{"F": {"ts_code": "600179.SH", "name": "安通控股", "mkt": "CN", "ccy": "元", "sw1": "交通运输", "sw2": "航运港口", "sw3": "航运", "ind": "航运港口", "fin_source": "tushare", "market": "主板", "list_date": "19981104", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 4.62, "pe_ttm": 15.8925, "pb": 1.5628, "dv_ttm": null, "total_mv": 1954965.474, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [-5.2, 29.2, 30.6, 10.2, 12.0, 18.7], "rev_series": [48.3, 77.9, 91.8, 73.4, 75.5, 90.8], "np_series": [12.9, 17.7, 23.4, 5.7, 6.1, 10.9], "roe_series": [51.3, 25.6, 27.0, 5.8, 5.8, 9.6], "period": "20260630", "rev_ttm": 93.1, "np_ttm": 12.3, "ocf_ttm": 22.0, "fcf_ttm": 8.8, "fcf_yield": 4.5, "ocf_yield": 11.2, "gm_median": 18.7, "gm_std": 8.5, "gm_stab": 0.55, "gm_chg_2022": 35.8, "npm_median": 12.0, "roe_median": 9.6, "commodity": false, "hard_ratio": 33.2, "fix_assets": 55.0, "goodwill_ratio": 0.0, "pb_calc": 1.56, "capex_dep": 3.9, "interest_debt": 16.4, "debt_ebitda": 0.7, "debt_ratio": 24.4, "debt_mv": 8.4, "payout": null, "div_years": 0, "rev_cagr3": -0.4, "np_cagr3": -22.6, "rev_yoy": 5.3, "np_yoy": 28.1, "np_vol": 51.1, "loss_years": 0, "far_share": 69.0, "earn_yield": 6.3, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["物流服务", 50.0], ["其他业务", 0.0], ["其他", 0.0]], "ret_prev_year": 95.1, "ret_prev2_year": 13.2, "ret_ytd": -16.3, "ret_pivot": 115.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 9.0, "ret_60": 6.2, "ret_120": 2.2, "ret_250": 29.1, "mdd_250": -36.8, "vol_250": 48.3, "pos_52w": 70.5}, "S": {"duration": 33, "pricing": 40, "hard": 53, "bondness": 22}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 15.9 倍、股息率 —、毛利率近 5 年中位 18.7%、固定资产占比 33%、有息负债/EBITDA 0.7 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 33%),没有定价权:毛利率近 5 年中位 18.7%,稳定度 55%。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": "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 4.5%(经营现金流/市值 11.2%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 18.7%,稳定度 55%,2020→2022 成本通胀期毛利率变化 35.8 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 33%,资本开支/折旧 3.90 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 15.9 倍 粗算,约 69%(1 − 5/PE)。中等。"]], "价格行为": "近一年 29%,最大回撤 -37%,年化波动 48%,现价在 52 周高点的 70%;近 20 / 60 / 120 日 9% / 6% / 2%。", "行业对照": ["同申万二级「航运港口」35 家中位:PE 17.1 / 股息率 1.7% / 毛利率 27.0% / 固定资产占比 47% / 分红率 41%。", "安通控股:PE 比行业中位低 1.2倍;股息率 ;毛利率 比行业中位低 8.3个百分点;固定资产占比 比行业中位低 13.9个百分点。"]}}