{"F": {"ts_code": "600004.SH", "name": "白云机场", "mkt": "CN", "ccy": "元", "sw1": "交通运输", "sw2": "航空机场", "sw3": "机场", "ind": "航空机场", "fin_source": "tushare", "market": "主板", "list_date": "20030428", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 7.89, "pe_ttm": 17.7618, "pb": 0.9825, "dv_ttm": 3.6122, "total_mv": 2033445.9894, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [-1.2, -0.9, -24.1, 21.1, 27.0, 25.3], "rev_series": [52.2, 51.8, 39.7, 64.3, 74.2, 79.6], "np_series": [-2.5, -4.1, -10.7, 4.4, 9.3, 14.7], "roe_series": [-1.4, -2.2, -6.0, 2.5, 5.2, 7.5], "period": "20260630", "rev_ttm": 82.9, "np_ttm": 11.4, "ocf_ttm": 30.8, "fcf_ttm": 21.1, "fcf_yield": 10.4, "ocf_yield": 15.2, "gm_median": 21.1, "gm_std": 19.7, "gm_stab": 0.07, "gm_chg_2022": -23.0, "npm_median": 7.5, "roe_median": 2.5, "commodity": false, "hard_ratio": 55.0, "fix_assets": 167.6, "goodwill_ratio": 0.0, "pb_calc": 0.98, "capex_dep": 0.79, "interest_debt": 15.7, "debt_ebitda": 0.6, "debt_ratio": 31.0, "debt_mv": 7.7, "payout": 40.3, "div_years": 3, "rev_cagr3": 26.1, "np_cagr3": null, "rev_yoy": 9.0, "np_yoy": -43.1, "np_vol": 113.8, "loss_years": 2, "far_share": 72.0, "earn_yield": 5.6, "consensus_n": 4, "fwd_pe": 23.2, "fwd_pe2": 18.8, "fwd_g1": -24.0, "fwd_g2": 23.0, "peg": 1.01, "consensus_disp": null, "mainbz": [["产品", 36.0], ["航空服务收入", 34.0], ["航空服务", 34.0], ["地勤服务", 3.0]], "ret_prev_year": 0.2, "ret_prev2_year": -1.1, "ret_ytd": -14.0, "ret_pivot": -4.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.1, "ret_60": 2.0, "ret_120": -11.5, "ret_250": -17.9, "mdd_250": -30.6, "vol_250": 17.1, "pos_52w": 78.5}, "S": {"duration": 36, "pricing": 17, "hard": 88, "bondness": 38}, "label": "现金流红利", "tags": ["亏损或困境", "近5年≥2年亏损"], "text": {"像什么": ["分红率 40%、股息率 3.6%、营收 3 年复合 26.1%、有息负债/EBITDA 0.6 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 55%),没有定价权:毛利率近 5 年中位 21.1%,稳定度 7%。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": "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 10.4%(经营现金流/市值 15.2%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 21.1%,稳定度 7%,2020→2022 成本通胀期毛利率变化 -23.0 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 55%,资本开支/折旧 0.79 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 17.8 倍 粗算,约 72%(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 -18%,最大回撤 -31%,年化波动 17%,现价在 52 周高点的 78%;近 20 / 60 / 120 日 4% / 2% / -12%。", "行业对照": ["同申万二级「航空机场」12 家中位:PE 19.6 / 股息率 2.1% / 毛利率 11.6% / 固定资产占比 38% / 分红率 40%。", "白云机场:PE 比行业中位低 1.8倍;股息率 比行业中位高 1.5个百分点;毛利率 比行业中位高 9.5个百分点;固定资产占比 比行业中位高 16.7个百分点。"]}}