行业对照": ["同申万二级「房屋建设Ⅱ」8 家中位:PE 24.2 / 股息率 0.9% / 毛利率 8.9% / 固定资产占比 2% / 分红率 34%。", "重庆建工:PE ;股息率 ;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 0.1个百分点。"]}}