{"F": {"ts_code": "300792.SZ", "name": "壹网壹创", "mkt": "CN", "ccy": "元", "sw1": "商贸零售", "sw2": "互联网电商", "sw3": "电商服务", "ind": "互联网电商", "fin_source": "tushare", "market": "创业板", "list_date": "20190927", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 25.91, "pe_ttm": 59.6986, "pb": 2.071, "dv_ttm": 0.5387, "total_mv": 615782.9105, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [47.8, 47.6, 33.6, 29.3, 24.8, 29.3], "rev_series": [13.0, 11.4, 15.4, 12.9, 12.4, 10.7], "np_series": [3.1, 3.3, 1.8, 1.1, 0.8, 1.1], "roe_series": [22.2, 15.7, 6.7, 3.9, 2.7, 3.7], "period": "20260630", "rev_ttm": 9.7, "np_ttm": 1.0, "ocf_ttm": 3.2, "fcf_ttm": 3.2, "fcf_yield": 5.1, "ocf_yield": 5.2, "gm_median": 29.3, "gm_std": 7.9, "gm_stab": 0.73, "gm_chg_2022": -14.2, "npm_median": 10.0, "roe_median": 3.9, "commodity": false, "hard_ratio": 10.0, "fix_assets": 3.2, "goodwill_ratio": 2.4, "pb_calc": 2.07, "capex_dep": 0.14, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 7.1, "debt_mv": 0.0, "payout": 31.1, "div_years": 5, "rev_cagr3": -11.3, "np_cagr3": -15.8, "rev_yoy": -19.2, "np_yoy": -6.2, "np_vol": 32.7, "loss_years": 0, "far_share": 92.0, "earn_yield": 1.7, "consensus_n": 5, "fwd_pe": 42.0, "fwd_pe2": 34.1, "fwd_g1": 42.0, "fwd_g2": 23.0, "peg": 1.83, "consensus_disp": null, "mainbz": [["产品", 48.0], ["品牌线上管理服务", 18.0], ["品牌线上营销服务", 13.0], ["线上分销", 9.0]], "ret_prev_year": 18.6, "ret_prev2_year": 0.7, "ret_ytd": -8.0, "ret_pivot": 68.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.7, "ret_60": -10.1, "ret_120": -30.0, "ret_250": -11.0, "mdd_250": -56.6, "vol_250": 65.7, "pos_52w": 52.5}, "S": {"duration": 78, "pricing": 44, "hard": 16, "bondness": 34}, "label": "中性", "tags": [], "text": {"像什么": ["PE 59.7 倍、股息率 0.5%、毛利率近 5 年中位 29.3%、固定资产占比 10%、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 10%,毛利率近 5 年中位 29.3%。", "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 5.1%(经营现金流/市值 5.2%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 29.3%,稳定度 73%,2020→2022 成本通胀期毛利率变化 -14.2 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 10%,资本开支/折旧 0.14 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 59.7 倍 粗算,约 92%(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 -11%,最大回撤 -57%,年化波动 66%,现价在 52 周高点的 52%;近 20 / 60 / 120 日 3% / -10% / -30%。", "行业对照": ["同申万二级「互联网电商」19 家中位:PE 32.2 / 股息率 1.6% / 毛利率 31.4% / 固定资产占比 10% / 分红率 74%。", "壹网壹创:PE 比行业中位高 27.5倍;股息率 比行业中位低 1.1个百分点;毛利率 比行业中位低 2.1个百分点;固定资产占比 比行业中位高 0.3个百分点。"]}}