{"F": {"ts_code": "001222.SZ", "name": "源飞宠物", "mkt": "CN", "ccy": "元", "sw1": "轻工制造", "sw2": "文娱用品", "sw3": "娱乐用品", "ind": "文娱用品", "fin_source": "tushare", "market": "主板", "list_date": "20220818", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 16.1, "pe_ttm": 37.6547, "pb": 2.1479, "dv_ttm": null, "total_mv": 307332.9, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [26.2, 22.8, 24.1, 22.1, 22.9, 21.9], "rev_series": [6.1, 10.7, 9.5, 9.9, 13.1, 17.3], "np_series": [0.8, 1.4, 1.6, 1.3, 1.6, 1.2], "roe_series": [23.6, 28.0, 18.6, 10.6, 12.9, 8.5], "period": "20260630", "rev_ttm": 18.5, "np_ttm": 0.8, "ocf_ttm": 1.8, "fcf_ttm": -0.0, "fcf_yield": -0.0, "ocf_yield": 5.8, "gm_median": 22.8, "gm_std": 0.8, "gm_stab": 0.97, "gm_chg_2022": -2.0, "npm_median": 14.6, "roe_median": 12.9, "commodity": false, "hard_ratio": 24.5, "fix_assets": 4.7, "goodwill_ratio": 0.0, "pb_calc": 2.15, "capex_dep": 5.7, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 15.2, "debt_mv": 0.1, "payout": 23.8, "div_years": 3, "rev_cagr3": 22.0, "np_cagr3": -9.9, "rev_yoy": 15.1, "np_yoy": -46.2, "np_vol": 34.3, "loss_years": 0, "far_share": 87.0, "earn_yield": 2.7, "consensus_n": 4, "fwd_pe": 18.6, "fwd_pe2": 14.3, "fwd_g1": 103.0, "fwd_g2": 30.0, "peg": 0.62, "consensus_disp": null, "mainbz": [["产品", 46.0], ["宠物零食", 28.0], ["宠物牵引用具", 9.0], ["宠物干粮", 4.0]], "ret_prev_year": 50.9, "ret_prev2_year": 9.3, "ret_ytd": -32.0, "ret_pivot": 57.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 14.9, "ret_60": 10.3, "ret_120": -22.5, "ret_250": -27.1, "mdd_250": -55.5, "vol_250": 37.8, "pos_52w": 55.9}, "S": {"duration": 61, "pricing": 51, "hard": 39, "bondness": 8}, "label": "中性", "tags": ["资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["PE 37.7 倍、股息率 —、毛利率近 5 年中位 22.8%、固定资产占比 24%、有息负债/EBITDA 0.0 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 24%,毛利率近 5 年中位 22.8%。", "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 -0.0%(经营现金流/市值 5.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 22.8%,稳定度 97%,2020→2022 成本通胀期毛利率变化 -2.0 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 24%,资本开支/折旧 5.70 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 37.7 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 -27%,最大回撤 -56%,年化波动 38%,现价在 52 周高点的 56%;近 20 / 60 / 120 日 15% / 10% / -22%。", "行业对照": ["同申万二级「文娱用品」20 家中位:PE 47.5 / 股息率 1.0% / 毛利率 23.8% / 固定资产占比 22% / 分红率 40%。", "源飞宠物:PE 比行业中位低 9.8倍;股息率 ;毛利率 比行业中位低 1.0个百分点;固定资产占比 比行业中位高 2.0个百分点。"]}}