{"F": {"ts_code": "600694.SH", "name": "大商股份", "mkt": "CN", "ccy": "元", "sw1": "商贸零售", "sw2": "一般零售", "sw3": "多业态零售", "ind": "一般零售", "fin_source": "tushare", "market": "主板", "list_date": "19931122", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 14.9, "pe_ttm": 11.4757, "pb": 0.6333, "dv_ttm": 6.1013, "total_mv": 564402.464, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [33.5, 39.7, 38.0, 38.8, 39.6, 40.6], "rev_series": [81.2, 79.3, 72.8, 73.3, 69.5, 62.0], "np_series": [5.0, 7.0, 5.5, 5.1, 5.9, 4.9], "roe_series": [5.5, 7.8, 6.5, 6.2, 6.9, 5.6], "period": "20260630", "rev_ttm": 62.3, "np_ttm": 4.9, "ocf_ttm": 4.9, "fcf_ttm": 4.4, "fcf_yield": 7.8, "ocf_yield": 8.6, "gm_median": 39.6, "gm_std": 0.9, "gm_stab": 0.98, "gm_chg_2022": 4.5, "npm_median": 8.8, "roe_median": 6.5, "commodity": false, "hard_ratio": 20.5, "fix_assets": 34.9, "goodwill_ratio": 0.3, "pb_calc": 0.63, "capex_dep": 0.17, "interest_debt": 22.0, "debt_ebitda": 1.5, "debt_ratio": 45.9, "debt_mv": 39.1, "payout": 56.5, "div_years": 5, "rev_cagr3": -5.2, "np_cagr3": -3.7, "rev_yoy": 0.7, "np_yoy": 0.3, "np_vol": 24.5, "loss_years": 0, "far_share": 56.0, "earn_yield": 8.7, "consensus_n": 3, "fwd_pe": 10.0, "fwd_pe2": 9.2, "fwd_g1": 15.0, "fwd_g2": 9.0, "peg": 1.11, "consensus_disp": null, "mainbz": [["产品", 50.0], ["零售业务", 33.0], ["其他业务", 14.0], ["批发销售业务", 4.0]], "ret_prev_year": -23.3, "ret_prev2_year": 96.6, "ret_ytd": -3.2, "ret_pivot": 41.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.3, "ret_60": 3.3, "ret_120": -1.9, "ret_250": -15.3, "mdd_250": -25.1, "vol_250": 28.0, "pos_52w": 84.4}, "S": {"duration": 25, "pricing": 65, "hard": 33, "bondness": 74}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 56%、股息率 6.1%、营收 3 年复合 -5.2%、有息负债/EBITDA 1.5 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 39.6%),硬资产占比 20%。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": "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 7.8%(经营现金流/市值 8.6%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 39.6%,稳定度 98%,2020→2022 成本通胀期毛利率变化 4.5 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 20%,资本开支/折旧 0.17 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 11.5 倍 粗算,约 56%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -15%,最大回撤 -25%,年化波动 28%,现价在 52 周高点的 84%;近 20 / 60 / 120 日 3% / 3% / -2%。", "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%。", "大商股份:PE 比行业中位低 49.2倍;股息率 比行业中位高 5.0个百分点;毛利率 比行业中位高 5.4个百分点;固定资产占比 比行业中位高 5.1个百分点。"]}}