{"F": {"ts_code": "601186.SH", "name": "中国铁建", "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": "20080310", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 6.11, "pe_ttm": 5.0744, "pb": 0.2988, "dv_ttm": 4.91, "total_mv": 8297099.8565, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [9.3, 9.6, 10.1, 10.4, 10.3, 9.7], "rev_series": [9103.2, 10200.1, 10963.1, 11379.9, 10671.7, 10297.8], "np_series": [223.9, 246.9, 266.4, 261.0, 222.2, 183.6], "roe_series": [9.6, 9.4, 9.5, 8.7, 7.0, 5.5], "period": "20260630", "rev_ttm": 9690.2, "np_ttm": 163.5, "ocf_ttm": 35.6, "fcf_ttm": -483.0, "fcf_yield": -58.2, "ocf_yield": 4.3, "gm_median": 10.1, "gm_std": 0.3, "gm_stab": 0.97, "gm_chg_2022": 0.8, "npm_median": 2.8, "roe_median": 8.7, "commodity": false, "hard_ratio": 3.8, "fix_assets": 817.4, "goodwill_ratio": 0.0, "pb_calc": 0.24, "capex_dep": 2.95, "interest_debt": 7359.0, "debt_ebitda": 11.2, "debt_ratio": 79.7, "debt_mv": 886.9, "payout": 20.5, "div_years": 5, "rev_cagr3": -2.1, "np_cagr3": -11.7, "rev_yoy": -12.4, "np_yoy": -18.8, "np_vol": 11.3, "loss_years": 0, "far_share": 1.0, "earn_yield": 19.7, "consensus_n": 13, "fwd_pe": 4.8, "fwd_pe2": 4.6, "fwd_g1": 6.0, "fwd_g2": 4.0, "peg": 1.2, "consensus_disp": null, "mainbz": [["产品", 50.0], ["工程承包业务", 45.0], ["物资物流及其他业务", 4.0], ["房地产开发业务", 2.0]], "ret_prev_year": -14.0, "ret_prev2_year": 28.7, "ret_ytd": -17.1, "ret_pivot": -4.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.8, "ret_60": 1.7, "ret_120": -15.3, "ret_250": -23.8, "mdd_250": -29.0, "vol_250": 15.5, "pos_52w": 76.8}, "S": {"duration": 12, "pricing": 47, "hard": 6, "bondness": 72}, "label": "中性", "tags": ["资本开支扩张期", "股息率≥4%"], "text": {"像什么": ["PE 5.1 倍、股息率 4.9%、毛利率近 5 年中位 10.1%、固定资产占比 4%、有息负债/EBITDA 11.2 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 4%,毛利率近 5 年中位 10.1%。", "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 -58.2%(经营现金流/市值 4.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 10.1%,稳定度 97%,2020→2022 成本通胀期毛利率变化 0.8 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 4%,资本开支/折旧 2.95 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 5.1 倍 粗算,约 1%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 -24%,最大回撤 -29%,年化波动 16%,现价在 52 周高点的 77%;近 20 / 60 / 120 日 -1% / 2% / -15%。", "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%。", "中国铁建:PE 比行业中位低 6.6倍;股息率 比行业中位高 2.6个百分点;毛利率 比行业中位低 2.3个百分点;固定资产占比 比行业中位高 0.8个百分点。"]}}