{"F": {"ts_code": "000713.SZ", "name": "国投丰乐", "mkt": "CN", "ccy": "元", "sw1": "农林牧渔", "sw2": "种植业", "sw3": "种子", "ind": "种植业", "fin_source": "tushare", "market": "主板", "list_date": "19970422", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 6.55, "pe_ttm": 83.1937, "pb": 1.6903, "dv_ttm": 0.458, "total_mv": 522833.7725, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [14.5, 13.9, 12.7, 12.7, 15.7, 16.5], "rev_series": [24.6, 26.2, 30.1, 31.1, 29.3, 29.0], "np_series": [0.5, 1.8, 0.6, 0.4, 0.7, 0.7], "roe_series": [3.0, 10.2, 3.1, 2.1, 3.5, 2.6], "period": "20260630", "rev_ttm": 29.5, "np_ttm": 0.6, "ocf_ttm": 3.0, "fcf_ttm": 2.0, "fcf_yield": 3.8, "ocf_yield": 5.7, "gm_median": 13.9, "gm_std": 1.6, "gm_stab": 0.89, "gm_chg_2022": -1.8, "npm_median": 2.1, "roe_median": 3.1, "commodity": false, "hard_ratio": 18.7, "fix_assets": 8.7, "goodwill_ratio": 4.7, "pb_calc": 1.69, "capex_dep": 1.56, "interest_debt": 3.7, "debt_ebitda": 1.9, "debt_ratio": 32.1, "debt_mv": 7.1, "payout": 27.9, "div_years": 5, "rev_cagr3": -1.1, "np_cagr3": 3.9, "rev_yoy": 3.9, "np_yoy": -11.3, "np_vol": 117.9, "loss_years": 0, "far_share": 94.0, "earn_yield": 1.2, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["农化类", 35.0], ["农化产品", 35.0], ["种子类", 8.0], ["种子", 8.0]], "ret_prev_year": -5.9, "ret_prev2_year": -7.9, "ret_ytd": -0.6, "ret_pivot": 17.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 13.7, "ret_60": 11.0, "ret_120": -7.9, "ret_250": -10.4, "mdd_250": -29.1, "vol_250": 29.6, "pos_52w": 89.0}, "S": {"duration": 88, "pricing": 44, "hard": 30, "bondness": 38}, "label": "中性", "tags": [], "text": {"像什么": ["PE 83.2 倍、股息率 0.5%、毛利率近 5 年中位 13.9%、固定资产占比 19%、有息负债/EBITDA 1.9 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 19%,毛利率近 5 年中位 13.9%。", "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 3.8%(经营现金流/市值 5.7%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 13.9%,稳定度 89%,2020→2022 成本通胀期毛利率变化 -1.8 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 19%,资本开支/折旧 1.56 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 83.2 倍 粗算,约 94%(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 -10%,最大回撤 -29%,年化波动 30%,现价在 52 周高点的 89%;近 20 / 60 / 120 日 14% / 11% / -8%。", "行业对照": ["同申万二级「种植业」22 家中位:PE 71.5 / 股息率 0.6% / 毛利率 24.2% / 固定资产占比 17% / 分红率 38%。", "国投丰乐:PE 比行业中位高 11.7倍;股息率 比行业中位低 0.1个百分点;毛利率 比行业中位低 10.3个百分点;固定资产占比 比行业中位高 1.9个百分点。"]}}