{"F": {"ts_code": "000007.SZ", "name": "全新好", "mkt": "CN", "ccy": "元", "sw1": "商贸零售", "sw2": "一般零售", "sw3": "商业物业经营", "ind": "一般零售", "fin_source": "tushare", "market": "主板", "list_date": "19920413", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 12.42, "pe_ttm": null, "pb": 24.1073, "dv_ttm": null, "total_mv": 430288.416, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [72.2, 23.0, 20.0, 21.5, 14.8, 12.4], "rev_series": [0.5, 2.0, 2.2, 2.2, 3.1, 4.0], "np_series": [-1.2, 0.4, -0.1, 0.4, 0.6, 0.0], "roe_series": [-89.8, 48.2, -5.6, 33.3, 37.0, 1.1], "period": "20260630", "rev_ttm": 4.1, "np_ttm": -0.0, "ocf_ttm": 3.3, "fcf_ttm": 3.3, "fcf_yield": 7.6, "ocf_yield": 7.7, "gm_median": 20.0, "gm_std": 4.1, "gm_stab": 0.8, "gm_chg_2022": -52.2, "npm_median": 16.9, "roe_median": 33.3, "commodity": false, "hard_ratio": 13.2, "fix_assets": 0.4, "goodwill_ratio": 2.4, "pb_calc": 24.11, "capex_dep": 0.31, "interest_debt": 0.4, "debt_ebitda": 3.7, "debt_ratio": 38.8, "debt_mv": 1.0, "payout": null, "div_years": 0, "rev_cagr3": 21.5, "np_cagr3": null, "rev_yoy": 8.2, "np_yoy": -181.9, "np_vol": 324.9, "loss_years": 1, "far_share": 100, "earn_yield": null, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 48.0], ["汽车销售及相关服务", 33.0], ["医疗器械批发", 8.0], ["物业租赁及管理", 4.0]], "ret_prev_year": 62.7, "ret_prev2_year": 44.4, "ret_ytd": 8.6, "ret_pivot": 119.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 28.6, "ret_60": -10.8, "ret_120": -9.3, "ret_250": 63.2, "mdd_250": -49.4, "vol_250": 52.1, "pos_52w": 72.2}, "S": {"duration": 100, "pricing": 42, "hard": 21, "bondness": 11}, "label": "纯久期", "tags": [], "text": {"像什么": ["PE TTM 为负(亏损),估值里约 100% 来自 5 年后的假设;固定资产占比 13%,几乎没有重置成本可言。", "贴现率每升 1 个百分点,杀伤按 PE 线性放大;这是纯数学,与基本面好坏无关。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 13%,毛利率近 5 年中位 20.0%。", "加息期怎么走": "加息期第一个被砸的就是它;拥挤龙头先被砸,那正是建仓窗口,但要等放水信号,别用最贵的票坐车。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 7.6%(经营现金流/市值 7.7%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 20.0%,稳定度 80%,2020→2022 成本通胀期毛利率变化 -52.2 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 13%,资本开支/折旧 0.31 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 为负 粗算,约 100%(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 63%,最大回撤 -49%,年化波动 52%,现价在 52 周高点的 72%;近 20 / 60 / 120 日 29% / -11% / -9%。 长久期资产波动大是常态;", "行业对照": ["同申万二级「一般零售」60 家中位:PE 60.7 / 股息率 1.1% / 毛利率 34.2% / 固定资产占比 15% / 分红率 51%。", "全新好:PE ;股息率 ;毛利率 比行业中位低 14.2个百分点;固定资产占比 比行业中位低 2.2个百分点。"]}}