{"F": {"ts_code": "000025.SZ", "name": "特力A", "mkt": "CN", "ccy": "元", "sw1": "综合", "sw2": "综合Ⅱ", "sw3": "综合Ⅲ", "ind": "综合Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "19930621", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 15.4, "pe_ttm": 46.2476, "pb": 3.4731, "dv_ttm": 0.7143, "total_mv": 663829.782, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [24.8, 30.6, 16.4, 10.7, 9.1, 17.1], "rev_series": [4.2, 5.1, 8.4, 18.5, 26.1, 14.6], "np_series": [0.6, 1.3, 0.8, 1.2, 1.4, 1.4], "roe_series": [4.5, 9.6, 5.7, 7.6, 8.2, 8.0], "period": "20260630", "rev_ttm": 8.8, "np_ttm": 1.4, "ocf_ttm": 4.6, "fcf_ttm": 4.4, "fcf_yield": 6.6, "ocf_yield": 6.9, "gm_median": 16.4, "gm_std": 7.6, "gm_stab": 0.54, "gm_chg_2022": -8.4, "npm_median": 9.7, "roe_median": 8.0, "commodity": false, "hard_ratio": 2.3, "fix_assets": 0.6, "goodwill_ratio": 0.0, "pb_calc": 3.47, "capex_dep": 0.36, "interest_debt": 0.8, "debt_ebitda": 0.4, "debt_ratio": 18.0, "debt_mv": 1.2, "payout": 31.5, "div_years": 5, "rev_cagr3": 20.4, "np_cagr3": 19.6, "rev_yoy": -66.7, "np_yoy": 0.8, "np_vol": 54.5, "loss_years": 0, "far_share": 89.0, "earn_yield": 2.2, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["租赁服务业", 30.0], ["物业租赁及服务", 30.0], ["珠宝运营", 20.0], ["珠宝批发及零售", 20.0]], "ret_prev_year": 6.4, "ret_prev2_year": 4.1, "ret_ytd": -11.2, "ret_pivot": 11.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.0, "ret_60": 1.6, "ret_120": -8.8, "ret_250": -14.9, "mdd_250": -37.3, "vol_250": 38.4, "pos_52w": 73.9}, "S": {"duration": 69, "pricing": 31, "hard": 4, "bondness": 17}, "label": "中性", "tags": [], "text": {"像什么": ["PE 46.2 倍、股息率 0.7%、毛利率近 5 年中位 16.4%、固定资产占比 2%、有息负债/EBITDA 0.4 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 16.4%。", "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 6.6%(经营现金流/市值 6.9%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 16.4%,稳定度 54%,2020→2022 成本通胀期毛利率变化 -8.4 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 0.36 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 46.2 倍 粗算,约 89%(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 -15%,最大回撤 -37%,年化波动 38%,现价在 52 周高点的 74%;近 20 / 60 / 120 日 3% / 2% / -9%。", "行业对照": ["同申万二级「综合Ⅱ」20 家中位:PE 46.7 / 股息率 0.9% / 毛利率 15.5% / 固定资产占比 12% / 分红率 35%。", "特力A:PE 比行业中位低 0.5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 0.9个百分点;固定资产占比 比行业中位低 10.1个百分点。"]}}