{"F": {"ts_code": "600300.SH", "name": "维维股份", "mkt": "CN", "ccy": "元", "sw1": "食品饮料", "sw2": "饮料乳品", "sw3": "软饮料", "ind": "饮料乳品", "fin_source": "tushare", "market": "主板", "list_date": "20000630", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 3.27, "pe_ttm": 15.3157, "pb": 1.4747, "dv_ttm": 3.1804, "total_mv": 528805.4994, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [21.2, 19.8, 20.8, 22.2, 27.0, 28.4], "rev_series": [48.0, 45.7, 42.2, 40.4, 36.6, 33.5], "np_series": [4.4, 2.2, 1.0, 2.1, 4.1, 3.3], "roe_series": [16.0, 7.4, 3.1, 6.7, 12.4, 9.4], "period": "20260630", "rev_ttm": 34.9, "np_ttm": 3.5, "ocf_ttm": 6.2, "fcf_ttm": 6.0, "fcf_yield": 11.4, "ocf_yield": 11.8, "gm_median": 22.2, "gm_std": 3.4, "gm_stab": 0.85, "gm_chg_2022": -0.4, "npm_median": 5.1, "roe_median": 7.4, "commodity": false, "hard_ratio": 29.7, "fix_assets": 13.7, "goodwill_ratio": 0.0, "pb_calc": 1.47, "capex_dep": 0.16, "interest_debt": 1.4, "debt_ebitda": 0.2, "debt_ratio": 21.2, "debt_mv": 2.7, "payout": 50.0, "div_years": 5, "rev_cagr3": -7.4, "np_cagr3": 52.0, "rev_yoy": 9.5, "np_yoy": 8.9, "np_vol": 74.8, "loss_years": 0, "far_share": 67.0, "earn_yield": 6.5, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["食品", 116.0], ["产品", 85.0], ["粮油及储运", 29.0], ["合计特别调整", 6.0]], "ret_prev_year": 14.0, "ret_prev2_year": 6.2, "ret_ytd": -4.0, "ret_pivot": 52.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.5, "ret_60": 9.4, "ret_120": -10.3, "ret_250": -3.1, "mdd_250": -24.8, "vol_250": 26.7, "pos_52w": 87.5}, "S": {"duration": 32, "pricing": 48, "hard": 48, "bondness": 57}, "label": "现金流红利", "tags": [], "text": {"像什么": ["分红率 50%、股息率 3.2%、营收 3 年复合 -7.4%、有息负债/EBITDA 0.2 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 30%,毛利率近 5 年中位 22.2%。", "加息期怎么走": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 11.4%(经营现金流/市值 11.8%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 22.2%,稳定度 85%,2020→2022 成本通胀期毛利率变化 -0.4 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 30%,资本开支/折旧 0.16 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 15.3 倍 粗算,约 67%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -3%,最大回撤 -25%,年化波动 27%,现价在 52 周高点的 88%;近 20 / 60 / 120 日 4% / 9% / -10%。", "行业对照": ["同申万二级「饮料乳品」27 家中位:PE 29.0 / 股息率 1.8% / 毛利率 29.2% / 固定资产占比 30% / 分红率 52%。", "维维股份:PE 比行业中位低 13.7倍;股息率 比行业中位高 1.4个百分点;毛利率 比行业中位低 7.0个百分点;固定资产占比 与行业中位持平。"]}}