{"F": {"ts_code": "600382.SH", "name": "广东明珠", "mkt": "CN", "ccy": "元", "sw1": "钢铁", "sw2": "冶钢原料", "sw3": "铁矿石", "ind": "冶钢原料", "fin_source": "tushare", "market": "主板", "list_date": "20010118", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 6.56, "pe_ttm": 24.8111, "pb": 1.3939, "dv_ttm": 6.2957, "total_mv": 425296.0176, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [77.4, 84.0, 71.4, 68.5, 53.8, 62.6], "rev_series": [5.4, 17.4, 9.4, 6.8, 4.3, 9.7], "np_series": [3.5, 9.3, 3.0, 1.5, 0.1, 1.8], "roe_series": [5.7, 17.7, 7.6, 4.5, 0.2, 6.3], "period": "20260630", "rev_ttm": 10.0, "np_ttm": 1.7, "ocf_ttm": 3.2, "fcf_ttm": 2.4, "fcf_yield": 5.7, "ocf_yield": 7.6, "gm_median": 68.5, "gm_std": 10.0, "gm_stab": 0.85, "gm_chg_2022": -6.0, "npm_median": 22.5, "roe_median": 6.3, "commodity": false, "hard_ratio": 3.8, "fix_assets": 1.3, "goodwill_ratio": 0.0, "pb_calc": 1.39, "capex_dep": 3.77, "interest_debt": 1.0, "debt_ebitda": 0.2, "debt_ratio": 8.1, "debt_mv": 2.3, "payout": 180.9, "div_years": 5, "rev_cagr3": 1.2, "np_cagr3": -14.6, "rev_yoy": 8.6, "np_yoy": -11.0, "np_vol": 1318.2, "loss_years": 0, "far_share": 80.0, "earn_yield": 4.0, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 33.0], ["矿产品销售业务", 33.0], ["矿产品", 33.0], ["其他业务", 0.0]], "ret_prev_year": 72.8, "ret_prev2_year": 1.6, "ret_ytd": -2.3, "ret_pivot": 123.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.8, "ret_60": -20.2, "ret_120": -22.5, "ret_250": 23.4, "mdd_250": -43.4, "vol_250": 54.1, "pos_52w": 66.1}, "S": {"duration": 46, "pricing": 68, "hard": 6, "bondness": 84}, "label": "轻资产现金牛", "tags": ["现金流红利", "资本开支扩张期", "股息率≥4%"], "text": {"像什么": ["固定资产占比 4%,毛利率近 5 年中位 68.5%,自由现金流/市值 5.7%:现金机器,久期短。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 68.5%),硬资产占比 4%。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": "久期短、无杠杆,加息期相对安全;放水期跑不过科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 5.7%(经营现金流/市值 7.6%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 68.5%,稳定度 85%,2020→2022 成本通胀期毛利率变化 -6.0 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 4%,资本开支/折旧 3.77 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 24.8 倍 粗算,约 80%(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 23%,最大回撤 -43%,年化波动 54%,现价在 52 周高点的 66%;近 20 / 60 / 120 日 3% / -20% / -22%。", "行业对照": ["同申万二级「冶钢原料」10 家中位:PE 30.6 / 股息率 2.1% / 毛利率 34.8% / 固定资产占比 33% / 分红率 54%。", "广东明珠:PE 比行业中位低 5.8倍;股息率 比行业中位高 4.2个百分点;毛利率 比行业中位高 33.7个百分点;固定资产占比 比行业中位低 29.1个百分点。"]}}