{"F": {"ts_code": "000755.SZ", "name": "山西高速", "mkt": "CN", "ccy": "元", "sw1": "交通运输", "sw2": "铁路公路", "sw3": "高速公路", "ind": "铁路公路", "fin_source": "tushare", "market": "主板", "list_date": "19970627", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 4.77, "pe_ttm": 14.8996, "pb": 1.2791, "dv_ttm": 4.1929, "total_mv": 699906.9654, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [41.3, 56.2, 53.0, 53.2, 55.0, 52.4], "rev_series": [6.4, 16.6, 16.1, 17.1, 16.1, 16.3], "np_series": [-0.5, 4.1, 4.4, 4.6, 4.7, 4.7], "roe_series": [-4.2, 15.4, 10.1, 9.7, 9.0, 8.6], "period": "20260630", "rev_ttm": 16.3, "np_ttm": 4.7, "ocf_ttm": 11.7, "fcf_ttm": 11.4, "fcf_yield": 16.3, "ocf_yield": 16.7, "gm_median": 53.2, "gm_std": 1.4, "gm_stab": 0.97, "gm_chg_2022": 11.8, "npm_median": 27.1, "roe_median": 9.7, "commodity": false, "hard_ratio": 1.1, "fix_assets": 1.3, "goodwill_ratio": 0.0, "pb_calc": 1.28, "capex_dep": 1.73, "interest_debt": 54.5, "debt_ebitda": 4.3, "debt_ratio": 52.9, "debt_mv": 77.9, "payout": 63.0, "div_years": 3, "rev_cagr3": 0.3, "np_cagr3": 2.1, "rev_yoy": -0.2, "np_yoy": 1.9, "np_vol": 160.5, "loss_years": 0, "far_share": 66.0, "earn_yield": 6.7, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 34.0], ["高速公路特许经营项目收入", 33.0], ["高速公路特许经营权项目收入", 33.0], ["其他业务", 1.0]], "ret_prev_year": 3.4, "ret_prev2_year": 12.4, "ret_ytd": -1.0, "ret_pivot": 30.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.7, "ret_60": 8.4, "ret_120": -11.3, "ret_250": -0.6, "mdd_250": -29.8, "vol_250": 28.6, "pos_52w": 79.0}, "S": {"duration": 31, "pricing": 72, "hard": 2, "bondness": 80}, "label": "轻资产现金牛", "tags": ["现金流红利", "股息率≥4%"], "text": {"像什么": ["固定资产占比 1%,毛利率近 5 年中位 53.2%,自由现金流/市值 16.3%:现金机器,久期短。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 53.2%),硬资产占比 1%。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": "久期短、无杠杆,加息期相对安全;放水期跑不过科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 16.3%(经营现金流/市值 16.7%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 53.2%,稳定度 97%,2020→2022 成本通胀期毛利率变化 11.8 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 1%,资本开支/折旧 1.73 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 14.9 倍 粗算,约 66%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -1%,最大回撤 -30%,年化波动 29%,现价在 52 周高点的 79%;近 20 / 60 / 120 日 4% / 8% / -11%。", "行业对照": ["同申万二级「铁路公路」33 家中位:PE 15.4 / 股息率 3.2% / 毛利率 32.2% / 固定资产占比 21% / 分红率 48%。", "山西高速:PE 比行业中位低 0.5倍;股息率 比行业中位高 1.0个百分点;毛利率 比行业中位高 21.0个百分点;固定资产占比 比行业中位低 19.9个百分点。"]}}