{"F": {"ts_code": "600729.SH", "name": "重百集团", "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": "19960702", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 19.52, "pe_ttm": 11.9759, "pb": 1.0821, "dv_ttm": 4.8663, "total_mv": 859764.256, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [25.7, 25.8, 26.1, 25.7, 26.5, 28.6], "rev_series": [210.8, 211.2, 183.0, 189.9, 171.4, 147.0], "np_series": [10.3, 9.8, 8.8, 13.1, 13.1, 10.5], "roe_series": [15.6, 15.4, 16.1, 23.1, 19.2, 13.6], "period": "20260630", "rev_ttm": 142.4, "np_ttm": 7.2, "ocf_ttm": 23.4, "fcf_ttm": 22.0, "fcf_yield": 25.6, "ocf_yield": 27.2, "gm_median": 26.1, "gm_std": 1.1, "gm_stab": 0.96, "gm_chg_2022": 0.4, "npm_median": 7.0, "roe_median": 16.1, "commodity": false, "hard_ratio": 15.2, "fix_assets": 29.8, "goodwill_ratio": 0.0, "pb_calc": 1.08, "capex_dep": 0.23, "interest_debt": 52.1, "debt_ebitda": 4.2, "debt_ratio": 59.0, "debt_mv": 60.6, "payout": 45.4, "div_years": 5, "rev_cagr3": -7.1, "np_cagr3": 5.8, "rev_yoy": -5.7, "np_yoy": -42.3, "np_vol": 23.9, "loss_years": 0, "far_share": 58.0, "earn_yield": 8.4, "consensus_n": 14, "fwd_pe": 9.8, "fwd_pe2": 8.8, "fwd_g1": 22.0, "fwd_g2": 11.0, "peg": 0.89, "consensus_disp": null, "mainbz": [["产品", 33.0], ["超市业态", 15.0], ["超市", 15.0], ["电器业态", 8.0]], "ret_prev_year": -7.0, "ret_prev2_year": 9.8, "ret_ytd": -22.1, "ret_pivot": 20.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.9, "ret_60": 1.4, "ret_120": -13.6, "ret_250": -32.8, "mdd_250": -37.7, "vol_250": 27.1, "pos_52w": 68.1}, "S": {"duration": 26, "pricing": 54, "hard": 24, "bondness": 78}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 45%、股息率 4.9%、营收 3 年复合 -7.1%、有息负债/EBITDA 4.2 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 15%,毛利率近 5 年中位 26.1%。", "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 25.6%(经营现金流/市值 27.2%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 26.1%,稳定度 96%,2020→2022 成本通胀期毛利率变化 0.4 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 15%,资本开支/折旧 0.23 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 12.0 倍 粗算,约 58%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -33%,最大回撤 -38%,年化波动 27%,现价在 52 周高点的 68%;近 20 / 60 / 120 日 1% / 1% / -14%。", "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%。", "重百集团:PE 比行业中位低 48.7倍;股息率 比行业中位高 3.8个百分点;毛利率 比行业中位低 8.1个百分点;固定资产占比 比行业中位低 0.2个百分点。"]}}