{"F": {"ts_code": "600717.SH", "name": "天津港", "mkt": "CN", "ccy": "元", "sw1": "交通运输", "sw2": "航运港口", "sw3": "港口", "ind": "航运港口", "fin_source": "tushare", "market": "主板", "list_date": "19960614", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 4.36, "pe_ttm": 10.9287, "pb": 0.617, "dv_ttm": 2.3394, "total_mv": 1261784.436, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [20.8, 21.8, 25.3, 27.0, 28.6, 27.8], "rev_series": [134.3, 144.7, 108.2, 117.0, 120.7, 127.9], "np_series": [6.9, 9.7, 7.4, 9.8, 9.9, 9.8], "roe_series": [4.1, 5.7, 4.2, 5.4, 5.2, 5.0], "period": "20260630", "rev_ttm": 119.8, "np_ttm": 11.5, "ocf_ttm": 26.2, "fcf_ttm": 11.6, "fcf_yield": 9.2, "ocf_yield": 20.8, "gm_median": 27.0, "gm_std": 2.4, "gm_stab": 0.91, "gm_chg_2022": 4.5, "npm_median": 12.0, "roe_median": 5.2, "commodity": false, "hard_ratio": 47.1, "fix_assets": 169.9, "goodwill_ratio": 0.0, "pb_calc": 0.62, "capex_dep": 1.65, "interest_debt": 39.4, "debt_ebitda": 1.2, "debt_ratio": 24.5, "debt_mv": 31.2, "payout": 30.0, "div_years": 5, "rev_cagr3": 5.7, "np_cagr3": 9.8, "rev_yoy": -13.2, "np_yoy": 34.5, "np_vol": 23.9, "loss_years": 0, "far_share": 54.0, "earn_yield": 9.2, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["装卸业务", 64.0], ["港口物流业务", 24.0], ["港口物流", 24.0], ["港口服务及其他业务", 5.0]], "ret_prev_year": -6.3, "ret_prev2_year": 22.7, "ret_ytd": -0.2, "ret_pivot": 8.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.1, "ret_60": 3.6, "ret_120": -7.4, "ret_250": -19.5, "mdd_250": -27.4, "vol_250": 21.4, "pos_52w": 81.4}, "S": {"duration": 24, "pricing": 56, "hard": 75, "bondness": 42}, "label": "中性", "tags": [], "text": {"像什么": ["PE 10.9 倍、股息率 2.3%、毛利率近 5 年中位 27.0%、固定资产占比 47%、有息负债/EBITDA 1.2 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 47%),没有定价权:毛利率近 5 年中位 27.0%,稳定度 91%。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 9.2%(经营现金流/市值 20.8%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 27.0%,稳定度 91%,2020→2022 成本通胀期毛利率变化 4.5 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 47%,资本开支/折旧 1.65 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 10.9 倍 粗算,约 54%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -20%,最大回撤 -27%,年化波动 21%,现价在 52 周高点的 81%;近 20 / 60 / 120 日 3% / 4% / -7%。", "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%。", "天津港:PE 比行业中位低 6.2倍;股息率 比行业中位高 0.6个百分点;毛利率 与行业中位持平;固定资产占比 与行业中位持平。"]}}