{"F": {"ts_code": "000888.SZ", "name": "峨眉山A", "mkt": "CN", "ccy": "元", "sw1": "社会服务", "sw2": "旅游及景区", "sw3": "自然景区", "ind": "旅游及景区", "fin_source": "tushare", "market": "主板", "list_date": "19971021", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 10.3, "pe_ttm": 24.5219, "pb": 2.0033, "dv_ttm": 2.233, "total_mv": 542720.493, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [26.0, 32.8, 3.9, 49.7, 50.5, 49.9], "rev_series": [4.7, 6.3, 4.3, 10.4, 10.1, 9.3], "np_series": [-0.4, 0.2, -1.5, 2.3, 2.3, 2.2], "roe_series": [-1.6, 0.7, -6.2, 9.6, 9.2, 8.3], "period": "20260630", "rev_ttm": 9.2, "np_ttm": 2.2, "ocf_ttm": 3.1, "fcf_ttm": 2.4, "fcf_yield": 4.5, "ocf_yield": 5.7, "gm_median": 49.7, "gm_std": 18.0, "gm_stab": 0.64, "gm_chg_2022": -22.1, "npm_median": 8.7, "roe_median": 8.3, "commodity": false, "hard_ratio": 36.0, "fix_assets": 12.0, "goodwill_ratio": 0.0, "pb_calc": 2.0, "capex_dep": 0.65, "interest_debt": 2.1, "debt_ebitda": 0.5, "debt_ratio": 27.1, "debt_mv": 3.9, "payout": 55.1, "div_years": 4, "rev_cagr3": 29.4, "np_cagr3": null, "rev_yoy": -3.1, "np_yoy": 1.1, "np_vol": 414.1, "loss_years": 1, "far_share": 80.0, "earn_yield": 4.1, "consensus_n": 4, "fwd_pe": 20.9, "fwd_pe2": 19.0, "fwd_g1": 17.0, "fwd_g2": 10.0, "peg": 2.09, "consensus_disp": null, "mainbz": [["产品", 34.0], ["客运索道收入", 13.0], ["客运索道", 13.0], ["游山门票收入", 9.0]], "ret_prev_year": 1.7, "ret_prev2_year": 54.5, "ret_ytd": -20.6, "ret_pivot": -5.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 6.8, "ret_60": 9.5, "ret_120": -24.0, "ret_250": -25.2, "mdd_250": -40.2, "vol_250": 31.7, "pos_52w": 70.0}, "S": {"duration": 46, "pricing": 51, "hard": 58, "bondness": 34}, "label": "中性", "tags": [], "text": {"像什么": ["PE 24.5 倍、股息率 2.2%、毛利率近 5 年中位 49.7%、固定资产占比 36%、有息负债/EBITDA 0.5 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 36%),没有定价权:毛利率近 5 年中位 49.7%,稳定度 64%。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": "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 4.5%(经营现金流/市值 5.7%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 49.7%,稳定度 64%,2020→2022 成本通胀期毛利率变化 -22.1 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 36%,资本开支/折旧 0.65 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 24.5 倍 粗算,约 80%(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 -25%,最大回撤 -40%,年化波动 32%,现价在 52 周高点的 70%;近 20 / 60 / 120 日 7% / 10% / -24%。", "行业对照": ["同申万二级「旅游及景区」25 家中位:PE 66.7 / 股息率 2.0% / 毛利率 32.9% / 固定资产占比 35% / 分红率 44%。", "峨眉山A:PE 比行业中位低 42.2倍;股息率 比行业中位高 0.2个百分点;毛利率 比行业中位高 16.8个百分点;固定资产占比 比行业中位高 1.2个百分点。"]}}