{"F": {"ts_code": "000088.SZ", "name": "盐田港", "mkt": "CN", "ccy": "元", "sw1": "交通运输", "sw2": "航运港口", "sw3": "港口", "ind": "航运港口", "fin_source": "tushare", "market": "主板", "list_date": "19970728", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 4.53, "pe_ttm": 15.7986, "pb": 1.3014, "dv_ttm": 4.3046, "total_mv": 2355365.9349, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [30.0, 38.4, 34.1, 29.3, 24.3, 30.9], "rev_series": [5.3, 6.8, 8.0, 8.9, 7.9, 8.6], "np_series": [3.9, 4.6, 4.5, 11.1, 13.5, 14.5], "roe_series": [5.0, 5.2, 4.9, 9.7, 8.7, 8.1], "period": "20260630", "rev_ttm": 9.1, "np_ttm": 14.9, "ocf_ttm": 3.8, "fcf_ttm": -3.5, "fcf_yield": -1.5, "ocf_yield": 1.6, "gm_median": 30.9, "gm_std": 4.7, "gm_stab": 0.85, "gm_chg_2022": 4.2, "npm_median": 131.8, "roe_median": 8.1, "commodity": false, "hard_ratio": 29.3, "fix_assets": 70.7, "goodwill_ratio": 0.0, "pb_calc": 1.3, "capex_dep": 3.71, "interest_debt": 25.7, "debt_ebitda": 6.2, "debt_ratio": 17.7, "debt_mv": 10.9, "payout": 70.0, "div_years": 5, "rev_cagr3": 2.5, "np_cagr3": 47.6, "rev_yoy": 12.4, "np_yoy": 6.6, "np_vol": 50.2, "loss_years": 0, "far_share": 68.0, "earn_yield": 6.3, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 33.0], ["装卸运输", 20.0], ["港口货物装卸运输", 20.0], ["高速公路收费", 11.0]], "ret_prev_year": -4.4, "ret_prev2_year": 3.9, "ret_ytd": 4.3, "ret_pivot": 12.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.0, "ret_60": 10.1, "ret_120": 0.2, "ret_250": 2.4, "mdd_250": -11.2, "vol_250": 16.3, "pos_52w": 98.3}, "S": {"duration": 33, "pricing": 56, "hard": 47, "bondness": 83}, "label": "现金流红利", "tags": ["资本开支扩张期", "股息率≥4%"], "text": {"像什么": ["分红率 70%、股息率 4.3%、营收 3 年复合 2.5%、有息负债/EBITDA 6.2 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 30.9%),硬资产占比 29%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "加息期怎么走": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 -1.5%(经营现金流/市值 1.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 30.9%,稳定度 85%,2020→2022 成本通胀期毛利率变化 4.2 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 29%,资本开支/折旧 3.71 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 15.8 倍 粗算,约 68%(1 − 5/PE)。中等。"]], "价格行为": "近一年 2%,最大回撤 -11%,年化波动 16%,现价在 52 周高点的 98%;近 20 / 60 / 120 日 2% / 10% / 0%。", "行业对照": ["同申万二级「航运港口」35 家中位:PE 17.1 / 股息率 1.7% / 毛利率 27.0% / 固定资产占比 47% / 分红率 41%。", "盐田港:PE 比行业中位低 1.3倍;股息率 比行业中位高 2.6个百分点;毛利率 比行业中位高 3.9个百分点;固定资产占比 比行业中位低 17.8个百分点。"]}}