{"F": {"ts_code": "603881.SH", "name": "数据港", "mkt": "CN", "ccy": "元", "sw1": "通信", "sw2": "通信服务", "sw3": "通信应用增值服务", "ind": "通信服务", "fin_source": "tushare", "market": "主板", "list_date": "20170208", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 24.72, "pe_ttm": 152.5825, "pb": 6.3015, "dv_ttm": 0.1955, "total_mv": 2130993.5328, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [39.9, 33.1, 28.8, 29.0, 31.0, 37.6], "rev_series": [9.1, 12.1, 14.6, 15.4, 17.2, 17.2], "np_series": [1.4, 1.1, 1.1, 1.2, 1.3, 1.4], "roe_series": [6.8, 3.8, 3.8, 4.0, 4.2, 4.2], "period": "20260630", "rev_ttm": 16.9, "np_ttm": 1.4, "ocf_ttm": 12.8, "fcf_ttm": 4.5, "fcf_yield": 2.1, "ocf_yield": 6.0, "gm_median": 31.0, "gm_std": 3.2, "gm_stab": 0.9, "gm_chg_2022": -11.0, "npm_median": 8.0, "roe_median": 4.0, "commodity": false, "hard_ratio": 50.3, "fix_assets": 36.9, "goodwill_ratio": 0.0, "pb_calc": 6.3, "capex_dep": 1.27, "interest_debt": 33.9, "debt_ebitda": 2.9, "debt_ratio": 53.9, "debt_mv": 15.9, "payout": 30.5, "div_years": 5, "rev_cagr3": 5.7, "np_cagr3": 6.5, "rev_yoy": -3.6, "np_yoy": 1.1, "np_vol": 9.7, "loss_years": 0, "far_share": 97.0, "earn_yield": 0.7, "consensus_n": 2, "fwd_pe": 120.6, "fwd_pe2": 103.0, "fwd_g1": 27.0, "fwd_g2": 17.0, "peg": 7.09, "consensus_disp": null, "mainbz": [["互联网数据中心服务业", 49.0], ["IDC服务业", 49.0], ["解决方案", 0.0], ["IDC解决方案", 0.0]], "ret_prev_year": 61.8, "ret_prev2_year": 49.8, "ret_ytd": -2.4, "ret_pivot": 171.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.9, "ret_60": -4.8, "ret_120": -16.4, "ret_250": -4.7, "mdd_250": -39.3, "vol_250": 62.8, "pos_52w": 68.2}, "S": {"duration": 98, "pricing": 51, "hard": 80, "bondness": 35}, "label": "中性", "tags": [], "text": {"像什么": ["PE 152.6 倍、股息率 0.2%、毛利率近 5 年中位 31.0%、固定资产占比 50%、有息负债/EBITDA 2.9 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 50%、毛利率 31.0% 两条都占,但所在行业(通信)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "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 2.1%(经营现金流/市值 6.0%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 31.0%,稳定度 90%,2020→2022 成本通胀期毛利率变化 -11.0 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 50%,资本开支/折旧 1.27 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 152.6 倍 粗算,约 97%(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 -5%,最大回撤 -39%,年化波动 63%,现价在 52 周高点的 68%;近 20 / 60 / 120 日 -4% / -5% / -16%。", "行业对照": ["同申万二级「通信服务」38 家中位:PE 82.0 / 股息率 0.4% / 毛利率 20.1% / 固定资产占比 12% / 分红率 34%。", "数据港:PE 比行业中位高 70.6倍;股息率 比行业中位低 0.2个百分点;毛利率 比行业中位高 10.9个百分点;固定资产占比 比行业中位高 38.2个百分点。"]}}