{"F": {"ts_code": "000507.SZ", "name": "珠海港", "mkt": "CN", "ccy": "元", "sw1": "公用事业", "sw2": "电力", "sw3": "风力发电", "ind": "电力", "fin_source": "tushare", "market": "主板", "list_date": "19930326", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 5.07, "pe_ttm": 20.2547, "pb": 0.5446, "dv_ttm": 1.0487, "total_mv": 466305.5943, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [17.3, 17.2, 23.8, 24.3, 26.1, 27.4], "rev_series": [35.4, 63.8, 52.5, 54.6, 51.2, 43.9], "np_series": [2.6, 4.5, 3.1, 2.8, 2.9, 2.4], "roe_series": [5.0, 8.3, 5.1, 4.2, 4.4, 3.7], "period": "20260630", "rev_ttm": 43.0, "np_ttm": 2.3, "ocf_ttm": 9.9, "fcf_ttm": 7.0, "fcf_yield": 15.0, "ocf_yield": 21.3, "gm_median": 24.3, "gm_std": 3.5, "gm_stab": 0.86, "gm_chg_2022": 6.5, "npm_median": 8.9, "roe_median": 4.4, "commodity": false, "hard_ratio": 29.5, "fix_assets": 71.2, "goodwill_ratio": 5.6, "pb_calc": 0.5, "capex_dep": 0.7, "interest_debt": 86.9, "debt_ebitda": 7.8, "debt_ratio": 48.9, "debt_mv": 186.3, "payout": 23.0, "div_years": 5, "rev_cagr3": -5.8, "np_cagr3": -7.7, "rev_yoy": -4.0, "np_yoy": -6.3, "np_vol": 35.7, "loss_years": 0, "far_share": 75.0, "earn_yield": 4.9, "consensus_n": 4, "fwd_pe": 18.6, "fwd_pe2": 17.3, "fwd_g1": 9.0, "fwd_g2": 7.0, "peg": 2.66, "consensus_disp": null, "mainbz": [["产品", 34.0], ["新能源板块", 19.0], ["新能源业务", 19.0], ["港口装卸", 7.0]], "ret_prev_year": 3.5, "ret_prev2_year": -2.9, "ret_ytd": -1.7, "ret_pivot": 17.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.8, "ret_60": 8.2, "ret_120": -10.2, "ret_250": -9.4, "mdd_250": -20.7, "vol_250": 24.2, "pos_52w": 86.9}, "S": {"duration": 40, "pricing": 54, "hard": 47, "bondness": 49}, "label": "中性", "tags": [], "text": {"像什么": ["PE 20.3 倍、股息率 1.0%、毛利率近 5 年中位 24.3%、固定资产占比 30%、有息负债/EBITDA 7.8 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 30%,毛利率近 5 年中位 24.3%。", "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 15.0%(经营现金流/市值 21.3%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 24.3%,稳定度 86%,2020→2022 成本通胀期毛利率变化 6.5 个百分点。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 30%,资本开支/折旧 0.70 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 20.3 倍 粗算,约 75%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "价格行为": "近一年 -9%,最大回撤 -21%,年化波动 24%,现价在 52 周高点的 87%;近 20 / 60 / 120 日 2% / 8% / -10%。", "行业对照": ["同申万二级「电力」109 家中位:PE 27.8 / 股息率 1.8% / 毛利率 22.5% / 固定资产占比 61% / 分红率 42%。", "珠海港:PE 比行业中位低 7.5倍;股息率 比行业中位低 0.8个百分点;毛利率 比行业中位高 1.8个百分点;固定资产占比 比行业中位低 31.2个百分点。"]}}