{"F": {"ts_code": "600637.SH", "name": "东方明珠", "mkt": "CN", "ccy": "元", "sw1": "传媒", "sw2": "电视广播Ⅱ", "sw3": "电视广播Ⅲ", "ind": "电视广播Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "19930316", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 8.48, "pe_ttm": 40.9928, "pb": 0.9579, "dv_ttm": 2.1226, "total_mv": 2850891.0304, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [34.2, 28.0, 29.6, 32.1, 28.1, 27.3], "rev_series": [100.3, 90.7, 67.0, 79.7, 77.0, 74.9], "np_series": [16.2, 18.6, 1.8, 6.0, 6.7, 6.2], "roe_series": [5.5, 6.2, 0.6, 2.0, 2.2, 2.1], "period": "20260630", "rev_ttm": 71.3, "np_ttm": 7.0, "ocf_ttm": 12.3, "fcf_ttm": 0.8, "fcf_yield": 0.3, "ocf_yield": 4.3, "gm_median": 28.1, "gm_std": 1.7, "gm_stab": 0.94, "gm_chg_2022": -4.6, "npm_median": 8.4, "roe_median": 2.1, "commodity": false, "hard_ratio": 20.5, "fix_assets": 87.4, "goodwill_ratio": 0.4, "pb_calc": 0.96, "capex_dep": 1.57, "interest_debt": 12.7, "debt_ebitda": 0.8, "debt_ratio": 19.4, "debt_mv": 4.5, "payout": 98.0, "div_years": 5, "rev_cagr3": 3.8, "np_cagr3": 52.2, "rev_yoy": -10.7, "np_yoy": 22.7, "np_vol": 112.3, "loss_years": 0, "far_share": 88.0, "earn_yield": 2.4, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 25.0], ["文化产业平台", 18.0], ["智慧媒体产业平台", 17.0], ["文化产业平台：智慧媒体产业平台", 17.0]], "ret_prev_year": 31.4, "ret_prev2_year": 6.0, "ret_ytd": -12.8, "ret_pivot": 42.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.2, "ret_60": 2.0, "ret_120": -17.4, "ret_250": -4.0, "mdd_250": -50.9, "vol_250": 48.2, "pos_52w": 55.6}, "S": {"duration": 64, "pricing": 51, "hard": 33, "bondness": 66}, "label": "中性", "tags": [], "text": {"像什么": ["PE 41.0 倍、股息率 2.1%、毛利率近 5 年中位 28.1%、固定资产占比 20%、有息负债/EBITDA 0.8 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 20%,毛利率近 5 年中位 28.1%。", "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 0.3%(经营现金流/市值 4.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 28.1%,稳定度 94%,2020→2022 成本通胀期毛利率变化 -4.6 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 20%,资本开支/折旧 1.57 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 41.0 倍 粗算,约 88%(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 -4%,最大回撤 -51%,年化波动 48%,现价在 52 周高点的 56%;近 20 / 60 / 120 日 3% / 2% / -17%。", "行业对照": ["同申万二级「电视广播Ⅱ」15 家中位:PE 38.2 / 股息率 2.1% / 毛利率 24.7% / 固定资产占比 26% / 分红率 62%。", "东方明珠:PE 比行业中位高 2.8倍;股息率 与行业中位持平;毛利率 比行业中位高 3.4个百分点;固定资产占比 比行业中位低 6.0个百分点。"]}}