{"F": {"ts_code": "600738.SH", "name": "丽尚国潮", "mkt": "CN", "ccy": "元", "sw1": "商贸零售", "sw2": "一般零售", "sw3": "商业物业经营", "ind": "一般零售", "fin_source": "tushare", "market": "主板", "list_date": "19960802", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 4.37, "pe_ttm": 17.7264, "pb": 1.5596, "dv_ttm": 2.2322, "total_mv": 332703.4824, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [58.7, 69.3, 45.7, 54.7, 66.6, 65.6], "rev_series": [6.0, 6.4, 7.6, 8.8, 6.7, 6.3], "np_series": [0.9, 1.5, 0.9, 0.8, 0.7, 1.6], "roe_series": [5.3, 8.8, 4.6, 4.3, 3.7, 8.1], "period": "20260630", "rev_ttm": 6.4, "np_ttm": 1.9, "ocf_ttm": 3.9, "fcf_ttm": 3.7, "fcf_yield": 11.2, "ocf_yield": 11.7, "gm_median": 65.6, "gm_std": 8.9, "gm_stab": 0.86, "gm_chg_2022": -13.0, "npm_median": 11.0, "roe_median": 4.6, "commodity": false, "hard_ratio": 15.8, "fix_assets": 4.9, "goodwill_ratio": 0.0, "pb_calc": 1.56, "capex_dep": 0.13, "interest_debt": 1.4, "debt_ebitda": 0.4, "debt_ratio": 30.9, "debt_mv": 4.3, "payout": 36.4, "div_years": 4, "rev_cagr3": -5.7, "np_cagr3": 23.9, "rev_yoy": 0.4, "np_yoy": 29.7, "np_vol": 63.3, "loss_years": 0, "far_share": 72.0, "earn_yield": 5.6, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["专业市场管理", 52.0], ["商贸零售(百货)", 14.0], ["商贸百货零售业务", 14.0], ["商业管理(产品)", 9.0]], "ret_prev_year": 4.2, "ret_prev2_year": -6.0, "ret_ytd": -13.6, "ret_pivot": 26.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 11.8, "ret_60": 10.6, "ret_120": -11.9, "ret_250": -18.0, "mdd_250": -35.6, "vol_250": 28.1, "pos_52w": 78.2}, "S": {"duration": 36, "pricing": 67, "hard": 25, "bondness": 47}, "label": "中性", "tags": [], "text": {"像什么": ["PE 17.7 倍、股息率 2.2%、毛利率近 5 年中位 65.6%、固定资产占比 16%、有息负债/EBITDA 0.4 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 65.6%),硬资产占比 16%。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": "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 11.2%(经营现金流/市值 11.7%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 65.6%,稳定度 86%,2020→2022 成本通胀期毛利率变化 -13.0 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 16%,资本开支/折旧 0.13 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 17.7 倍 粗算,约 72%(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 -18%,最大回撤 -36%,年化波动 28%,现价在 52 周高点的 78%;近 20 / 60 / 120 日 12% / 11% / -12%。", "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%。", "丽尚国潮:PE 比行业中位低 43.0倍;股息率 比行业中位高 1.1个百分点;毛利率 比行业中位高 31.4个百分点;固定资产占比 比行业中位高 0.4个百分点。"]}}