{"F": {"ts_code": "600897.SH", "name": "厦门空港", "mkt": "CN", "ccy": "元", "sw1": "交通运输", "sw2": "航空机场", "sw3": "机场", "ind": "航空机场", "fin_source": "tushare", "market": "主板", "list_date": "19960531", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 15.48, "pe_ttm": 13.223, "pb": 1.5666, "dv_ttm": 2.4548, "total_mv": 645413.832, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [21.9, 16.2, 1.2, 32.5, 32.5, 39.7], "rev_series": [12.3, 12.5, 10.1, 17.0, 18.8, 20.7], "np_series": [1.7, 1.4, 0.3, 3.5, 4.3, 5.2], "roe_series": [4.6, 3.7, 0.7, 8.9, 10.0, 11.1], "period": "20260630", "rev_ttm": 23.3, "np_ttm": 5.2, "ocf_ttm": 5.6, "fcf_ttm": 4.7, "fcf_yield": 7.3, "ocf_yield": 8.6, "gm_median": 32.5, "gm_std": 13.9, "gm_stab": 0.57, "gm_chg_2022": -20.7, "npm_median": 22.4, "roe_median": 8.9, "commodity": false, "hard_ratio": 29.4, "fix_assets": 19.8, "goodwill_ratio": 0.0, "pb_calc": 1.57, "capex_dep": 0.5, "interest_debt": 2.7, "debt_ebitda": 0.3, "debt_ratio": 34.3, "debt_mv": 4.2, "payout": 30.6, "div_years": 5, "rev_cagr3": 27.2, "np_cagr3": 164.2, "rev_yoy": -3.7, "np_yoy": -10.8, "np_vol": 470.9, "loss_years": 0, "far_share": 62.0, "earn_yield": 7.6, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["航空服务分部", 39.0], ["民航信息化业务分部", 11.0], ["分部间抵销", -1.0]], "ret_prev_year": 15.8, "ret_prev2_year": 26.0, "ret_ytd": -8.0, "ret_pivot": 24.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.8, "ret_60": 0.7, "ret_120": -3.9, "ret_250": 5.0, "mdd_250": -32.6, "vol_250": 35.3, "pos_52w": 75.8}, "S": {"duration": 28, "pricing": 40, "hard": 47, "bondness": 26}, "label": "中性", "tags": [], "text": {"像什么": ["PE 13.2 倍、股息率 2.5%、毛利率近 5 年中位 32.5%、固定资产占比 29%、有息负债/EBITDA 0.3 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 29%,毛利率近 5 年中位 32.5%。", "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 7.3%(经营现金流/市值 8.6%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 32.5%,稳定度 57%,2020→2022 成本通胀期毛利率变化 -20.7 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 29%,资本开支/折旧 0.50 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 13.2 倍 粗算,约 62%(1 − 5/PE)。中等。"]], "价格行为": "近一年 5%,最大回撤 -33%,年化波动 35%,现价在 52 周高点的 76%;近 20 / 60 / 120 日 6% / 1% / -4%。", "行业对照": ["同申万二级「航空机场」12 家中位:PE 19.6 / 股息率 2.1% / 毛利率 11.6% / 固定资产占比 38% / 分红率 40%。", "厦门空港:PE 比行业中位低 6.4倍;股息率 比行业中位高 0.4个百分点;毛利率 比行业中位高 20.9个百分点;固定资产占比 比行业中位低 8.9个百分点。"]}}