{"F": {"ts_code": "601668.SH", "name": "中国建筑", "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": "20090729", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 4.4, "pe_ttm": 5.7409, "pb": 0.3673, "dv_ttm": 6.1773, "total_mv": 18180971.776, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [10.8, 11.3, 10.5, 9.8, 9.9, 9.9], "rev_series": [16150.2, 18913.4, 20550.5, 22655.3, 21871.5, 20821.4], "np_series": [449.4, 514.1, 509.5, 542.6, 461.9, 390.7], "roe_series": [15.6, 16.0, 14.0, 13.4, 10.4, 8.2], "period": "20260630", "rev_ttm": 19496.7, "np_ttm": 316.6, "ocf_ttm": 749.1, "fcf_ttm": 447.5, "fcf_yield": 24.6, "ocf_yield": 41.2, "gm_median": 9.9, "gm_std": 0.6, "gm_stab": 0.94, "gm_chg_2022": -0.4, "npm_median": 3.2, "roe_median": 13.4, "commodity": false, "hard_ratio": 1.6, "fix_assets": 599.3, "goodwill_ratio": 0.1, "pb_calc": 0.36, "capex_dep": 3.44, "interest_debt": 9498.4, "debt_ebitda": 9.5, "debt_ratio": 77.1, "debt_mv": 522.4, "payout": 24.5, "div_years": 5, "rev_cagr3": 0.4, "np_cagr3": -8.5, "rev_yoy": -12.0, "np_yoy": -24.3, "np_vol": 11.7, "loss_years": 0, "far_share": 13.0, "earn_yield": 17.4, "consensus_n": 19, "fwd_pe": 4.7, "fwd_pe2": 4.6, "fwd_g1": 22.0, "fwd_g2": 2.0, "peg": 2.35, "consensus_disp": null, "mainbz": [["产品", 50.0], ["房屋建筑工程", 29.0], ["基础设施建设与投资", 13.0], ["房地产开发与投资", 8.0]], "ret_prev_year": -11.0, "ret_prev2_year": 36.6, "ret_ytd": -9.4, "ret_pivot": -0.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -2.7, "ret_60": -1.5, "ret_120": -9.8, "ret_250": -19.2, "mdd_250": -25.6, "vol_250": 16.5, "pos_52w": 80.5}, "S": {"duration": 13, "pricing": 45, "hard": 3, "bondness": 73}, "label": "中性", "tags": ["资本开支扩张期", "股息率≥4%"], "text": {"像什么": ["PE 5.7 倍、股息率 6.2%、毛利率近 5 年中位 9.9%、固定资产占比 2%、有息负债/EBITDA 9.5 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 9.9%。", "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 24.6%(经营现金流/市值 41.2%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 9.9%,稳定度 94%,2020→2022 成本通胀期毛利率变化 -0.4 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 2%,资本开支/折旧 3.44 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 5.7 倍 粗算,约 13%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 -19%,最大回撤 -26%,年化波动 16%,现价在 52 周高点的 80%;近 20 / 60 / 120 日 -3% / -2% / -10%。", "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%。", "中国建筑:PE 比行业中位低 18.5倍;股息率 比行业中位高 5.3个百分点;毛利率 比行业中位高 1.0个百分点;固定资产占比 比行业中位低 0.9个百分点。"]}}