{"F": {"ts_code": "HK.03822", "name": "三和建筑集团", "mkt": "HK", "ccy": "港元", "sw1": "重型基建", "sw2": "重型基建", "sw3": "", "ind": "重型基建", "fin_source": "futu", "market": "主板", "list_date": "20141016", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 1.08, "pe_ttm": 1.592, "pb": 0.172, "dv_ttm": 11.11, "total_mv": 9072.0, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [14.3], "rev_series": [8.4], "np_series": [0.6], "roe_series": [11.3], "rev_ttm": 8.4, "np_ttm": 0.6, "ocf_ttm": 1.6, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 177.8, "gm_median": 14.3, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 6.8, "roe_median": 11.3, "commodity": false, "hard_ratio": 58.9, "fix_assets": 5.2, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 0.7, "debt_ratio": 38.6, "debt_mv": null, "payout": 18.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -5.2, "np_yoy": 420.2, "np_vol": null, "loss_years": 0, "far_share": 0.0, "earn_yield": 62.8, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [], "ret_prev_year": null, "ret_prev2_year": null, "ret_pivot": null, "prev_year": "", "prev2_year": "", "ret_ytd": -10.0, "ret_20": -0.9, "ret_60": -6.9, "ret_120": -12.2, "ret_250": 103.8, "mdd_250": null, "vol_250": null, "pos_52w": 67.5, "eps": 0.678}, "S": {"duration": 4, "pricing": 39, "hard": 94, "bondness": 49}, "label": "重资产陷阱", "tags": ["股息率≥4%"], "text": {"像什么": ["资产很重:固定资产占总资产 59%,但毛利率最新年报只有 14.3%,产品同质、售价涨不动。", "资产负债率 39%,折旧与利息两头吃。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 59%),没有定价权:毛利率最新年报 14.3%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "加息期怎么走": "滞胀里两头挤,成本全涨售价涨不动还吃折旧,跌得比成长股狠。除非商品价格反转,否则回避。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 177.8%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率最新年报 14.3%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 59%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 1.6 倍 粗算,约 0%(1 − 5/PE)。中等。"]], "价格行为": "近一年 104%,现价在 52 周高点的 68%;近 20 / 60 / 120 日 -1% / -7% / -12%。", "行业对照": ["同富途行业「重型基建」40 家中位:PE 9.7 / 股息率 0.0% / 毛利率 9.4% / 固定资产占比 6% / 分红率 18%。", "三和建筑集团:PE 比行业中位低 8.1倍;股息率 比行业中位高 11.1个百分点;毛利率 比行业中位高 4.9个百分点;固定资产占比 比行业中位高 52.6个百分点。"]}}