{"F": {"ts_code": "600827.SH", "name": "百联股份", "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": 7.84, "pe_ttm": 11.3642, "pb": 0.6841, "dv_ttm": 1.9133, "total_mv": 1398787.7904, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [25.3, 26.7, 24.9, 26.5, 25.9, 24.9], "rev_series": [352.1, 346.5, 322.7, 305.2, 276.7, 247.8], "np_series": [8.0, 7.5, 6.8, 4.0, 15.7, 6.3], "roe_series": [4.4, 4.2, 3.9, 2.3, 8.4, 3.2], "period": "20260630", "rev_ttm": 235.8, "np_ttm": 12.3, "ocf_ttm": 10.6, "fcf_ttm": -2.8, "fcf_yield": -2.0, "ocf_yield": 7.5, "gm_median": 25.9, "gm_std": 0.8, "gm_stab": 0.97, "gm_chg_2022": -0.4, "npm_median": 1.9, "roe_median": 3.9, "commodity": false, "hard_ratio": 24.9, "fix_assets": 130.0, "goodwill_ratio": 0.3, "pb_calc": 0.68, "capex_dep": 1.43, "interest_debt": 107.6, "debt_ebitda": 5.0, "debt_ratio": 58.0, "debt_mv": 76.9, "payout": 42.9, "div_years": 5, "rev_cagr3": -8.4, "np_cagr3": -2.7, "rev_yoy": -9.1, "np_yoy": 191.6, "np_vol": 130.0, "loss_years": 0, "far_share": 56.0, "earn_yield": 8.8, "consensus_n": 5, "fwd_pe": 16.6, "fwd_pe2": 23.2, "fwd_g1": -32.0, "fwd_g2": -28.0, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["连锁超市", 38.0], ["综合百货", 10.0], ["专业连锁", 1.0]], "ret_prev_year": -15.9, "ret_prev2_year": 17.4, "ret_ytd": -11.3, "ret_pivot": 8.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.2, "ret_60": 1.3, "ret_120": -8.0, "ret_250": -21.4, "mdd_250": -26.9, "vol_250": 21.5, "pos_52w": 79.0}, "S": {"duration": 25, "pricing": 54, "hard": 40, "bondness": 61}, "label": "中性", "tags": [], "text": {"像什么": ["PE 11.4 倍、股息率 1.9%、毛利率近 5 年中位 25.9%、固定资产占比 25%、有息负债/EBITDA 5.0 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 25%,毛利率近 5 年中位 25.9%。", "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 -2.0%(经营现金流/市值 7.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 25.9%,稳定度 97%,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 25%,资本开支/折旧 1.43 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 11.4 倍 粗算,约 56%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -21%,最大回撤 -27%,年化波动 22%,现价在 52 周高点的 79%;近 20 / 60 / 120 日 2% / 1% / -8%。", "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%。", "百联股份:PE 比行业中位低 49.3倍;股息率 比行业中位高 0.8个百分点;毛利率 比行业中位低 8.3个百分点;固定资产占比 比行业中位高 9.5个百分点。"]}}