{"F": {"ts_code": "600628.SH", "name": "新世界", "mkt": "CN", "ccy": "元", "sw1": "商贸零售", "sw2": "一般零售", "sw3": "百货", "ind": "一般零售", "fin_source": "tushare", "market": "主板", "list_date": "19930119", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 6.44, "pe_ttm": 60.746, "pb": 0.9757, "dv_ttm": 0.6211, "total_mv": 416587.7576, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [35.9, 38.0, 27.5, 39.8, 41.7, 42.9], "rev_series": [10.5, 11.7, 8.5, 11.3, 11.2, 11.0], "np_series": [0.7, 0.7, -0.5, 0.3, 0.7, 0.7], "roe_series": [1.6, 1.6, -1.2, 0.8, 1.7, 1.6], "period": "20260630", "rev_ttm": 11.1, "np_ttm": 0.7, "ocf_ttm": 2.4, "fcf_ttm": 0.7, "fcf_yield": 1.7, "ocf_yield": 5.7, "gm_median": 39.8, "gm_std": 5.5, "gm_stab": 0.86, "gm_chg_2022": -8.4, "npm_median": 6.0, "roe_median": 1.6, "commodity": false, "hard_ratio": 46.9, "fix_assets": 26.8, "goodwill_ratio": 0.1, "pb_calc": 0.98, "capex_dep": 1.42, "interest_debt": 5.0, "debt_ebitda": 2.1, "debt_ratio": 25.2, "debt_mv": 11.9, "payout": 40.0, "div_years": 5, "rev_cagr3": 9.0, "np_cagr3": null, "rev_yoy": 1.1, "np_yoy": 4.2, "np_vol": 117.6, "loss_years": 1, "far_share": 92.0, "earn_yield": 1.6, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["医药行业", 26.0], ["医药", 26.0], ["商业收入", 11.0], ["商业", 11.0]], "ret_prev_year": -3.3, "ret_prev2_year": 17.2, "ret_ytd": -17.6, "ret_pivot": 10.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 7.0, "ret_60": 7.3, "ret_120": -28.6, "ret_250": -15.6, "mdd_250": -38.5, "vol_250": 30.8, "pos_52w": 70.8}, "S": {"duration": 78, "pricing": 54, "hard": 75, "bondness": 35}, "label": "中性", "tags": [], "text": {"像什么": ["PE 60.7 倍、股息率 0.6%、毛利率近 5 年中位 39.8%、固定资产占比 47%、有息负债/EBITDA 2.1 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 47%、毛利率 39.8% 两条都占,但所在行业(商贸零售)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "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 1.7%(经营现金流/市值 5.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 39.8%,稳定度 86%,2020→2022 成本通胀期毛利率变化 -8.4 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 47%,资本开支/折旧 1.42 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 60.7 倍 粗算,约 92%(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 -16%,最大回撤 -38%,年化波动 31%,现价在 52 周高点的 71%;近 20 / 60 / 120 日 7% / 7% / -29%。", "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%。", "新世界:PE 与行业中位持平;股息率 比行业中位低 0.5个百分点;毛利率 比行业中位高 5.6个百分点;固定资产占比 比行业中位高 31.5个百分点。"]}}