{"F": {"ts_code": "000882.SZ", "name": "华联股份", "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": "19980616", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 1.54, "pe_ttm": null, "pb": 0.6662, "dv_ttm": null, "total_mv": 421552.1926, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [35.9, 52.0, 45.4, 57.3, 55.8, 54.9], "rev_series": [8.9, 12.2, 11.2, 11.0, 14.0, 12.0], "np_series": [0.2, -1.8, -1.9, 0.3, 0.2, -2.9], "roe_series": [0.3, -2.3, -2.7, 0.4, 0.3, -4.4], "period": "20260630", "rev_ttm": 11.3, "np_ttm": -5.3, "ocf_ttm": 5.2, "fcf_ttm": 4.2, "fcf_yield": 10.0, "ocf_yield": 12.3, "gm_median": 54.9, "gm_std": 4.2, "gm_stab": 0.92, "gm_chg_2022": 9.6, "npm_median": -14.6, "roe_median": -2.3, "commodity": false, "hard_ratio": 2.8, "fix_assets": 3.4, "goodwill_ratio": 0.0, "pb_calc": 0.67, "capex_dep": 0.8, "interest_debt": 48.7, "debt_ebitda": 9.5, "debt_ratio": 48.4, "debt_mv": 115.5, "payout": null, "div_years": 0, "rev_cagr3": 2.3, "np_cagr3": null, "rev_yoy": -11.1, "np_yoy": -1014.5, "np_vol": 643.8, "loss_years": 3, "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", 34.0], ["租赁及物业管理", 24.0], ["购物中心租赁分部", 23.0], ["百货零售分部", 8.0]], "ret_prev_year": -1.0, "ret_prev2_year": 23.8, "ret_ytd": -25.2, "ret_pivot": 30.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 9.2, "ret_60": 10.0, "ret_120": -16.3, "ret_250": -26.3, "mdd_250": -45.8, "vol_250": 35.0, "pos_52w": 64.7}, "S": {"duration": 100, "pricing": 71, "hard": 4, "bondness": 33}, "label": "轻资产现金牛", "tags": ["亏损或困境", "近5年≥2年亏损"], "text": {"像什么": ["固定资产占比 3%,毛利率近 5 年中位 54.9%,自由现金流/市值 10.0%:现金机器,久期短。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 54.9%),硬资产占比 3%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "加息期怎么走": "久期短、无杠杆,加息期相对安全;放水期跑不过科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 10.0%(经营现金流/市值 12.3%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 54.9%,稳定度 92%,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 3%,资本开支/折旧 0.80 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 -26%,最大回撤 -46%,年化波动 35%,现价在 52 周高点的 65%;近 20 / 60 / 120 日 9% / 10% / -16%。", "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%。", "华联股份:PE ;股息率 ;毛利率 比行业中位高 20.7个百分点;固定资产占比 比行业中位低 12.6个百分点。"]}}