{"F": {"ts_code": "600639.SH", "name": "浦东金桥", "mkt": "CN", "ccy": "元", "sw1": "房地产", "sw2": "房地产开发", "sw3": "产业地产", "ind": "房地产开发", "fin_source": "tushare", "market": "主板", "list_date": "19930326", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 9.58, "pe_ttm": 10.5317, "pb": 0.7309, "dv_ttm": 4.0643, "total_mv": 1075271.5582, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [52.8, 68.4, 68.6, 68.1, 51.0, 32.1], "rev_series": [35.9, 46.2, 50.5, 65.9, 27.2, 59.6], "np_series": [11.1, 16.2, 15.8, 18.2, 10.0, 10.7], "roe_series": [10.7, 14.1, 12.6, 13.5, 7.0, 7.2], "period": "20260630", "rev_ttm": 60.7, "np_ttm": 10.2, "ocf_ttm": 0.4, "fcf_ttm": 0.2, "fcf_yield": 0.2, "ocf_yield": 0.3, "gm_median": 68.1, "gm_std": 14.4, "gm_stab": 0.79, "gm_chg_2022": 15.8, "npm_median": 30.7, "roe_median": 12.6, "commodity": false, "hard_ratio": 5.5, "fix_assets": 25.8, "goodwill_ratio": 0.0, "pb_calc": 0.73, "capex_dep": 0.02, "interest_debt": 206.8, "debt_ebitda": 9.6, "debt_ratio": 60.1, "debt_mv": 192.3, "payout": 36.1, "div_years": 5, "rev_cagr3": 5.7, "np_cagr3": -12.2, "rev_yoy": 11.2, "np_yoy": -30.0, "np_vol": 29.6, "loss_years": 0, "far_share": 53.0, "earn_yield": 9.5, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 44.0], ["房地产租赁", 33.0], ["房地产销售", 8.0], ["房地产", 8.0]], "ret_prev_year": -4.9, "ret_prev2_year": 17.7, "ret_ytd": -2.9, "ret_pivot": 4.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.4, "ret_60": 3.7, "ret_120": -9.5, "ret_250": -9.3, "mdd_250": -21.7, "vol_250": 23.1, "pos_52w": 86.1}, "S": {"duration": 23, "pricing": 73, "hard": 9, "bondness": 66}, "label": "中性", "tags": ["股息率≥4%"], "text": {"像什么": ["PE 10.5 倍、股息率 4.1%、毛利率近 5 年中位 68.1%、固定资产占比 6%、有息负债/EBITDA 9.6 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 6%,毛利率近 5 年中位 68.1%。", "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 0.2%(经营现金流/市值 0.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 68.1%,稳定度 79%,2020→2022 成本通胀期毛利率变化 15.8 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 6%,资本开支/折旧 0.02 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 10.5 倍 粗算,约 53%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -9%,最大回撤 -22%,年化波动 23%,现价在 52 周高点的 86%;近 20 / 60 / 120 日 1% / 4% / -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%。", "浦东金桥:PE 比行业中位低 15.5倍;股息率 比行业中位高 3.4个百分点;毛利率 比行业中位高 47.0个百分点;固定资产占比 比行业中位高 3.5个百分点。"]}}