{"F": {"ts_code": "300770.SZ", "name": "新媒股份", "mkt": "CN", "ccy": "元", "sw1": "传媒", "sw2": "电视广播Ⅱ", "sw3": "电视广播Ⅲ", "ind": "电视广播Ⅱ", "fin_source": "tushare", "market": "创业板", "list_date": "20190419", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 35.38, "pe_ttm": 13.1344, "pb": 2.173, "dv_ttm": 7.9141, "total_mv": 806092.9668, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [57.3, 54.3, 53.8, 51.7, 50.2, 47.6], "rev_series": [12.2, 14.1, 14.3, 15.2, 15.8, 16.3], "np_series": [5.7, 6.8, 6.9, 7.1, 6.6, 6.6], "roe_series": [23.8, 23.9, 21.2, 19.8, 18.1, 18.4], "period": "20260630", "rev_ttm": 15.6, "np_ttm": 6.1, "ocf_ttm": 5.9, "fcf_ttm": 4.9, "fcf_yield": 6.0, "ocf_yield": 7.3, "gm_median": 51.7, "gm_std": 2.5, "gm_stab": 0.95, "gm_chg_2022": -3.5, "npm_median": 46.4, "roe_median": 19.8, "commodity": false, "hard_ratio": 1.6, "fix_assets": 0.8, "goodwill_ratio": 0.0, "pb_calc": 2.17, "capex_dep": 3.42, "interest_debt": 0.2, "debt_ebitda": 0.0, "debt_ratio": 24.1, "debt_mv": 0.3, "payout": 96.9, "div_years": 5, "rev_cagr3": 4.4, "np_cagr3": -1.5, "rev_yoy": -8.4, "np_yoy": -13.5, "np_vol": 8.3, "loss_years": 0, "far_share": 62.0, "earn_yield": 7.6, "consensus_n": 3, "fwd_pe": 12.1, "fwd_pe2": 11.8, "fwd_g1": 9.0, "fwd_g2": 2.0, "peg": 6.05, "consensus_disp": null, "mainbz": [["产品", 40.0], ["IPTV基础业务", 21.0], ["IPTV-基础业务", 21.0], ["互联网视听业务", 14.0]], "ret_prev_year": 13.2, "ret_prev2_year": 15.3, "ret_ytd": -15.2, "ret_pivot": 22.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.0, "ret_60": 4.6, "ret_120": -13.2, "ret_250": -11.5, "mdd_250": -35.8, "vol_250": 31.3, "pos_52w": 72.1}, "S": {"duration": 28, "pricing": 64, "hard": 3, "bondness": 80}, "label": "定价权·品牌", "tags": ["轻资产现金牛", "现金流红利", "资本开支扩张期", "股息率≥4%"], "text": {"像什么": ["没有硬资产(固定资产占比 2%)但有定价权:毛利率近 5 年中位 51.7%,稳定度 95%、ROE 近 5 年中位 19.8%。", "自由现金流/市值 6.0%,分红率 97%,分子跟得上通胀。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 51.7%),硬资产占比 2%。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": "分子跟得上通胀、久期不长,加息期抗跌;放水期弹性不如科技。属船票一侧的'非债券'部分。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 6.0%(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 51.7%,稳定度 95%,2020→2022 成本通胀期毛利率变化 -3.5 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 2%,资本开支/折旧 3.42 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 13.1 倍 粗算,约 62%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -12%,最大回撤 -36%,年化波动 31%,现价在 52 周高点的 72%;近 20 / 60 / 120 日 4% / 5% / -13%。", "行业对照": ["同申万二级「电视广播Ⅱ」15 家中位:PE 38.2 / 股息率 2.1% / 毛利率 24.7% / 固定资产占比 26% / 分红率 62%。", "新媒股份:PE 比行业中位低 25.1倍;股息率 比行业中位高 5.8个百分点;毛利率 比行业中位高 27.0个百分点;固定资产占比 比行业中位低 24.9个百分点。"]}}