{"F": {"ts_code": "920019.BJ", "name": "铜冠矿建", "mkt": "CN", "ccy": "元", "sw1": "建筑装饰", "sw2": "专业工程", "sw3": "其他专业工程", "ind": "专业工程", "fin_source": "tushare", "market": "北交所", "list_date": "20241011", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 15.34, "pe_ttm": 76.1742, "pb": 3.4218, "dv_ttm": 0.6519, "total_mv": 322549.1178, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [12.1, 14.9, 13.5, 12.5, 11.6, 11.6], "rev_series": [null, null, 11.6, 11.6, 14.0, 15.1], "np_series": [null, null, 0.7, 0.7, 0.7, 0.4], "roe_series": [8.4, 9.7, 13.9, 11.5, 9.4, 4.4], "period": "20260630", "rev_ttm": 16.7, "np_ttm": 0.4, "ocf_ttm": 0.3, "fcf_ttm": -1.0, "fcf_yield": -3.2, "ocf_yield": 0.9, "gm_median": 12.5, "gm_std": 1.3, "gm_stab": 0.9, "gm_chg_2022": 1.4, "npm_median": 5.1, "roe_median": 9.7, "commodity": false, "hard_ratio": 23.1, "fix_assets": 4.7, "goodwill_ratio": 0.3, "pb_calc": 3.42, "capex_dep": 1.01, "interest_debt": 1.5, "debt_ebitda": 0.8, "debt_ratio": 54.2, "debt_mv": 4.7, "payout": 49.6, "div_years": 2, "rev_cagr3": 9.1, "np_cagr3": -17.5, "rev_yoy": 22.5, "np_yoy": 4.5, "np_vol": 30.7, "loss_years": 0, "far_share": 93.0, "earn_yield": 1.3, "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], ["矿山工程建设", 41.0], ["采矿运营管理", 9.0], ["其他业务", 0.0]], "ret_prev_year": 7.8, "ret_prev2_year": null, "ret_ytd": -26.4, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": null, "ret_60": null, "ret_120": null, "ret_250": null, "mdd_250": null, "vol_250": null, "pos_52w": null}, "S": {"duration": 85, "pricing": 46, "hard": 37, "bondness": 35}, "label": "中性", "tags": [], "text": {"像什么": ["PE 76.2 倍、股息率 0.7%、毛利率近 5 年中位 12.5%、固定资产占比 23%、有息负债/EBITDA 0.8 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 23%,毛利率近 5 年中位 12.5%。", "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 -3.2%(经营现金流/市值 0.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 12.5%,稳定度 90%,2020→2022 成本通胀期毛利率变化 1.4 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 23%,资本开支/折旧 1.01 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 76.2 倍 粗算,约 93%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "行业对照": ["同申万二级「专业工程」39 家中位:PE 40.2 / 股息率 1.1% / 毛利率 13.6% / 固定资产占比 10% / 分红率 38%。", "铜冠矿建:PE 比行业中位高 36.0倍;股息率 比行业中位低 0.4个百分点;毛利率 比行业中位低 1.1个百分点;固定资产占比 比行业中位高 12.8个百分点。"]}}