{"F": {"ts_code": "300144.SZ", "name": "宋城演艺", "mkt": "CN", "ccy": "元", "sw1": "社会服务", "sw2": "旅游及景区", "sw3": "人工景区", "ind": "旅游及景区", "fin_source": "tushare", "market": "创业板", "list_date": "20101209", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 6.13, "pe_ttm": 21.0594, "pb": 2.2066, "dv_ttm": 4.0811, "total_mv": 1599240.2524, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [60.9, 51.1, 50.1, 66.3, 67.6, 64.8], "rev_series": [9.0, 11.8, 4.6, 19.3, 24.2, 22.6], "np_series": [-17.5, 3.2, -0.5, -1.1, 10.5, 8.2], "roe_series": [-20.6, 4.2, -0.6, -1.5, 13.7, 9.9], "period": "20260630", "rev_ttm": 21.4, "np_ttm": 7.7, "ocf_ttm": 11.7, "fcf_ttm": 9.2, "fcf_yield": 5.8, "ocf_yield": 7.3, "gm_median": 64.8, "gm_std": 7.7, "gm_stab": 0.88, "gm_chg_2022": -10.8, "npm_median": 25.5, "roe_median": 4.2, "commodity": false, "hard_ratio": 31.5, "fix_assets": 27.2, "goodwill_ratio": 0.0, "pb_calc": 2.21, "capex_dep": 1.03, "interest_debt": 1.5, "debt_ebitda": 0.1, "debt_ratio": 12.5, "debt_mv": 1.0, "payout": 65.0, "div_years": 5, "rev_cagr3": 70.2, "np_cagr3": null, "rev_yoy": -11.4, "np_yoy": -14.4, "np_vol": 445.5, "loss_years": 2, "far_share": 76.0, "earn_yield": 4.7, "consensus_n": 16, "fwd_pe": 18.5, "fwd_pe2": 17.0, "fwd_g1": 14.0, "fwd_g2": 9.0, "peg": 2.06, "consensus_disp": null, "mainbz": [["杭州宋城旅游区", 16.0], ["设计策划费", 12.0], ["电子商务手续费", 7.0], ["桂林宋城旅游区", 6.0]], "ret_prev_year": -10.2, "ret_prev2_year": -5.2, "ret_ytd": -22.8, "ret_pivot": -7.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.2, "ret_60": -0.6, "ret_120": -22.0, "ret_250": -29.9, "mdd_250": -39.1, "vol_250": 26.9, "pos_52w": 64.9}, "S": {"duration": 41, "pricing": 67, "hard": 50, "bondness": 48}, "label": "现金流红利", "tags": ["亏损或困境", "近5年≥2年亏损", "股息率≥4%"], "text": {"像什么": ["分红率 65%、股息率 4.1%、营收 3 年复合 70.2%、有息负债/EBITDA 0.1 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "硬资产占比 32%、毛利率 64.8% 两条都占,但所在行业(社会服务)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "加息期怎么走": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 5.8%(经营现金流/市值 7.3%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 64.8%,稳定度 88%,2020→2022 成本通胀期毛利率变化 -10.8 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 32%,资本开支/折旧 1.03 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 21.1 倍 粗算,约 76%(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 -30%,最大回撤 -39%,年化波动 27%,现价在 52 周高点的 65%;近 20 / 60 / 120 日 -0% / -1% / -22%。", "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%。", "宋城演艺:PE 比行业中位低 45.6倍;股息率 比行业中位高 2.1个百分点;毛利率 比行业中位高 31.9个百分点;固定资产占比 比行业中位低 3.3个百分点。"]}}