{"F": {"ts_code": "HK.03382", "name": "天津港发展", "mkt": "HK", "ccy": "港元", "sw1": "航运及港口", "sw2": "航运及港口", "sw3": "", "ind": "航运及港口", "fin_source": "futu", "market": "主板", "list_date": "20060524", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 0.63, "pe_ttm": 4.921, "pb": 0.254, "dv_ttm": 6.83, "total_mv": 387954.0, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [34.6], "rev_series": [116.8], "np_series": [17.3], "roe_series": [4.7], "rev_ttm": 116.8, "np_ttm": 7.9, "ocf_ttm": 15.3, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 39.4, "gm_median": 34.6, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 14.8, "roe_median": 4.7, "commodity": false, "hard_ratio": 47.8, "fix_assets": 195.6, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 25.0, "debt_ratio": 23.2, "debt_mv": null, "payout": 34.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 7.0, "np_yoy": 1.4, "np_vol": null, "loss_years": 0, "far_share": 0.0, "earn_yield": 20.3, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [], "ret_prev_year": null, "ret_prev2_year": null, "ret_pivot": null, "prev_year": "", "prev2_year": "", "ret_ytd": 0.5, "ret_20": 4.1, "ret_60": -1.1, "ret_120": -2.6, "ret_250": -6.9, "mdd_250": null, "vol_250": null, "pos_52w": 89.1, "eps": 0.108}, "S": {"duration": 12, "pricing": 49, "hard": 76, "bondness": 55}, "label": "中性", "tags": ["股息率≥4%"], "text": {"像什么": ["PE 4.9 倍、股息率 6.8%、毛利率最新年报 34.6%、固定资产占比 48%、资产负债率 23%:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 48%、毛利率 34.6% 看起来两条都占,但价格受管制(航运及港口: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?", "经营现金流/市值 39.4%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率最新年报 34.6%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 48%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 4.9 倍 粗算,约 0%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -7%,现价在 52 周高点的 89%;近 20 / 60 / 120 日 4% / -1% / -3%。", "行业对照": ["同富途行业「航运及港口」30 家中位:PE 8.9 / 股息率 4.3% / 毛利率 19.9% / 固定资产占比 41% / 分红率 34%。", "天津港发展:PE 比行业中位低 4.0倍;股息率 比行业中位高 2.5个百分点;毛利率 比行业中位高 14.7个百分点;固定资产占比 比行业中位高 7.1个百分点。"]}}