{"F": {"ts_code": "600258.SH", "name": "首旅酒店", "mkt": "CN", "ccy": "元", "sw1": "社会服务", "sw2": "酒店餐饮", "sw3": "酒店", "ind": "酒店餐饮", "fin_source": "tushare", "market": "主板", "list_date": "20000601", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 11.95, "pe_ttm": 15.6112, "pb": 1.1109, "dv_ttm": 3.7657, "total_mv": 1334340.7045, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [12.6, 26.1, 15.7, 38.1, 38.4, 39.9], "rev_series": [52.8, 61.5, 50.9, 77.9, 77.5, 76.1], "np_series": [-5.0, 0.6, -5.8, 8.0, 8.1, 8.1], "roe_series": [-5.7, 0.6, -5.4, 7.4, 7.1, 6.8], "period": "20260630", "rev_ttm": 75.3, "np_ttm": 8.5, "ocf_ttm": 32.3, "fcf_ttm": 27.9, "fcf_yield": 20.9, "ocf_yield": 24.2, "gm_median": 38.1, "gm_std": 9.4, "gm_stab": 0.75, "gm_chg_2022": 3.1, "npm_median": 10.4, "roe_median": 6.8, "commodity": false, "hard_ratio": 8.3, "fix_assets": 19.6, "goodwill_ratio": 19.8, "pb_calc": 1.11, "capex_dep": 1.87, "interest_debt": 77.5, "debt_ebitda": 2.4, "debt_ratio": 48.9, "debt_mv": 58.1, "payout": 49.9, "div_years": 4, "rev_cagr3": 14.3, "np_cagr3": null, "rev_yoy": -2.2, "np_yoy": 11.0, "np_vol": 501.0, "loss_years": 1, "far_share": 68.0, "earn_yield": 6.4, "consensus_n": 26, "fwd_pe": 14.4, "fwd_pe2": 12.9, "fwd_g1": 8.0, "fwd_g2": 12.0, "peg": 1.2, "consensus_disp": null, "mainbz": [["产品", 48.0], ["酒店运营", 28.0], ["酒店管理", 17.0], ["景区业务", 4.0]], "ret_prev_year": 17.6, "ret_prev2_year": -5.0, "ret_ytd": -26.7, "ret_pivot": 13.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.2, "ret_60": -0.7, "ret_120": -27.7, "ret_250": -18.7, "mdd_250": -37.6, "vol_250": 35.3, "pos_52w": 68.2}, "S": {"duration": 32, "pricing": 55, "hard": 13, "bondness": 53}, "label": "现金流红利", "tags": ["商誉占比高"], "text": {"像什么": ["分红率 50%、股息率 3.8%、营收 3 年复合 14.3%、有息负债/EBITDA 2.4 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 8%,毛利率近 5 年中位 38.1%。", "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 20.9%(经营现金流/市值 24.2%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 38.1%,稳定度 75%,2020→2022 成本通胀期毛利率变化 3.1 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 8%,资本开支/折旧 1.87 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 15.6 倍 粗算,约 68%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -19%,最大回撤 -38%,年化波动 35%,现价在 52 周高点的 68%;近 20 / 60 / 120 日 0% / -1% / -28%。", "行业对照": ["同申万二级「酒店餐饮」9 家中位:PE 75.3 / 股息率 1.9% / 毛利率 19.3% / 固定资产占比 28% / 分红率 59%。", "首旅酒店:PE 比行业中位低 59.7倍;股息率 比行业中位高 1.9个百分点;毛利率 比行业中位高 18.8个百分点;固定资产占比 比行业中位低 20.1个百分点。"]}}