{"F": {"ts_code": "601880.SH", "name": "辽港股份", "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": "20101206", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 1.47, "pe_ttm": 28.0356, "pb": 0.8553, "dv_ttm": 1.9456, "total_mv": 3465049.7784, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [33.6, 31.0, 25.8, 27.7, 21.5, 28.6], "rev_series": [66.6, 123.5, 119.8, 122.2, 110.7, 113.6], "np_series": [8.1, 19.2, 12.8, 13.4, 11.4, 13.1], "roe_series": [4.3, 6.7, 3.3, 3.4, 2.9, 3.3], "period": "20260630", "rev_ttm": 110.2, "np_ttm": 12.4, "ocf_ttm": 58.7, "fcf_ttm": 53.8, "fcf_yield": 15.5, "ocf_yield": 16.9, "gm_median": 27.7, "gm_std": 3.2, "gm_stab": 0.88, "gm_chg_2022": -7.7, "npm_median": 12.3, "roe_median": 3.3, "commodity": false, "hard_ratio": 56.8, "fix_assets": 325.9, "goodwill_ratio": 0.4, "pb_calc": 0.86, "capex_dep": 0.25, "interest_debt": 100.1, "debt_ebitda": 2.1, "debt_ratio": 23.2, "debt_mv": 28.9, "payout": 52.2, "div_years": 5, "rev_cagr3": -1.8, "np_cagr3": 0.7, "rev_yoy": -6.0, "np_yoy": -7.4, "np_vol": 16.0, "loss_years": 0, "far_share": 82.0, "earn_yield": 3.6, "consensus_n": 1, "fwd_pe": 24.5, "fwd_pe2": 24.5, "fwd_g1": 14.0, "fwd_g2": 0.0, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["劳务或服务", 48.0], ["其他", 2.0], ["商品", 0.0]], "ret_prev_year": -6.3, "ret_prev2_year": 21.7, "ret_ytd": -6.5, "ret_pivot": 22.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.7, "ret_60": -0.1, "ret_120": -16.1, "ret_250": -9.9, "mdd_250": -26.6, "vol_250": 24.1, "pos_52w": 79.8}, "S": {"duration": 50, "pricing": 48, "hard": 91, "bondness": 56}, "label": "中性", "tags": [], "text": {"像什么": ["PE 28.0 倍、股息率 1.9%、毛利率近 5 年中位 27.7%、固定资产占比 57%、有息负债/EBITDA 2.1 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 57%),没有定价权:毛利率近 5 年中位 27.7%,稳定度 88%。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 15.5%(经营现金流/市值 16.9%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 27.7%,稳定度 88%,2020→2022 成本通胀期毛利率变化 -7.7 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 57%,资本开支/折旧 0.25 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 28.0 倍 粗算,约 82%(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 -10%,最大回撤 -27%,年化波动 24%,现价在 52 周高点的 80%;近 20 / 60 / 120 日 1% / -0% / -16%。", "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%。", "辽港股份:PE 比行业中位高 10.9倍;股息率 比行业中位高 0.2个百分点;毛利率 比行业中位高 0.7个百分点;固定资产占比 比行业中位高 9.7个百分点。"]}}