{"F": {"ts_code": "600108.SH", "name": "亚盛集团", "mkt": "CN", "ccy": "元", "sw1": "农林牧渔", "sw2": "种植业", "sw3": "其他种植业", "ind": "种植业", "fin_source": "tushare", "market": "主板", "list_date": "19970818", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 4.36, "pe_ttm": 157.6349, "pb": 1.9609, "dv_ttm": 0.0688, "total_mv": 848854.9836, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [10.4, 18.1, 17.5, 17.8, 17.5, 15.5], "rev_series": [31.3, 33.3, 36.4, 40.1, 41.9, 42.4], "np_series": [-8.5, 0.7, 0.8, 1.0, 1.0, 0.6], "roe_series": [-19.2, 1.8, 1.9, 2.5, 2.3, 1.3], "period": "20260630", "rev_ttm": 42.0, "np_ttm": 0.5, "ocf_ttm": 0.9, "fcf_ttm": -2.6, "fcf_yield": -3.1, "ocf_yield": 1.0, "gm_median": 17.5, "gm_std": 0.9, "gm_stab": 0.95, "gm_chg_2022": 7.1, "npm_median": 1.9, "roe_median": 1.9, "commodity": false, "hard_ratio": 13.9, "fix_assets": 14.6, "goodwill_ratio": 0.0, "pb_calc": 1.96, "capex_dep": 2.09, "interest_debt": 46.7, "debt_ebitda": 10.1, "debt_ratio": 58.9, "debt_mv": 55.0, "payout": 10.3, "div_years": 5, "rev_cagr3": 5.2, "np_cagr3": -9.7, "rev_yoy": -2.6, "np_yoy": -11.0, "np_vol": 50.3, "loss_years": 0, "far_share": 97.0, "earn_yield": 0.6, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 34.0], ["农产品销售收入", 22.0], ["农产品", 22.0], ["其他主营业务", 11.0]], "ret_prev_year": 7.7, "ret_prev2_year": 5.6, "ret_ytd": 38.5, "ret_pivot": 86.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 38.4, "ret_60": 20.5, "ret_120": -30.3, "ret_250": 41.2, "mdd_250": -59.5, "vol_250": 54.3, "pos_52w": 62.7}, "S": {"duration": 98, "pricing": 53, "hard": 22, "bondness": 34}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 157.6 倍、股息率 0.1%、毛利率近 5 年中位 17.5%、固定资产占比 14%、有息负债/EBITDA 10.1 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 14%,毛利率近 5 年中位 17.5%。", "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 -3.1%(经营现金流/市值 1.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 17.5%,稳定度 95%,2020→2022 成本通胀期毛利率变化 7.1 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 14%,资本开支/折旧 2.09 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 157.6 倍 粗算,约 97%(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 41%,最大回撤 -60%,年化波动 54%,现价在 52 周高点的 63%;近 20 / 60 / 120 日 38% / 20% / -30%。", "行业对照": ["同申万二级「种植业」22 家中位:PE 71.5 / 股息率 0.6% / 毛利率 24.2% / 固定资产占比 17% / 分红率 38%。", "亚盛集团:PE 比行业中位高 86.1倍;股息率 比行业中位低 0.5个百分点;毛利率 比行业中位低 6.7个百分点;固定资产占比 比行业中位低 2.9个百分点。"]}}