{"F": {"ts_code": "600515.SH", "name": "海南机场", "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": "20020806", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 2.81, "pe_ttm": 153.1087, "pb": 1.3298, "dv_ttm": 0.1779, "total_mv": 3210511.9976, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [30.7, 34.9, 34.9, 48.9, 41.3, 29.0], "rev_series": [63.1, 45.2, 47.0, 67.6, 43.7, 44.2], "np_series": [-77.4, 4.6, 18.6, 9.5, 4.6, 2.2], "roe_series": [-50.5, 3.5, 8.9, 4.2, 2.0, 0.9], "period": "20260630", "rev_ttm": 51.2, "np_ttm": 2.1, "ocf_ttm": 12.8, "fcf_ttm": 5.6, "fcf_yield": 1.7, "ocf_yield": 4.0, "gm_median": 34.9, "gm_std": 6.8, "gm_stab": 0.81, "gm_chg_2022": 4.2, "npm_median": 10.0, "roe_median": 3.5, "commodity": false, "hard_ratio": 28.3, "fix_assets": 171.9, "goodwill_ratio": 0.1, "pb_calc": 1.33, "capex_dep": 1.06, "interest_debt": 244.0, "debt_ebitda": 20.9, "debt_ratio": 55.3, "debt_mv": 76.0, "payout": 19.3, "div_years": 2, "rev_cagr3": -2.0, "np_cagr3": -51.0, "rev_yoy": 30.4, "np_yoy": -7.0, "np_vol": 139.0, "loss_years": 0, "far_share": 97.0, "earn_yield": 0.7, "consensus_n": 5, "fwd_pe": 175.6, "fwd_pe2": 140.5, "fwd_g1": -13.0, "fwd_g2": 25.0, "peg": 7.02, "consensus_disp": null, "mainbz": [["机场业务", 60.0], ["房地产业务", 11.0], ["房地产", 11.0], ["物业管理业务", 8.0]], "ret_prev_year": 41.2, "ret_prev2_year": 2.2, "ret_ytd": -47.2, "ret_pivot": -9.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -2.8, "ret_60": -3.6, "ret_120": -27.7, "ret_250": -30.0, "mdd_250": -52.2, "vol_250": 36.3, "pos_52w": 50.0}, "S": {"duration": 98, "pricing": 56, "hard": 45, "bondness": 43}, "label": "中性", "tags": [], "text": {"像什么": ["PE 153.1 倍、股息率 0.2%、毛利率近 5 年中位 34.9%、固定资产占比 28%、有息负债/EBITDA 20.9 倍: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 28%,毛利率近 5 年中位 34.9%。", "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 1.7%(经营现金流/市值 4.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 34.9%,稳定度 81%,2020→2022 成本通胀期毛利率变化 4.2 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 28%,资本开支/折旧 1.06 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 153.1 倍 粗算,约 97%(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 -30%,最大回撤 -52%,年化波动 36%,现价在 52 周高点的 50%;近 20 / 60 / 120 日 -3% / -4% / -28%。", "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%。", "海南机场:PE 比行业中位高 127.1倍;股息率 比行业中位低 0.5个百分点;毛利率 比行业中位高 13.8个百分点;固定资产占比 比行业中位高 26.3个百分点。"]}}