{"F": {"ts_code": "600858.SH", "name": "银座股份", "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": "19940506", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 5.09, "pe_ttm": 90.2599, "pb": 0.9624, "dv_ttm": 0.6876, "total_mv": 264713.8994, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [35.2, 40.5, 40.4, 41.5, 41.9, 41.6], "rev_series": [54.1, 56.7, 53.8, 55.4, 54.2, 52.8], "np_series": [-3.9, 0.4, -0.1, 2.2, 0.7, 0.6], "roe_series": [-13.4, 1.4, -0.6, 8.8, 2.6, 2.2], "period": "20260630", "rev_ttm": 51.9, "np_ttm": 0.3, "ocf_ttm": 12.2, "fcf_ttm": 11.0, "fcf_yield": 41.6, "ocf_yield": 46.1, "gm_median": 41.5, "gm_std": 0.6, "gm_stab": 0.99, "gm_chg_2022": 5.3, "npm_median": 1.0, "roe_median": 2.2, "commodity": false, "hard_ratio": 23.4, "fix_assets": 25.5, "goodwill_ratio": 1.7, "pb_calc": 0.96, "capex_dep": 0.52, "interest_debt": 52.0, "debt_ebitda": 5.5, "debt_ratio": 74.6, "debt_mv": 196.3, "payout": 35.7, "div_years": 2, "rev_cagr3": -0.6, "np_cagr3": null, "rev_yoy": -3.3, "np_yoy": -28.7, "np_vol": 846.8, "loss_years": 1, "far_share": 94.0, "earn_yield": 1.1, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 45.0], ["经销", 27.0], ["其他业务", 10.0], ["联营", 5.0]], "ret_prev_year": 13.4, "ret_prev2_year": 5.0, "ret_ytd": -18.3, "ret_pivot": 23.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 6.7, "ret_60": 5.6, "ret_120": -15.3, "ret_250": -13.2, "mdd_250": -41.0, "vol_250": 35.5, "pos_52w": 68.0}, "S": {"duration": 90, "pricing": 67, "hard": 37, "bondness": 52}, "label": "中性", "tags": [], "text": {"像什么": ["PE 90.3 倍、股息率 0.7%、毛利率近 5 年中位 41.5%、固定资产占比 23%、有息负债/EBITDA 5.5 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 41.5%),硬资产占比 23%。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 41.6%(经营现金流/市值 46.1%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 41.5%,稳定度 99%,2020→2022 成本通胀期毛利率变化 5.3 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 23%,资本开支/折旧 0.52 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 90.3 倍 粗算,约 94%(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 -13%,最大回撤 -41%,年化波动 36%,现价在 52 周高点的 68%;近 20 / 60 / 120 日 7% / 6% / -15%。", "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%。", "银座股份:PE 比行业中位高 29.6倍;股息率 比行业中位低 0.4个百分点;毛利率 比行业中位高 7.3个百分点;固定资产占比 比行业中位高 8.0个百分点。"]}}