{"F": {"ts_code": "600824.SH", "name": "益民集团", "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": "19940204", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 3.77, "pe_ttm": null, "pb": 1.6946, "dv_ttm": 0.9284, "total_mv": 397368.2167, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [45.2, 48.2, 40.8, 42.8, 45.4, 49.4], "rev_series": [10.1, 10.0, 8.0, 10.3, 8.6, 6.8], "np_series": [1.8, 0.9, -3.0, 0.6, 0.4, 1.2], "roe_series": [6.9, 3.5, -12.0, 2.4, 1.5, 4.9], "period": "20260630", "rev_ttm": 6.2, "np_ttm": -0.4, "ocf_ttm": 0.6, "fcf_ttm": 0.5, "fcf_yield": 1.3, "ocf_yield": 1.5, "gm_median": 45.4, "gm_std": 3.2, "gm_stab": 0.93, "gm_chg_2022": -4.4, "npm_median": 5.7, "roe_median": 2.4, "commodity": false, "hard_ratio": 1.8, "fix_assets": 0.5, "goodwill_ratio": 0.0, "pb_calc": 1.69, "capex_dep": 0.19, "interest_debt": 0.5, "debt_ebitda": 0.6, "debt_ratio": 13.8, "debt_mv": 1.2, "payout": 31.5, "div_years": 4, "rev_cagr3": -5.4, "np_cagr3": null, "rev_yoy": -16.7, "np_yoy": -645.2, "np_vol": 225.2, "loss_years": 1, "far_share": 100, "earn_yield": null, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 37.0], ["房地产业", 14.0], ["合计特别调整", 13.0], ["内衣", 12.0]], "ret_prev_year": 1.8, "ret_prev2_year": 17.5, "ret_ytd": -16.1, "ret_pivot": 26.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 8.8, "ret_60": 6.3, "ret_120": -12.8, "ret_250": -13.8, "mdd_250": -36.5, "vol_250": 32.1, "pos_52w": 73.6}, "S": {"duration": 100, "pricing": 59, "hard": 3, "bondness": 38}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -0.4 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 14%,有息负债 0 亿,经营现金流/市值 1.5%:先看现金流能否覆盖利息,再谈久期。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 45.4%),硬资产占比 2%。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": "利率上行对高杠杆亏损企业是再融资压力,不是估值问题;周期底部的反转看行业价格,不看贴现率。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 1.3%(经营现金流/市值 1.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 45.4%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -4.4 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 2%,资本开支/折旧 0.19 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 为负 粗算,约 100%(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 -14%,最大回撤 -36%,年化波动 32%,现价在 52 周高点的 74%;近 20 / 60 / 120 日 9% / 6% / -13%。", "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%。", "益民集团:PE ;股息率 比行业中位低 0.2个百分点;毛利率 比行业中位高 11.2个百分点;固定资产占比 比行业中位低 13.6个百分点。"]}}