{"F": {"ts_code": "001206.SZ", "name": "依依股份", "mkt": "CN", "ccy": "元", "sw1": "美容护理", "sw2": "个护用品", "sw3": "生活用纸", "ind": "个护用品", "fin_source": "tushare", "market": "主板", "list_date": "20210518", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 16.67, "pe_ttm": 22.6721, "pb": 1.6787, "dv_ttm": 4.4051, "total_mv": 308218.1313, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [26.0, 16.7, 13.7, 17.0, 19.6, 19.9], "rev_series": [12.4, 13.1, 15.2, 13.4, 18.0, 16.8], "np_series": [1.9, 1.1, 1.5, 1.0, 2.2, 1.8], "roe_series": [31.6, 9.4, 8.5, 5.8, 11.9, 9.8], "period": "20260630", "rev_ttm": 16.3, "np_ttm": 1.4, "ocf_ttm": 1.2, "fcf_ttm": 0.6, "fcf_yield": 1.9, "ocf_yield": 3.8, "gm_median": 17.0, "gm_std": 2.3, "gm_stab": 0.87, "gm_chg_2022": -12.3, "npm_median": 9.9, "roe_median": 9.4, "commodity": false, "hard_ratio": 27.1, "fix_assets": 5.9, "goodwill_ratio": 0.0, "pb_calc": 1.68, "capex_dep": 1.04, "interest_debt": 0.3, "debt_ebitda": 0.1, "debt_ratio": 15.4, "debt_mv": 0.9, "payout": 76.0, "div_years": 5, "rev_cagr3": 3.4, "np_cagr3": 6.7, "rev_yoy": -4.9, "np_yoy": -46.1, "np_vol": 55.0, "loss_years": 0, "far_share": 78.0, "earn_yield": 4.4, "consensus_n": 4, "fwd_pe": 15.4, "fwd_pe2": 12.8, "fwd_g1": 47.0, "fwd_g2": 20.0, "peg": 0.77, "consensus_disp": null, "mainbz": [["产品", 48.0], ["宠物垫", 41.0], ["尿裤", 3.0], ["宠物尿裤", 3.0]], "ret_prev_year": 90.8, "ret_prev2_year": 12.2, "ret_ytd": -42.5, "ret_pivot": 65.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.9, "ret_60": 8.0, "ret_120": -23.6, "ret_250": -31.4, "mdd_250": -56.0, "vol_250": 51.3, "pos_52w": 48.9}, "S": {"duration": 43, "pricing": 43, "hard": 43, "bondness": 70}, "label": "现金流红利", "tags": ["股息率≥4%", "PEG<0.8"], "text": {"像什么": ["分红率 76%、股息率 4.4%、营收 3 年复合 3.4%、有息负债/EBITDA 0.1 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 27%,毛利率近 5 年中位 17.0%。", "加息期怎么走": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 1.9%(经营现金流/市值 3.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 17.0%,稳定度 87%,2020→2022 成本通胀期毛利率变化 -12.3 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 27%,资本开支/折旧 1.04 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 22.7 倍 粗算,约 78%(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 -31%,最大回撤 -56%,年化波动 51%,现价在 52 周高点的 49%;近 20 / 60 / 120 日 1% / 8% / -24%。", "行业对照": ["同申万二级「个护用品」12 家中位:PE 25.1 / 股息率 1.8% / 毛利率 28.2% / 固定资产占比 26% / 分红率 70%。", "依依股份:PE 比行业中位低 2.4倍;股息率 比行业中位高 2.6个百分点;毛利率 比行业中位低 11.2个百分点;固定资产占比 比行业中位高 1.3个百分点。"]}}