{"F": {"ts_code": "600814.SH", "name": "杭州解百", "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": "19940114", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 7.2, "pe_ttm": 23.424, "pb": 1.3829, "dv_ttm": 1.7361, "total_mv": 529256.592, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [78.8, 80.5, 78.8, 78.9, 77.9, 76.5], "rev_series": [17.9, 21.3, 19.9, 20.3, 17.5, 17.0], "np_series": [2.7, 3.5, 2.4, 2.6, 2.5, 2.2], "roe_series": [10.0, 11.9, 7.4, 7.7, 7.0, 6.1], "period": "20260630", "rev_ttm": 16.9, "np_ttm": 2.3, "ocf_ttm": 5.7, "fcf_ttm": 5.0, "fcf_yield": 9.4, "ocf_yield": 10.8, "gm_median": 78.8, "gm_std": 1.3, "gm_stab": 0.98, "gm_chg_2022": 0.1, "npm_median": 24.4, "roe_median": 7.4, "commodity": false, "hard_ratio": 7.4, "fix_assets": 6.1, "goodwill_ratio": 0.0, "pb_calc": 1.38, "capex_dep": 1.61, "interest_debt": 13.2, "debt_ebitda": 1.8, "debt_ratio": 41.3, "debt_mv": 25.0, "payout": 40.3, "div_years": 5, "rev_cagr3": -5.1, "np_cagr3": -1.9, "rev_yoy": -0.9, "np_yoy": 1.0, "np_vol": 21.1, "loss_years": 0, "far_share": 79.0, "earn_yield": 4.3, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 35.0], ["商场销售", 28.0], ["商品销售业务", 28.0], ["租赁", 5.0]], "ret_prev_year": -0.1, "ret_prev2_year": 22.5, "ret_ytd": -10.2, "ret_pivot": 28.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 9.9, "ret_60": 7.7, "ret_120": -10.1, "ret_250": -9.6, "mdd_250": -43.8, "vol_250": 33.7, "pos_52w": 67.3}, "S": {"duration": 44, "pricing": 81, "hard": 12, "bondness": 50}, "label": "轻资产现金牛", "tags": [], "text": {"像什么": ["固定资产占比 7%,毛利率近 5 年中位 78.8%,自由现金流/市值 9.4%:现金机器,久期短。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 78.8%),硬资产占比 7%。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": "久期短、无杠杆,加息期相对安全;放水期跑不过科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 9.4%(经营现金流/市值 10.8%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 78.8%,稳定度 98%,2020→2022 成本通胀期毛利率变化 0.1 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 7%,资本开支/折旧 1.61 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 23.4 倍 粗算,约 79%(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 -10%,最大回撤 -44%,年化波动 34%,现价在 52 周高点的 67%;近 20 / 60 / 120 日 10% / 8% / -10%。", "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%。", "杭州解百:PE 比行业中位低 37.3倍;股息率 比行业中位高 0.6个百分点;毛利率 比行业中位高 44.6个百分点;固定资产占比 比行业中位低 8.0个百分点。"]}}