{"F": {"ts_code": "000061.SZ", "name": "农产品", "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": "19970110", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 6.33, "pe_ttm": 28.851, "pb": 1.4539, "dv_ttm": 0.9479, "total_mv": 1256480.4396, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [36.0, 32.5, 27.7, 28.2, 26.7, 22.3], "rev_series": [31.7, 40.9, 43.5, 54.9, 56.3, 65.3], "np_series": [3.2, 3.7, 2.0, 4.5, 3.8, 3.7], "roe_series": [6.0, 6.8, 3.5, 7.6, 6.2, 5.0], "period": "20260630", "rev_ttm": 57.4, "np_ttm": 4.4, "ocf_ttm": 9.2, "fcf_ttm": 2.6, "fcf_yield": 2.0, "ocf_yield": 7.3, "gm_median": 27.7, "gm_std": 3.3, "gm_stab": 0.88, "gm_chg_2022": -8.3, "npm_median": 9.9, "roe_median": 6.2, "commodity": false, "hard_ratio": 12.2, "fix_assets": 29.5, "goodwill_ratio": 0.0, "pb_calc": 1.45, "capex_dep": 1.63, "interest_debt": 73.0, "debt_ebitda": 5.8, "debt_ratio": 52.6, "debt_mv": 58.1, "payout": 30.9, "div_years": 5, "rev_cagr3": 14.5, "np_cagr3": 23.1, "rev_yoy": -22.7, "np_yoy": 33.1, "np_vol": 57.4, "loss_years": 0, "far_share": 83.0, "earn_yield": 3.5, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 33.0], ["农产品批发市场经营", 19.0], ["农产品批发市场业务", 19.0], ["市场配套服务", 15.0]], "ret_prev_year": 48.7, "ret_prev2_year": 10.4, "ret_ytd": -38.1, "ret_pivot": 17.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 9.3, "ret_60": 9.0, "ret_120": -30.9, "ret_250": -6.8, "mdd_250": -49.4, "vol_250": 43.2, "pos_52w": 60.3}, "S": {"duration": 51, "pricing": 48, "hard": 20, "bondness": 37}, "label": "中性", "tags": [], "text": {"像什么": ["PE 28.9 倍、股息率 0.9%、毛利率近 5 年中位 27.7%、固定资产占比 12%、有息负债/EBITDA 5.8 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 12%,毛利率近 5 年中位 27.7%。", "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 2.0%(经营现金流/市值 7.3%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 27.7%,稳定度 88%,2020→2022 成本通胀期毛利率变化 -8.3 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 12%,资本开支/折旧 1.63 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 28.9 倍 粗算,约 83%(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 -7%,最大回撤 -49%,年化波动 43%,现价在 52 周高点的 60%;近 20 / 60 / 120 日 9% / 9% / -31%。", "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%。", "农产品:PE 比行业中位低 31.8倍;股息率 比行业中位低 0.2个百分点;毛利率 比行业中位低 6.5个百分点;固定资产占比 比行业中位低 3.2个百分点。"]}}