{"F": {"ts_code": "600064.SH", "name": "南京高科", "mkt": "CN", "ccy": "元", "sw1": "房地产", "sw2": "房地产开发", "sw3": "住宅开发", "ind": "房地产开发", "fin_source": "tushare", "market": "主板", "list_date": "19970506", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 7.67, "pe_ttm": 7.7841, "pb": 0.667, "dv_ttm": 4.1721, "total_mv": 1327170.4732, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [39.9, 22.8, 18.6, 12.3, 21.9, 23.0], "rev_series": [29.0, 49.2, 44.8, 47.3, 19.8, 34.1], "np_series": [20.2, 23.5, 24.0, 15.6, 17.3, 18.3], "roe_series": [16.1, 16.6, 15.2, 9.2, 9.5, 9.7], "period": "20260630", "rev_ttm": 28.6, "np_ttm": 17.0, "ocf_ttm": 13.5, "fcf_ttm": 12.7, "fcf_yield": 9.6, "ocf_yield": 10.2, "gm_median": 21.9, "gm_std": 4.0, "gm_stab": 0.82, "gm_chg_2022": -21.3, "npm_median": 50.6, "roe_median": 9.7, "commodity": false, "hard_ratio": 0.9, "fix_assets": 3.6, "goodwill_ratio": 0.0, "pb_calc": 0.67, "capex_dep": 0.97, "interest_debt": 104.1, "debt_ebitda": null, "debt_ratio": 47.1, "debt_mv": 78.4, "payout": 30.2, "div_years": 5, "rev_cagr3": -8.7, "np_cagr3": -8.7, "rev_yoy": -28.1, "np_yoy": -9.1, "np_vol": 18.2, "loss_years": 0, "far_share": 36.0, "earn_yield": 12.8, "consensus_n": 2, "fwd_pe": 6.1, "fwd_pe2": 5.4, "fwd_g1": 27.0, "fwd_g2": 13.0, "peg": 0.47, "consensus_disp": null, "mainbz": [["房地产开发销售", 48.0], ["市政基础设施承建", 22.0], ["药品销售", 20.0], ["园区管理及服务", 10.0]], "ret_prev_year": 16.9, "ret_prev2_year": 39.1, "ret_ytd": -8.3, "ret_pivot": 49.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.4, "ret_60": 10.4, "ret_120": -10.5, "ret_250": 0.3, "mdd_250": -23.5, "vol_250": 24.3, "pos_52w": 86.2}, "S": {"duration": 18, "pricing": 43, "hard": 1, "bondness": 59}, "label": "中性", "tags": ["股息率≥4%", "PEG<0.8"], "text": {"像什么": ["PE 7.8 倍、股息率 4.2%、毛利率近 5 年中位 21.9%、固定资产占比 1%、资产负债率 47%: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 1%,毛利率近 5 年中位 21.9%。", "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 9.6%(经营现金流/市值 10.2%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 21.9%,稳定度 82%,2020→2022 成本通胀期毛利率变化 -21.3 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 1%,资本开支/折旧 0.97 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 7.8 倍 粗算,约 36%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 0%,最大回撤 -24%,年化波动 24%,现价在 52 周高点的 86%;近 20 / 60 / 120 日 0% / 10% / -10%。", "行业对照": ["同申万二级「房地产开发」83 家中位:PE 26.0 / 股息率 0.7% / 毛利率 21.1% / 固定资产占比 2% / 分红率 36%。", "南京高科:PE 比行业中位低 18.2倍;股息率 比行业中位高 3.5个百分点;毛利率 比行业中位高 0.8个百分点;固定资产占比 比行业中位低 1.1个百分点。"]}}