{"F": {"ts_code": "600009.SH", "name": "上海机场", "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": "19980218", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 23.87, "pe_ttm": 25.9528, "pb": 1.3772, "dv_ttm": 1.9689, "total_mv": 5939603.131, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [-53.4, -63.0, -62.4, 16.5, 21.9, 27.5], "rev_series": [43.0, 37.3, 54.8, 110.5, 123.7, 133.5], "np_series": [-12.7, -17.1, -29.9, 9.3, 19.3, 21.2], "roe_series": [-4.1, -6.0, -8.9, 2.3, 4.7, 5.0], "period": "20260630", "rev_ttm": 135.0, "np_ttm": 22.9, "ocf_ttm": 57.1, "fcf_ttm": 42.6, "fcf_yield": 7.2, "ocf_yield": 9.6, "gm_median": 16.5, "gm_std": 41.6, "gm_stab": -1.52, "gm_chg_2022": -9.0, "npm_median": 10.8, "roe_median": 2.3, "commodity": false, "hard_ratio": 34.0, "fix_assets": 243.8, "goodwill_ratio": 0.0, "pb_calc": 1.38, "capex_dep": 0.91, "interest_debt": 216.5, "debt_ebitda": 3.9, "debt_ratio": 37.3, "debt_mv": 36.4, "payout": 55.3, "div_years": 3, "rev_cagr3": 34.5, "np_cagr3": null, "rev_yoy": 2.4, "np_yoy": 16.5, "np_vol": 83.7, "loss_years": 2, "far_share": 81.0, "earn_yield": 3.9, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["航空性收入：旅客及货邮航空服务收入", 14.0], ["旅客及货邮相关收入", 14.0], ["非航空性收入：其他非航收入", 12.0], ["其他非航收入", 12.0]], "ret_prev_year": -2.6, "ret_prev2_year": 5.0, "ret_ytd": -26.6, "ret_pivot": -21.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.0, "ret_60": 2.9, "ret_120": -17.7, "ret_250": -26.1, "mdd_250": -35.0, "vol_250": 19.9, "pos_52w": 69.6}, "S": {"duration": 48, "pricing": 12, "hard": 54, "bondness": 43}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 22.9 亿,近 5 年亏损 2 年;PE 26 倍(盈利极薄),估值指标失真。", "资产负债率 37%,有息负债 216 亿,经营现金流/市值 9.6%:先看现金流能否覆盖利息,再谈久期。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 34%),没有定价权:毛利率近 5 年中位 16.5%,稳定度 -152%。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": "利率上行对高杠杆亏损企业是再融资压力,不是估值问题;周期底部的反转看行业价格,不看贴现率。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 7.2%(经营现金流/市值 9.6%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 16.5%,稳定度 -152%,2020→2022 成本通胀期毛利率变化 -9.0 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 34%,资本开支/折旧 0.91 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 26.0 倍 粗算,约 81%(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 -26%,最大回撤 -35%,年化波动 20%,现价在 52 周高点的 70%;近 20 / 60 / 120 日 0% / 3% / -18%。", "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%。", "上海机场:PE 比行业中位高 6.4倍;股息率 比行业中位低 0.1个百分点;毛利率 比行业中位高 4.9个百分点;固定资产占比 比行业中位低 4.3个百分点。"]}}