{"F": {"ts_code": "601098.SH", "name": "中南传媒", "mkt": "CN", "ccy": "元", "sw1": "传媒", "sw2": "出版", "sw3": "教育出版", "ind": "出版", "fin_source": "tushare", "market": "主板", "list_date": "20101028", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 10.16, "pe_ttm": 12.082, "pb": 1.1199, "dv_ttm": 5.4134, "total_mv": 1824736.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [41.1, 44.1, 42.3, 41.4, 44.4, 44.4], "rev_series": [104.7, 113.3, 124.6, 136.1, 133.5, 126.0], "np_series": [14.4, 15.2, 14.0, 18.5, 13.7, 15.9], "roe_series": [10.4, 10.7, 9.6, 12.3, 8.8, 10.0], "period": "20260630", "rev_ttm": 121.1, "np_ttm": 15.1, "ocf_ttm": -14.2, "fcf_ttm": -17.2, "fcf_yield": -9.4, "ocf_yield": -7.8, "gm_median": 44.1, "gm_std": 1.3, "gm_stab": 0.97, "gm_chg_2022": 1.1, "npm_median": 13.4, "roe_median": 10.0, "commodity": false, "hard_ratio": 10.1, "fix_assets": 26.9, "goodwill_ratio": 0.2, "pb_calc": 1.12, "capex_dep": 1.59, "interest_debt": 0.8, "debt_ebitda": 0.0, "debt_ratio": 36.0, "debt_mv": 0.4, "payout": 61.8, "div_years": 5, "rev_cagr3": 0.4, "np_cagr3": 4.4, "rev_yoy": -8.2, "np_yoy": -8.2, "np_vol": 20.0, "loss_years": 0, "far_share": 59.0, "earn_yield": 8.3, "consensus_n": 6, "fwd_pe": 11.2, "fwd_pe2": 10.9, "fwd_g1": 8.0, "fwd_g2": 3.0, "peg": 3.73, "consensus_disp": null, "mainbz": [["产品", 34.0], ["发行分部", 27.0], ["主要经营活动-发行", 27.0], ["出版分部", 10.0]], "ret_prev_year": -22.8, "ret_prev2_year": 64.4, "ret_ytd": -6.0, "ret_pivot": -12.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -2.6, "ret_60": -1.1, "ret_120": -4.9, "ret_250": -19.7, "mdd_250": -25.6, "vol_250": 20.7, "pos_52w": 80.5}, "S": {"duration": 26, "pricing": 64, "hard": 16, "bondness": 71}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 62%、股息率 5.4%、营收 3 年复合 0.4%、有息负债/EBITDA 0.0 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 44.1%),硬资产占比 10%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "加息期怎么走": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 -9.4%(经营现金流/市值 -7.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 44.1%,稳定度 97%,2020→2022 成本通胀期毛利率变化 1.1 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 10%,资本开支/折旧 1.59 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 12.1 倍 粗算,约 59%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -20%,最大回撤 -26%,年化波动 21%,现价在 52 周高点的 80%;近 20 / 60 / 120 日 -3% / -1% / -5%。", "行业对照": ["同申万二级「出版」29 家中位:PE 32.6 / 股息率 2.2% / 毛利率 34.7% / 固定资产占比 10% / 分红率 50%。", "中南传媒:PE 比行业中位低 20.5倍;股息率 比行业中位高 3.2个百分点;毛利率 比行业中位高 9.4个百分点;固定资产占比 比行业中位高 0.4个百分点。"]}}