{"F": {"ts_code": "002697.SZ", "name": "红旗连锁", "mkt": "CN", "ccy": "元", "sw1": "商贸零售", "sw2": "一般零售", "sw3": "超市", "ind": "一般零售", "fin_source": "tushare", "market": "主板", "list_date": "20120905", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 4.75, "pe_ttm": 13.8103, "pb": 1.3158, "dv_ttm": 2.2526, "total_mv": 646000.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [29.4, 29.7, 29.1, 29.6, 29.3, 29.6], "rev_series": [90.5, 93.5, 100.2, 101.3, 101.2, 95.6], "np_series": [5.0, 4.8, 4.9, 5.6, 5.2, 4.8], "roe_series": [15.5, 13.5, 12.4, 13.6, 12.2, 10.4], "period": "20260630", "rev_ttm": 94.2, "np_ttm": 4.7, "ocf_ttm": 10.6, "fcf_ttm": 10.5, "fcf_yield": 16.2, "ocf_yield": 16.4, "gm_median": 29.6, "gm_std": 0.2, "gm_stab": 0.99, "gm_chg_2022": -0.4, "npm_median": 5.1, "roe_median": 12.4, "commodity": false, "hard_ratio": 10.8, "fix_assets": 8.9, "goodwill_ratio": 0.0, "pb_calc": 1.32, "capex_dep": 0.15, "interest_debt": 6.4, "debt_ebitda": 0.5, "debt_ratio": 40.6, "debt_mv": 10.0, "payout": 30.3, "div_years": 5, "rev_cagr3": -1.6, "np_cagr3": -0.3, "rev_yoy": -2.7, "np_yoy": -4.6, "np_vol": 8.6, "loss_years": 0, "far_share": 64.0, "earn_yield": 7.2, "consensus_n": 8, "fwd_pe": 12.8, "fwd_pe2": 12.2, "fwd_g1": 8.0, "fwd_g2": 5.0, "peg": 2.56, "consensus_disp": null, "mainbz": [["食品", 41.0], ["烟酒", 34.0], ["日用百货", 11.0], ["其他业务收入", 7.0]], "ret_prev_year": 2.5, "ret_prev2_year": 22.7, "ret_ytd": -18.6, "ret_pivot": 16.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.9, "ret_60": 6.5, "ret_120": -14.5, "ret_250": -16.1, "mdd_250": -40.1, "vol_250": 32.5, "pos_52w": 68.6}, "S": {"duration": 29, "pricing": 57, "hard": 17, "bondness": 46}, "label": "中性", "tags": [], "text": {"像什么": ["PE 13.8 倍、股息率 2.3%、毛利率近 5 年中位 29.6%、固定资产占比 11%、有息负债/EBITDA 0.5 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 11%,毛利率近 5 年中位 29.6%。", "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 16.2%(经营现金流/市值 16.4%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 29.6%,稳定度 99%,2020→2022 成本通胀期毛利率变化 -0.4 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 11%,资本开支/折旧 0.15 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 13.8 倍 粗算,约 64%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -16%,最大回撤 -40%,年化波动 32%,现价在 52 周高点的 69%;近 20 / 60 / 120 日 4% / 6% / -14%。", "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%。", "红旗连锁:PE 比行业中位低 46.9倍;股息率 比行业中位高 1.2个百分点;毛利率 比行业中位低 4.6个百分点;固定资产占比 比行业中位低 4.6个百分点。"]}}