{"F": {"ts_code": "600113.SH", "name": "浙江东日", "mkt": "CN", "ccy": "元", "sw1": "商贸零售", "sw2": "一般零售", "sw3": "商业物业经营", "ind": "一般零售", "fin_source": "tushare", "market": "主板", "list_date": "19971021", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 29.71, "pe_ttm": 102.2125, "pb": 4.9095, "dv_ttm": 0.4479, "total_mv": 1222362.0952, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [41.5, 40.9, 42.0, 37.0, 38.8, 36.9], "rev_series": [5.0, 6.5, 9.2, 8.9, 7.2, 7.7], "np_series": [0.3, 6.5, 1.6, 2.1, 1.3, 1.4], "roe_series": [2.0, 36.5, 7.5, 9.2, 5.7, 5.8], "period": "20260630", "rev_ttm": 7.4, "np_ttm": 1.2, "ocf_ttm": 3.6, "fcf_ttm": 2.9, "fcf_yield": 2.4, "ocf_yield": 3.0, "gm_median": 38.8, "gm_std": 2.1, "gm_stab": 0.95, "gm_chg_2022": 0.5, "npm_median": 21.2, "roe_median": 7.5, "commodity": false, "hard_ratio": 13.2, "fix_assets": 4.7, "goodwill_ratio": 0.2, "pb_calc": 4.91, "capex_dep": 1.86, "interest_debt": 1.4, "debt_ebitda": 0.6, "debt_ratio": 27.3, "debt_mv": 1.1, "payout": 36.0, "div_years": 5, "rev_cagr3": -5.6, "np_cagr3": -3.5, "rev_yoy": -9.2, "np_yoy": -35.6, "np_vol": 713.5, "loss_years": 0, "far_share": 95.0, "earn_yield": 1.0, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 43.0], ["商品销售", 23.0], ["租赁收入", 9.0], ["租赁", 9.0]], "ret_prev_year": 361.2, "ret_prev2_year": 75.5, "ret_ytd": -52.9, "ret_pivot": 291.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -5.6, "ret_60": -13.1, "ret_120": -46.6, "ret_250": -45.4, "mdd_250": -59.2, "vol_250": 54.0, "pos_52w": 44.2}, "S": {"duration": 92, "pricing": 61, "hard": 21, "bondness": 37}, "label": "中性", "tags": [], "text": {"像什么": ["PE 102.2 倍、股息率 0.4%、毛利率近 5 年中位 38.8%、固定资产占比 13%、有息负债/EBITDA 0.6 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 38.8%),硬资产占比 13%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "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 2.4%(经营现金流/市值 3.0%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 38.8%,稳定度 95%,2020→2022 成本通胀期毛利率变化 0.5 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 13%,资本开支/折旧 1.86 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 102.2 倍 粗算,约 95%(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 -45%,最大回撤 -59%,年化波动 54%,现价在 52 周高点的 44%;近 20 / 60 / 120 日 -6% / -13% / -47%。", "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%。", "浙江东日:PE 比行业中位高 41.5倍;股息率 比行业中位低 0.7个百分点;毛利率 比行业中位高 4.6个百分点;固定资产占比 比行业中位低 2.2个百分点。"]}}