{"F": {"ts_code": "601669.SH", "name": "中国电建", "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": "20111018", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 4.63, "pe_ttm": 9.4906, "pb": 0.5401, "dv_ttm": 2.279, "total_mv": 7975711.8022, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [14.2, 13.1, 12.2, 13.2, 13.2, 12.4], "rev_series": [4011.8, 4483.3, 5716.5, 6084.4, 6336.8, 6456.0], "np_series": [79.9, 86.3, 114.4, 129.9, 120.2, 100.1], "roe_series": [7.1, 7.1, 8.3, 8.3, 7.4, 6.0], "period": "20260630", "rev_ttm": 6425.3, "np_ttm": 84.0, "ocf_ttm": 358.7, "fcf_ttm": -20.7, "fcf_yield": -2.6, "ocf_yield": 45.0, "gm_median": 13.1, "gm_std": 0.4, "gm_stab": 0.97, "gm_chg_2022": -2.0, "npm_median": 2.7, "roe_median": 7.4, "commodity": false, "hard_ratio": 17.3, "fix_assets": 2466.7, "goodwill_ratio": 0.0, "pb_calc": 0.48, "capex_dep": 3.0, "interest_debt": 5867.5, "debt_ebitda": 11.1, "debt_ratio": 80.6, "debt_mv": 735.7, "payout": 20.0, "div_years": 5, "rev_cagr3": 4.1, "np_cagr3": -4.3, "rev_yoy": -1.1, "np_yoy": -29.6, "np_vol": 12.6, "loss_years": 0, "far_share": 47.0, "earn_yield": 10.5, "consensus_n": 11, "fwd_pe": 7.7, "fwd_pe2": 7.3, "fwd_g1": 23.0, "fwd_g2": 6.0, "peg": 1.28, "consensus_disp": null, "mainbz": [["产品", 50.0], ["工程承包与勘察设计", 45.0], ["其他", 2.0], ["电力投资与运营", 2.0]], "ret_prev_year": -2.5, "ret_prev2_year": 15.6, "ret_ytd": -9.1, "ret_pivot": 8.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.7, "ret_60": -0.3, "ret_120": -34.6, "ret_250": -25.5, "mdd_250": -35.1, "vol_250": 31.8, "pos_52w": 65.4}, "S": {"duration": 21, "pricing": 46, "hard": 28, "bondness": 52}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 9.5 倍、股息率 2.3%、毛利率近 5 年中位 13.1%、固定资产占比 17%、有息负债/EBITDA 11.1 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 17%,毛利率近 5 年中位 13.1%。", "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 -2.6%(经营现金流/市值 45.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 13.1%,稳定度 97%,2020→2022 成本通胀期毛利率变化 -2.0 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 17%,资本开支/折旧 3.00 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 9.5 倍 粗算,约 47%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -26%,最大回撤 -35%,年化波动 32%,现价在 52 周高点的 65%;近 20 / 60 / 120 日 -4% / -0% / -35%。", "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%。", "中国电建:PE 比行业中位低 2.2倍;股息率 与行业中位持平;毛利率 比行业中位高 0.7个百分点;固定资产占比 比行业中位高 14.3个百分点。"]}}