{"F": {"ts_code": "600467.SH", "name": "好当家", "mkt": "CN", "ccy": "元", "sw1": "农林牧渔", "sw2": "渔业", "sw3": "水产养殖", "ind": "渔业", "fin_source": "tushare", "market": "主板", "list_date": "20040405", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 2.45, "pe_ttm": 101.6123, "pb": 1.0405, "dv_ttm": 0.2506, "total_mv": 357943.6035, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [19.7, 20.0, 21.4, 16.5, 15.6, 23.9], "rev_series": [12.3, 12.5, 11.9, 15.6, 14.2, 10.5], "np_series": [0.6, 0.7, 0.6, 0.5, 0.4, 0.3], "roe_series": [1.9, 2.0, 1.8, 1.5, 1.3, 0.9], "period": "20260630", "rev_ttm": 11.4, "np_ttm": 0.4, "ocf_ttm": 5.0, "fcf_ttm": 1.3, "fcf_yield": 3.7, "ocf_yield": 14.0, "gm_median": 20.0, "gm_std": 3.1, "gm_stab": 0.85, "gm_chg_2022": 1.7, "npm_median": 3.2, "roe_median": 1.5, "commodity": false, "hard_ratio": 46.4, "fix_assets": 31.5, "goodwill_ratio": 0.0, "pb_calc": 1.04, "capex_dep": 2.35, "interest_debt": 27.1, "debt_ebitda": 5.6, "debt_ratio": 49.1, "debt_mv": 75.7, "payout": 30.0, "div_years": 5, "rev_cagr3": -4.1, "np_cagr3": -20.6, "rev_yoy": 13.0, "np_yoy": 21.7, "np_vol": 12.1, "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": [["海参类", 26.0], ["海参产品", 26.0], ["冷冻调理食品", 19.0], ["冷冻调理产品", 19.0]], "ret_prev_year": 13.0, "ret_prev2_year": -2.5, "ret_ytd": -5.5, "ret_pivot": 59.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 7.5, "ret_60": 15.4, "ret_120": -7.7, "ret_250": -0.2, "mdd_250": -34.8, "vol_250": 35.0, "pos_52w": 81.3}, "S": {"duration": 92, "pricing": 49, "hard": 74, "bondness": 47}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 101.6 倍、股息率 0.3%、毛利率近 5 年中位 20.0%、固定资产占比 46%、有息负债/EBITDA 5.6 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 20.0%,稳定度 85%。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 3.7%(经营现金流/市值 14.0%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 20.0%,稳定度 85%,2020→2022 成本通胀期毛利率变化 1.7 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 2.35 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 101.6 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 -0%,最大回撤 -35%,年化波动 35%,现价在 52 周高点的 81%;近 20 / 60 / 120 日 8% / 15% / -8%。", "行业对照": ["同申万二级「渔业」6 家中位:PE 108.6 / 股息率 0.7% / 毛利率 17.9% / 固定资产占比 38% / 分红率 31%。", "好当家:PE 比行业中位低 7.0倍;股息率 比行业中位低 0.4个百分点;毛利率 比行业中位高 2.1个百分点;固定资产占比 比行业中位高 8.6个百分点。"]}}