{"F": {"ts_code": "601326.SH", "name": "秦港股份", "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": "20170816", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 3.58, "pe_ttm": 12.2385, "pb": 0.9615, "dv_ttm": 3.2123, "total_mv": 2000293.496, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [40.1, 37.9, 38.3, 37.4, 38.1, 41.7], "rev_series": [64.6, 65.9, 69.2, 70.5, 68.7, 69.9], "np_series": [10.0, 10.4, 13.1, 15.3, 15.6, 16.1], "roe_series": [6.7, 6.6, 7.8, 8.6, 8.3, 8.1], "period": "20260630", "rev_ttm": 71.7, "np_ttm": 16.3, "ocf_ttm": 26.4, "fcf_ttm": 17.3, "fcf_yield": 8.7, "ocf_yield": 13.2, "gm_median": 38.1, "gm_std": 1.5, "gm_stab": 0.96, "gm_chg_2022": -1.8, "npm_median": 22.2, "roe_median": 8.1, "commodity": false, "hard_ratio": 45.3, "fix_assets": 127.8, "goodwill_ratio": 0.0, "pb_calc": 0.96, "capex_dep": 0.76, "interest_debt": 36.9, "debt_ebitda": 1.2, "debt_ratio": 22.7, "debt_mv": 18.4, "payout": 30.7, "div_years": 5, "rev_cagr3": 0.3, "np_cagr3": 7.1, "rev_yoy": 5.4, "np_yoy": 2.9, "np_vol": 9.5, "loss_years": 0, "far_share": 59.0, "earn_yield": 8.2, "consensus_n": 1, "fwd_pe": 11.9, "fwd_pe2": 11.5, "fwd_g1": 3.0, "fwd_g2": 3.0, "peg": 3.97, "consensus_disp": null, "mainbz": [["产品", 34.0], ["煤炭及相关制品服务金属矿石", 23.0], ["煤炭及相关制品服务", 23.0], ["金属矿石及相关制品服务", 7.0]], "ret_prev_year": 7.1, "ret_prev2_year": 22.7, "ret_ytd": 6.1, "ret_pivot": 20.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.6, "ret_60": 9.0, "ret_120": 1.6, "ret_250": 8.3, "mdd_250": -20.6, "vol_250": 28.8, "pos_52w": 93.4}, "S": {"duration": 26, "pricing": 59, "hard": 72, "bondness": 53}, "label": "中性", "tags": [], "text": {"像什么": ["PE 12.2 倍、股息率 3.2%、毛利率近 5 年中位 38.1%、固定资产占比 45%、有息负债/EBITDA 1.2 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 45%、毛利率 38.1% 看起来两条都占,但价格受管制(航运港口:电价/通行费/港口费由主管部门或市场化机制定),高毛利来自成本结构不是提价能力。通胀来了它不能提价,利润跟不上通胀,所以不算。", "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 8.7%(经营现金流/市值 13.2%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 38.1%,稳定度 96%,2020→2022 成本通胀期毛利率变化 -1.8 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 45%,资本开支/折旧 0.76 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 12.2 倍 粗算,约 59%(1 − 5/PE)。中等。"]], "价格行为": "近一年 8%,最大回撤 -21%,年化波动 29%,现价在 52 周高点的 93%;近 20 / 60 / 120 日 6% / 9% / 2%。", "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%。", "秦港股份:PE 比行业中位低 4.9倍;股息率 比行业中位高 1.5个百分点;毛利率 比行业中位高 11.1个百分点;固定资产占比 比行业中位低 1.8个百分点。"]}}