{"F": {"ts_code": "000089.SZ", "name": "深圳机场", "mkt": "CN", "ccy": "元", "sw1": "交通运输", "sw2": "航空机场", "sw3": "机场", "ind": "航空机场", "fin_source": "tushare", "market": "主板", "list_date": "19980420", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 6.64, "pe_ttm": 14.3376, "pb": 1.1312, "dv_ttm": 2.4096, "total_mv": 1361710.948, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [6.4, 8.3, -35.2, 10.7, 21.3, 21.3], "rev_series": [30.0, 33.1, 26.7, 41.6, 47.4, 51.3], "np_series": [0.3, -0.3, -11.4, 4.0, 4.4, 5.3], "roe_series": [0.2, -0.3, -10.1, 3.6, 3.9, 4.6], "period": "20260630", "rev_ttm": 52.8, "np_ttm": 9.5, "ocf_ttm": 18.6, "fcf_ttm": 14.9, "fcf_yield": 10.9, "ocf_yield": 13.7, "gm_median": 10.7, "gm_std": 20.9, "gm_stab": -0.96, "gm_chg_2022": -41.6, "npm_median": 9.3, "roe_median": 3.6, "commodity": false, "hard_ratio": 40.4, "fix_assets": 97.5, "goodwill_ratio": 0.4, "pb_calc": 1.13, "capex_dep": 0.48, "interest_debt": 103.0, "debt_ebitda": 5.3, "debt_ratio": 49.7, "debt_mv": 75.6, "payout": 53.6, "div_years": 3, "rev_cagr3": 24.3, "np_cagr3": null, "rev_yoy": 6.1, "np_yoy": 136.0, "np_vol": 1286.7, "loss_years": 2, "far_share": 65.0, "earn_yield": 7.0, "consensus_n": 6, "fwd_pe": 15.0, "fwd_pe2": 17.4, "fwd_g1": -4.0, "fwd_g2": -14.0, "peg": null, "consensus_disp": null, "mainbz": [["航空及相关服务", 100.0]], "ret_prev_year": 3.3, "ret_prev2_year": 9.3, "ret_ytd": -2.8, "ret_pivot": 16.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.3, "ret_60": 7.6, "ret_120": -5.3, "ret_250": -6.2, "mdd_250": -17.2, "vol_250": 18.1, "pos_52w": 91.2}, "S": {"duration": 30, "pricing": 9, "hard": 65, "bondness": 48}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 9.5 亿,近 5 年亏损 2 年;PE 14 倍(盈利极薄),估值指标失真。", "资产负债率 50%,有息负债 103 亿,经营现金流/市值 13.7%:先看现金流能否覆盖利息,再谈久期。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 40%),没有定价权:毛利率近 5 年中位 10.7%,稳定度 -96%。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": "利率上行对高杠杆亏损企业是再融资压力,不是估值问题;周期底部的反转看行业价格,不看贴现率。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 10.9%(经营现金流/市值 13.7%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 10.7%,稳定度 -96%,2020→2022 成本通胀期毛利率变化 -41.6 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 40%,资本开支/折旧 0.48 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 14.3 倍 粗算,约 65%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -6%,最大回撤 -17%,年化波动 18%,现价在 52 周高点的 91%;近 20 / 60 / 120 日 2% / 8% / -5%。", "行业对照": ["同申万二级「航空机场」12 家中位:PE 19.6 / 股息率 2.1% / 毛利率 11.6% / 固定资产占比 38% / 分红率 40%。", "深圳机场:PE 比行业中位低 5.3倍;股息率 比行业中位高 0.3个百分点;毛利率 比行业中位低 0.9个百分点;固定资产占比 比行业中位高 2.1个百分点。"]}}