{"F": {"ts_code": "003006.SZ", "name": "百亚股份", "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": "20200921", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 14.66, "pe_ttm": 31.6653, "pb": 4.3767, "dv_ttm": 2.7285, "total_mv": 629863.6748, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [42.7, 44.7, 45.1, 50.3, 53.2, 54.3], "rev_series": [12.5, 14.6, 16.1, 21.4, 32.5, 34.9], "np_series": [1.8, 2.3, 1.9, 2.4, 2.9, 2.1], "roe_series": [20.0, 19.5, 15.0, 17.9, 20.3, 14.4], "period": "20260630", "rev_ttm": 36.0, "np_ttm": 2.0, "ocf_ttm": 3.2, "fcf_ttm": 2.1, "fcf_yield": 3.3, "ocf_yield": 5.0, "gm_median": 50.3, "gm_std": 4.0, "gm_stab": 0.92, "gm_chg_2022": 2.4, "npm_median": 11.1, "roe_median": 17.9, "commodity": false, "hard_ratio": 32.8, "fix_assets": 6.7, "goodwill_ratio": 0.0, "pb_calc": 4.38, "capex_dep": 1.24, "interest_debt": 0.4, "debt_ebitda": 0.1, "debt_ratio": 30.1, "debt_mv": 0.6, "payout": 83.3, "div_years": 5, "rev_cagr3": 29.4, "np_cagr3": 3.6, "rev_yoy": 6.0, "np_yoy": -4.8, "np_vol": 23.4, "loss_years": 0, "far_share": 84.0, "earn_yield": 3.2, "consensus_n": 28, "fwd_pe": 18.2, "fwd_pe2": 14.4, "fwd_g1": 74.0, "fwd_g2": 26.0, "peg": 0.7, "consensus_disp": null, "mainbz": [["卫生巾", 96.0], ["ODM产品", 2.0], ["ODM", 2.0], ["纸尿裤", 1.0]], "ret_prev_year": -6.9, "ret_prev2_year": 68.7, "ret_ytd": -31.6, "ret_pivot": -33.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.4, "ret_60": -2.8, "ret_120": -19.5, "ret_250": -47.8, "mdd_250": -58.5, "vol_250": 39.2, "pos_52w": 46.8}, "S": {"duration": 55, "pricing": 67, "hard": 52, "bondness": 46}, "label": "中性", "tags": ["PEG<0.8"], "text": {"像什么": ["PE 31.7 倍、股息率 2.7%、毛利率近 5 年中位 50.3%、固定资产占比 33%、有息负债/EBITDA 0.1 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 33%、毛利率 50.3% 两条都占,但所在行业(美容护理)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "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 3.3%(经营现金流/市值 5.0%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 50.3%,稳定度 92%,2020→2022 成本通胀期毛利率变化 2.4 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 33%,资本开支/折旧 1.24 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 31.7 倍 粗算,约 84%(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 -48%,最大回撤 -58%,年化波动 39%,现价在 52 周高点的 47%;近 20 / 60 / 120 日 3% / -3% / -20%。", "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%。", "百亚股份:PE 比行业中位高 6.6倍;股息率 比行业中位高 0.9个百分点;毛利率 比行业中位高 22.1个百分点;固定资产占比 比行业中位高 7.0个百分点。"]}}