{"F": {"ts_code": "002244.SZ", "name": "滨江集团", "mkt": "CN", "ccy": "元", "sw1": "房地产", "sw2": "房地产开发", "sw3": "住宅开发", "ind": "房地产开发", "fin_source": "tushare", "market": "主板", "list_date": "20080529", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 8.73, "pe_ttm": 14.9715, "pb": 0.8849, "dv_ttm": 0.7789, "total_mv": 2716290.5247, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [27.0, 24.8, 17.5, 16.8, 12.5, 13.2], "rev_series": [286.0, 379.8, 415.0, 704.4, 691.5, 828.9], "np_series": [23.3, 30.3, 37.4, 25.3, 25.5, 21.2], "roe_series": [13.3, 15.5, 17.0, 10.4, 9.6, 7.4], "period": "20260630", "rev_ttm": 695.5, "np_ttm": 18.1, "ocf_ttm": 102.1, "fcf_ttm": 101.9, "fcf_yield": 37.5, "ocf_yield": 37.6, "gm_median": 16.8, "gm_std": 4.4, "gm_stab": 0.74, "gm_chg_2022": -9.6, "npm_median": 5.5, "roe_median": 10.4, "commodity": false, "hard_ratio": 0.4, "fix_assets": 7.3, "goodwill_ratio": 0.0, "pb_calc": 0.88, "capex_dep": 0.03, "interest_debt": 300.7, "debt_ebitda": 5.2, "debt_ratio": 72.4, "debt_mv": 110.7, "payout": 10.0, "div_years": 5, "rev_cagr3": 25.9, "np_cagr3": -17.3, "rev_yoy": -29.3, "np_yoy": -16.3, "np_vol": 23.6, "loss_years": 0, "far_share": 67.0, "earn_yield": 6.7, "consensus_n": 23, "fwd_pe": 11.2, "fwd_pe2": 10.7, "fwd_g1": 34.0, "fwd_g2": 5.0, "peg": 2.24, "consensus_disp": null, "mainbz": [["产品", 34.0], ["房地产业", 33.0], ["房产销售", 33.0], ["房产项目管理服务", 0.0]], "ret_prev_year": 18.0, "ret_prev2_year": 20.3, "ret_ytd": -12.5, "ret_pivot": 2.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.7, "ret_60": -5.7, "ret_120": -19.0, "ret_250": -17.6, "mdd_250": -40.2, "vol_250": 45.0, "pos_52w": 69.9}, "S": {"duration": 31, "pricing": 38, "hard": 1, "bondness": 23}, "label": "中性", "tags": [], "text": {"像什么": ["PE 15.0 倍、股息率 0.8%、毛利率近 5 年中位 16.8%、固定资产占比 0%、有息负债/EBITDA 5.2 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 0%,毛利率近 5 年中位 16.8%。", "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 37.5%(经营现金流/市值 37.6%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 16.8%,稳定度 74%,2020→2022 成本通胀期毛利率变化 -9.6 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 0%,资本开支/折旧 0.03 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 15.0 倍 粗算,约 67%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -18%,最大回撤 -40%,年化波动 45%,现价在 52 周高点的 70%;近 20 / 60 / 120 日 3% / -6% / -19%。", "行业对照": ["同申万二级「房地产开发」83 家中位:PE 26.0 / 股息率 0.7% / 毛利率 21.1% / 固定资产占比 2% / 分红率 36%。", "滨江集团:PE 比行业中位低 11.0倍;股息率 比行业中位高 0.1个百分点;毛利率 比行业中位低 4.3个百分点;固定资产占比 比行业中位低 1.6个百分点。"]}}