{"F": {"ts_code": "600710.SH", "name": "苏美达", "mkt": "CN", "ccy": "元", "sw1": "商贸零售", "sw2": "贸易Ⅱ", "sw3": "贸易Ⅲ", "ind": "贸易Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "19960701", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 10.7, "pe_ttm": 9.9969, "pb": 1.6588, "dv_ttm": 3.8785, "total_mv": 1398221.858, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [5.5, 3.9, 4.9, 5.7, 6.8, 6.8], "rev_series": [985.9, 1686.8, 1411.4, 1229.8, 1171.7, 1178.1], "np_series": [5.5, 7.7, 9.2, 10.3, 11.5, 13.6], "roe_series": [10.9, 14.1, 15.4, 15.7, 16.0, 16.9], "period": "20260630", "rev_ttm": 1291.3, "np_ttm": 14.0, "ocf_ttm": 25.5, "fcf_ttm": 18.2, "fcf_yield": 13.0, "ocf_yield": 18.2, "gm_median": 5.7, "gm_std": 1.1, "gm_stab": 0.81, "gm_chg_2022": -0.7, "npm_median": 2.5, "roe_median": 15.7, "commodity": false, "hard_ratio": 7.1, "fix_assets": 47.4, "goodwill_ratio": 0.1, "pb_calc": 1.66, "capex_dep": 1.49, "interest_debt": 70.1, "debt_ebitda": 1.1, "debt_ratio": 73.5, "debt_mv": 50.1, "payout": 41.8, "div_years": 5, "rev_cagr3": -5.8, "np_cagr3": 14.0, "rev_yoy": 19.7, "np_yoy": 6.6, "np_vol": 10.4, "loss_years": 0, "far_share": 50.0, "earn_yield": 10.0, "consensus_n": 10, "fwd_pe": 9.5, "fwd_pe2": 8.6, "fwd_g1": 5.0, "fwd_g2": 10.0, "peg": 0.95, "consensus_disp": null, "mainbz": [["产品", 29.0], ["供应链运营", 22.0], ["供应链", 22.0], ["产业链", 7.0]], "ret_prev_year": 22.1, "ret_prev2_year": 42.5, "ret_ytd": 2.9, "ret_pivot": 42.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.3, "ret_60": 2.5, "ret_120": -18.1, "ret_250": -0.2, "mdd_250": -34.5, "vol_250": 36.8, "pos_52w": 73.4}, "S": {"duration": 22, "pricing": 38, "hard": 11, "bondness": 61}, "label": "现金流红利", "tags": [], "text": {"像什么": ["分红率 42%、股息率 3.9%、营收 3 年复合 -5.8%、有息负债/EBITDA 1.1 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 7%,毛利率近 5 年中位 5.7%。", "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 13.0%(经营现金流/市值 18.2%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 5.7%,稳定度 81%,2020→2022 成本通胀期毛利率变化 -0.7 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 7%,资本开支/折旧 1.49 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 10.0 倍 粗算,约 50%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -0%,最大回撤 -34%,年化波动 37%,现价在 52 周高点的 73%;近 20 / 60 / 120 日 1% / 2% / -18%。", "行业对照": ["同申万二级「贸易Ⅱ」12 家中位:PE 12.4 / 股息率 1.7% / 毛利率 4.7% / 固定资产占比 4% / 分红率 59%。", "苏美达:PE 比行业中位低 2.4倍;股息率 比行业中位高 2.2个百分点;毛利率 比行业中位高 1.0个百分点;固定资产占比 比行业中位高 3.1个百分点。"]}}