{"F": {"ts_code": "600848.SH", "name": "上海临港", "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": "19940324", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 8.65, "pe_ttm": 16.9642, "pb": 1.3028, "dv_ttm": 2.3121, "total_mv": 2181951.255, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [57.0, 59.9, 54.7, 50.6, 45.1, 35.6], "rev_series": [39.3, 62.7, 60.0, 70.5, 111.0, 79.4], "np_series": [14.1, 15.4, 10.1, 10.6, 11.0, 9.7], "roe_series": [10.0, 10.3, 6.5, 6.8, 6.8, 5.9], "period": "20260630", "rev_ttm": 78.0, "np_ttm": 12.9, "ocf_ttm": 6.7, "fcf_ttm": 5.5, "fcf_yield": 2.5, "ocf_yield": 3.1, "gm_median": 50.6, "gm_std": 8.3, "gm_stab": 0.84, "gm_chg_2022": -2.3, "npm_median": 20.4, "roe_median": 6.8, "commodity": false, "hard_ratio": 1.1, "fix_assets": 9.5, "goodwill_ratio": 0.0, "pb_calc": 1.3, "capex_dep": 0.14, "interest_debt": 337.8, "debt_ebitda": 13.4, "debt_ratio": 66.5, "debt_mv": 154.8, "payout": 47.6, "div_years": 5, "rev_cagr3": 9.8, "np_cagr3": -1.3, "rev_yoy": -5.1, "np_yoy": 130.8, "np_vol": 15.6, "loss_years": 0, "far_share": 71.0, "earn_yield": 5.9, "consensus_n": 3, "fwd_pe": 22.0, "fwd_pe2": 20.1, "fwd_g1": -23.0, "fwd_g2": 9.0, "peg": 2.44, "consensus_disp": null, "mainbz": [["产品", 34.0], ["租赁", 18.0], ["房产租赁", 18.0], ["销售", 14.0]], "ret_prev_year": 18.6, "ret_prev2_year": 2.6, "ret_ytd": -24.8, "ret_pivot": 2.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.1, "ret_60": 10.9, "ret_120": -16.8, "ret_250": -7.8, "mdd_250": -45.0, "vol_250": 34.0, "pos_52w": 65.3}, "S": {"duration": 35, "pricing": 60, "hard": 2, "bondness": 56}, "label": "中性", "tags": [], "text": {"像什么": ["PE 17.0 倍、股息率 2.3%、毛利率近 5 年中位 50.6%、固定资产占比 1%、有息负债/EBITDA 13.4 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 1%,毛利率近 5 年中位 50.6%。", "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 2.5%(经营现金流/市值 3.1%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 50.6%,稳定度 84%,2020→2022 成本通胀期毛利率变化 -2.3 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 1%,资本开支/折旧 0.14 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 17.0 倍 粗算,约 71%(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 -8%,最大回撤 -45%,年化波动 34%,现价在 52 周高点的 65%;近 20 / 60 / 120 日 -0% / 11% / -17%。", "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%。", "上海临港:PE 比行业中位低 9.0倍;股息率 比行业中位高 1.6个百分点;毛利率 比行业中位高 29.5个百分点;固定资产占比 比行业中位低 0.9个百分点。"]}}