{"F": {"ts_code": "600298.SH", "name": "安琪酵母", "mkt": "CN", "ccy": "元", "sw1": "食品饮料", "sw2": "调味发酵品Ⅱ", "sw3": "调味发酵品Ⅲ", "ind": "调味发酵品Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20000818", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 41.98, "pe_ttm": 22.4053, "pb": 2.9264, "dv_ttm": 1.3102, "total_mv": 3643090.3086, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [34.0, 27.3, 24.8, 24.2, 23.5, 24.7], "rev_series": [89.3, 106.8, 128.4, 135.8, 152.0, 167.3], "np_series": [13.7, 13.1, 13.2, 12.7, 13.2, 15.4], "roe_series": [25.1, 20.5, 16.4, 13.1, 12.7, 13.5], "period": "20260630", "rev_ttm": 180.2, "np_ttm": 16.3, "ocf_ttm": 24.2, "fcf_ttm": 8.1, "fcf_yield": 2.2, "ocf_yield": 6.6, "gm_median": 24.7, "gm_std": 1.3, "gm_stab": 0.95, "gm_chg_2022": -9.2, "npm_median": 9.7, "roe_median": 13.5, "commodity": false, "hard_ratio": 46.3, "fix_assets": 120.9, "goodwill_ratio": 0.8, "pb_calc": 2.93, "capex_dep": 1.71, "interest_debt": 89.9, "debt_ebitda": 2.7, "debt_ratio": 48.9, "debt_mv": 24.7, "payout": 34.0, "div_years": 5, "rev_cagr3": 9.2, "np_cagr3": 5.3, "rev_yoy": 16.3, "np_yoy": 10.2, "np_vol": 7.7, "loss_years": 0, "far_share": 78.0, "earn_yield": 4.5, "consensus_n": 29, "fwd_pe": 19.9, "fwd_pe2": 16.8, "fwd_g1": 13.0, "fwd_g2": 18.0, "peg": 1.11, "consensus_disp": null, "mainbz": [["酵母系列", 44.0], ["酵母及相关行业", 44.0], ["其他主营业务", 5.0], ["其他", 5.0]], "ret_prev_year": 23.6, "ret_prev2_year": 4.1, "ret_ytd": -2.8, "ret_pivot": 34.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.8, "ret_60": 17.0, "ret_120": 1.1, "ret_250": 6.7, "mdd_250": -25.6, "vol_250": 28.1, "pos_52w": 93.2}, "S": {"duration": 43, "pricing": 49, "hard": 74, "bondness": 39}, "label": "中性", "tags": [], "text": {"像什么": ["PE 22.4 倍、股息率 1.3%、毛利率近 5 年中位 24.7%、固定资产占比 46%、有息负债/EBITDA 2.7 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 46%),没有定价权:毛利率近 5 年中位 24.7%,稳定度 95%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 2.2%(经营现金流/市值 6.6%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 24.7%,稳定度 95%,2020→2022 成本通胀期毛利率变化 -9.2 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 46%,资本开支/折旧 1.71 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 22.4 倍 粗算,约 78%(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 7%,最大回撤 -26%,年化波动 28%,现价在 52 周高点的 93%;近 20 / 60 / 120 日 2% / 17% / 1%。", "行业对照": ["同申万二级「调味发酵品Ⅱ」15 家中位:PE 27.1 / 股息率 2.4% / 毛利率 34.4% / 固定资产占比 39% / 分红率 67%。", "安琪酵母:PE 比行业中位低 4.7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 9.7个百分点;固定资产占比 比行业中位高 7.6个百分点。"]}}