{"F": {"ts_code": "603506.SH", "name": "南都物业", "mkt": "CN", "ccy": "元", "sw1": "房地产", "sw2": "房地产服务", "sw3": "物业管理", "ind": "房地产服务", "fin_source": "tushare", "market": "主板", "list_date": "20180201", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 11.47, "pe_ttm": 25.34, "pb": 1.7005, "dv_ttm": 1.8438, "total_mv": 215381.1366, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [21.8, 22.8, 19.5, 16.0, 15.0, 16.8], "rev_series": [14.1, 15.9, 18.5, 18.5, 18.1, 18.6], "np_series": [1.4, 1.6, 1.5, 1.9, 0.2, 1.0], "roe_series": [17.8, 18.4, 14.7, 17.0, 1.9, 8.7], "period": "20260630", "rev_ttm": 18.6, "np_ttm": 0.8, "ocf_ttm": 0.7, "fcf_ttm": 0.6, "fcf_yield": 2.6, "ocf_yield": 3.3, "gm_median": 16.8, "gm_std": 2.8, "gm_stab": 0.83, "gm_chg_2022": -2.2, "npm_median": 8.4, "roe_median": 14.7, "commodity": false, "hard_ratio": 1.7, "fix_assets": 0.5, "goodwill_ratio": 5.7, "pb_calc": 1.7, "capex_dep": 0.55, "interest_debt": 1.9, "debt_ebitda": 1.0, "debt_ratio": 54.1, "debt_mv": 8.6, "payout": 55.2, "div_years": 4, "rev_cagr3": 0.3, "np_cagr3": -11.9, "rev_yoy": -0.6, "np_yoy": -11.0, "np_vol": 152.1, "loss_years": 0, "far_share": 80.0, "earn_yield": 3.9, "consensus_n": 2, "fwd_pe": 16.7, "fwd_pe2": 16.2, "fwd_g1": 51.0, "fwd_g2": 4.0, "peg": 4.17, "consensus_disp": null, "mainbz": [["产品", 34.0], ["物业管理服务", 31.0], ["物业基础服务", 31.0], ["物业增值服务", 3.0]], "ret_prev_year": 54.8, "ret_prev2_year": -19.5, "ret_ytd": -10.7, "ret_pivot": 57.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 12.3, "ret_60": 11.4, "ret_120": -11.4, "ret_250": -18.2, "mdd_250": -44.2, "vol_250": 44.5, "pos_52w": 73.7}, "S": {"duration": 47, "pricing": 43, "hard": 3, "bondness": 53}, "label": "中性", "tags": [], "text": {"像什么": ["PE 25.3 倍、股息率 1.8%、毛利率近 5 年中位 16.8%、固定资产占比 2%、有息负债/EBITDA 1.0 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 2%,毛利率近 5 年中位 16.8%。", "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 2.6%(经营现金流/市值 3.3%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 16.8%,稳定度 83%,2020→2022 成本通胀期毛利率变化 -2.2 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 2%,资本开支/折旧 0.55 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 25.3 倍 粗算,约 80%(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 -18%,最大回撤 -44%,年化波动 44%,现价在 52 周高点的 74%;近 20 / 60 / 120 日 12% / 11% / -11%。", "行业对照": ["同申万二级「房地产服务」12 家中位:PE 38.0 / 股息率 1.8% / 毛利率 14.2% / 固定资产占比 2% / 分红率 37%。", "南都物业:PE 比行业中位低 12.7倍;股息率 与行业中位持平;毛利率 比行业中位高 2.6个百分点;固定资产占比 比行业中位低 0.7个百分点。"]}}