{"F": {"ts_code": "000501.SZ", "name": "武商集团", "mkt": "CN", "ccy": "元", "sw1": "商贸零售", "sw2": "一般零售", "sw3": "百货", "ind": "一般零售", "fin_source": "tushare", "market": "主板", "list_date": "19921120", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 7.55, "pe_ttm": 39.6819, "pb": 0.5275, "dv_ttm": 2.5833, "total_mv": 580589.4885, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [35.1, 45.9, 44.7, 47.0, 49.1, 50.4], "rev_series": [76.4, 71.3, 63.4, 71.8, 67.0, 60.8], "np_series": [5.5, 7.5, 3.0, 2.1, 2.2, 1.8], "roe_series": [5.6, 7.3, 2.8, 1.9, 2.0, 1.6], "period": "20260630", "rev_ttm": 60.5, "np_ttm": 1.5, "ocf_ttm": 13.1, "fcf_ttm": 2.3, "fcf_yield": 3.9, "ocf_yield": 22.5, "gm_median": 47.0, "gm_std": 2.1, "gm_stab": 0.96, "gm_chg_2022": 9.6, "npm_median": 3.2, "roe_median": 2.0, "commodity": false, "hard_ratio": 50.3, "fix_assets": 152.8, "goodwill_ratio": 0.0, "pb_calc": 0.53, "capex_dep": 2.51, "interest_debt": 108.9, "debt_ebitda": 8.0, "debt_ratio": 63.8, "debt_mv": 187.5, "payout": 83.3, "div_years": 5, "rev_cagr3": -1.4, "np_cagr3": -16.0, "rev_yoy": -0.9, "np_yoy": -20.6, "np_vol": 32.6, "loss_years": 0, "far_share": 87.0, "earn_yield": 2.5, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["商品零售业务", 42.0], ["其他业务", 8.0], ["房地产业务", 1.0]], "ret_prev_year": -0.4, "ret_prev2_year": 26.2, "ret_ytd": -24.7, "ret_pivot": 14.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 6.3, "ret_60": 6.3, "ret_120": -15.1, "ret_250": -32.5, "mdd_250": -42.6, "vol_250": 30.8, "pos_52w": 66.7}, "S": {"duration": 63, "pricing": 68, "hard": 80, "bondness": 80}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 39.7 倍、股息率 2.6%、毛利率近 5 年中位 47.0%、固定资产占比 50%、有息负债/EBITDA 8.0 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 47.0% 两条都占,但所在行业(商贸零售)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 3.9%(经营现金流/市值 22.5%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 47.0%,稳定度 96%,2020→2022 成本通胀期毛利率变化 9.6 个百分点。能。"], ["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 2.51 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 39.7 倍 粗算,约 87%(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 -32%,最大回撤 -43%,年化波动 31%,现价在 52 周高点的 67%;近 20 / 60 / 120 日 6% / 6% / -15%。", "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%。", "武商集团:PE 比行业中位低 21.0倍;股息率 比行业中位高 1.5个百分点;毛利率 比行业中位高 12.8个百分点;固定资产占比 比行业中位高 34.9个百分点。"]}}