{"F": {"ts_code": "601975.SH", "name": "招商南油", "mkt": "CN", "ccy": "元", "sw1": "交通运输", "sw2": "航运港口", "sw3": "航运", "ind": "航运港口", "fin_source": "tushare", "market": "主板", "list_date": "20190108", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 4.48, "pe_ttm": 13.4987, "pb": 1.7199, "dv_ttm": 0.6027, "total_mv": 2096794.4256, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [34.8, 18.1, 30.0, 32.8, 32.5, 28.9], "rev_series": [40.3, 38.6, 62.6, 62.0, 64.8, 58.2], "np_series": [13.9, 3.0, 14.3, 15.6, 19.2, 13.1], "roe_series": [26.7, 5.2, 21.8, 19.0, 19.4, 11.7], "period": "20260630", "rev_ttm": 63.6, "np_ttm": 15.5, "ocf_ttm": 20.2, "fcf_ttm": 8.0, "fcf_yield": 3.8, "ocf_yield": 9.6, "gm_median": 30.0, "gm_std": 5.4, "gm_stab": 0.82, "gm_chg_2022": -4.8, "npm_median": 23.1, "roe_median": 19.0, "commodity": false, "hard_ratio": 43.4, "fix_assets": 60.0, "goodwill_ratio": 0.0, "pb_calc": 1.72, "capex_dep": 2.72, "interest_debt": 4.8, "debt_ebitda": 0.2, "debt_ratio": 10.7, "debt_mv": 2.3, "payout": 9.8, "div_years": 1, "rev_cagr3": -2.4, "np_cagr3": -2.9, "rev_yoy": 19.4, "np_yoy": 42.4, "np_vol": 165.2, "loss_years": 0, "far_share": 63.0, "earn_yield": 7.4, "consensus_n": 9, "fwd_pe": 11.6, "fwd_pe2": 10.9, "fwd_g1": 17.0, "fwd_g2": 6.0, "peg": 1.93, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 50.0], ["其他业务", 0.0]], "ret_prev_year": -3.5, "ret_prev2_year": 11.9, "ret_ytd": 49.7, "ret_pivot": 59.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 20.8, "ret_60": 13.7, "ret_120": 3.2, "ret_250": 51.7, "mdd_250": -43.2, "vol_250": 54.1, "pos_52w": 77.6}, "S": {"duration": 29, "pricing": 48, "hard": 69, "bondness": 28}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 13.5 倍、股息率 0.6%、毛利率近 5 年中位 30.0%、固定资产占比 43%、有息负债/EBITDA 0.2 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 43%),没有定价权:毛利率近 5 年中位 30.0%,稳定度 82%。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 3.8%(经营现金流/市值 9.6%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 30.0%,稳定度 82%,2020→2022 成本通胀期毛利率变化 -4.8 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 43%,资本开支/折旧 2.72 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 13.5 倍 粗算,约 63%(1 − 5/PE)。中等。"]], "价格行为": "近一年 52%,最大回撤 -43%,年化波动 54%,现价在 52 周高点的 78%;近 20 / 60 / 120 日 21% / 14% / 3%。", "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%。", "招商南油:PE 比行业中位低 3.6倍;股息率 比行业中位低 1.1个百分点;毛利率 比行业中位高 3.0个百分点;固定资产占比 比行业中位低 3.7个百分点。"]}}