{"F": {"ts_code": "002264.SZ", "name": "新华都", "mkt": "CN", "ccy": "元", "sw1": "传媒", "sw2": "广告营销", "sw3": "营销代理", "ind": "广告营销", "fin_source": "tushare", "market": "主板", "list_date": "20080731", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 6.92, "pe_ttm": 30.3778, "pb": 2.3743, "dv_ttm": 2.851, "total_mv": 498109.4196, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [24.0, 25.1, 26.6, 25.4, 24.9, 24.2], "rev_series": [51.9, 50.3, 30.2, 28.2, 36.8, 31.9], "np_series": [1.8, 0.2, 2.0, 2.0, 2.6, 1.7], "roe_series": [19.7, 1.9, 16.3, 13.0, 14.9, 8.8], "period": "20260630", "rev_ttm": 34.9, "np_ttm": 1.6, "ocf_ttm": 6.2, "fcf_ttm": 6.2, "fcf_yield": 12.4, "ocf_yield": 12.4, "gm_median": 25.1, "gm_std": 0.8, "gm_stab": 0.97, "gm_chg_2022": 2.6, "npm_median": 6.7, "roe_median": 13.0, "commodity": false, "hard_ratio": 0.1, "fix_assets": 0.1, "goodwill_ratio": 6.3, "pb_calc": 2.37, "capex_dep": 1.34, "interest_debt": 0.1, "debt_ebitda": 0.0, "debt_ratio": 38.5, "debt_mv": 0.2, "payout": 83.3, "div_years": 1, "rev_cagr3": 1.8, "np_cagr3": -6.1, "rev_yoy": 16.3, "np_yoy": -3.7, "np_vol": 400.9, "loss_years": 0, "far_share": 84.0, "earn_yield": 3.3, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["互联网销售", 49.0], ["互联网服务", 1.0]], "ret_prev_year": 46.0, "ret_prev2_year": 12.6, "ret_ytd": -20.7, "ret_pivot": 63.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.5, "ret_60": 11.3, "ret_120": -22.0, "ret_250": 0.7, "mdd_250": -55.0, "vol_250": 57.6, "pos_52w": 55.4}, "S": {"duration": 53, "pricing": 56, "hard": 0, "bondness": 64}, "label": "中性", "tags": [], "text": {"像什么": ["PE 30.4 倍、股息率 2.9%、毛利率近 5 年中位 25.1%、固定资产占比 0%、有息负债/EBITDA 0.0 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 25.1%。", "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 12.4%(经营现金流/市值 12.4%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 25.1%,稳定度 97%,2020→2022 成本通胀期毛利率变化 2.6 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 0%,资本开支/折旧 1.34 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 30.4 倍 粗算,约 84%(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 1%,最大回撤 -55%,年化波动 58%,现价在 52 周高点的 55%;近 20 / 60 / 120 日 6% / 11% / -22%。", "行业对照": ["同申万二级「广告营销」28 家中位:PE 98.3 / 股息率 0.2% / 毛利率 14.7% / 固定资产占比 3% / 分红率 32%。", "新华都:PE 比行业中位低 67.9倍;股息率 比行业中位高 2.7个百分点;毛利率 比行业中位高 10.4个百分点;固定资产占比 比行业中位低 2.8个百分点。"]}}